According to Everest Group, the IABP market, which grew 65% in 2019, will endure muted growth in 2020 due to COVID-19 but experience a strong resurgence when global economies emerge out of the pandemic crisis.
- There is tremendous potential for IABP, given the penetration as well as the scale of deployment of IABP is low today. Barely a fifth of IABP deployments have an AI component; the majority are RPA-only deployments. However, scaling up adoption is still a key challenge.
- Intelligent automation adoption is highest among large enterprises as they have more avenues to deploy these solutions and gain efficiency and cost benefits. They are also more willing to spend on intelligent automation as compared with small and mid-sized enterprises.
- Adoption of IABP is the highest in North America, followed by Continental Europe, the UK and Asia Pacific.
- Finance and accounting (F&A), procurement, and contact center emerged as the leading areas for IABP application, followed by healthcare, banking and insurance business process services segments.
- Industry-specific use cases, especially in regulated industries such as Banking, Financial Services, and Insurance (BFSI) and healthcare, see the highest IABP adoption, followed closely by F&A.
Everest Group predicts that, while there will be secular uptick in IABP adoption, BFSI, healthcare and pharma industries will drive a big chunk of growth in the IABP market, due to increased pressure in these industries to meet high levels of accuracy, speed and regulatory compliance, thus rendering IABP an attractive solution.