Cognitive Process Automation Market – Global Industry Analysis and Forecasts 2030

Cognitive process automation Market was valued at US$ 13.07 Bn. in 2023. Global Cognitive process automation Market size is estimated to grow at a CAGR of 12.3% over the forecast period.
Cognitive process automation Market Overview:
Cognitive process automation, also known as robotic process automation, is based on software that adds intelligence to information-intensive processes. It is a blend of artificial intelligence and cognitive computing. The Cognitive process automation market analyses and forecasts the market size, in terms of value, for the market. Further, the Cognitive process automation Market is segmented by type, services, application, functional area, and Region. Based on Type, the Cognitive process automation market is segmented under Robotic Process Automation and Intelligent Automation. Based on the Application, the market is segmented under Natural Language, Pattern Identification, Locating Knowledge, Machine Learning, Endless Capacity, Speech-to-Text, Biometrics, and Handwriting Recognition. The market sizing and forecasts have been done for each segment based on value (in USD Billion).To know about the Research Methodology :- Request Free Sample Report
Cognitive process automation Market Dynamics:
Market Driver:

Automation technologies are being adopted in a variety of industries, including BFSI, Telecom and IT Services, and others: The market is expected to develop as more industries use automation technology and employ a digital workforce. Automation technology is widely used in industries to transform their businesses and optimize everyday operations by boosting efficiency and lowering costs, which supports market growth. For example, in the BFSI sector, cognitive process automation has been widely adopted to improve customer service capabilities and employee engagement activities. This technology aids telecom and IT organizations in lowering manual work, information technology, and business processes, which supports market growth.

Rapid technological advancements: The creation of Cognitive Robotic Process Automation software bots has resulted from the integration of cognitive capabilities into robotic process automation platforms. Natural language processing, machine learning, and speech recognition are examples of technological breakthroughs that can assist enterprises in automating perceptual and judgment-based operations. These tools aid in the study of structured, unstructured, and semi-structured documents in order to find, extract, and structure data for future research. This has the potential to drive the market growth.

Use for effective and efficient work: Cognitive process automation can save a lot of time for your HR team. Manually inputting data to execute HR processes can take up a lot of time that could be better spent on other things. Data accuracy can also be improved by automation. The more data that is manually input, the greater the margin for error. To get work done, Human Resources (HR) and many other departments rely on document-driven processes.

Market Restraint:

Initial investment is high: Application adoption of cognitive process automation technologies requires a large upfront investment, as well as highly qualified workers and data scientists. This slows the market for cognitive process automation. Also, cognitive automation tool licensing prices are substantially greater than task level automation tool licensing costs. The return on investment (ROI) is very poor, which is expected to limit market growth. Because of the time required to explain the business case, identify, and onboard new tools, this automation might take months to execute in industries. This is likely to stifle market growth.

Covid-19's Impact on the Cognitive Process Automation Market:

COVID-19 kicked off in Wuhan, China, in December 2021 and has quickly expanded around the world since then. In terms of confirmed cases and reported deaths, the United States, India, Brazil, Russia, France, the United Kingdom, Turkey, Italy, and Spain are among the worst impacted countries. Due to lockdowns, travel bans, and commercial shutdowns, the COVID-19 has impacted economies and businesses in a number of countries. The closure of numerous plants and factories has had a severe influence on global supply chains, affecting manufacturing, delivery schedules, and product sales. A few businesses have already warned of possible delays in product deliveries and a drop in future sales.
Cognitive process automation Market Segment Analysis:
Based on Type, Robotic Process Automation dominated the market with 58.7% share in 2023. Robotic process automation systems can reduce the number of repeatable and predictable human interactions with corporate applications, which boosts the market growth. Robotic process automation aids firms in cost savings, quality work, and faster cycle times, all of which are expected to boost the market growth. Because this technology does not require any special technical skills, it allows workers to perform their jobs more efficiently and effectively, boosting the market growth.

Based on Functional Area, Healthcare is the fastest-growing segment in the Cognitive Process Automation market, with a CAGR of 14.1 % expected between 2024 and 2030. Healthcare organizations must keep accurate paper records, including patient medical records and financial paperwork. It takes a long time to maintain these files and move the records to digital databases.

Another challenging responsibility in the healthcare Application is to keep track of supply levels of equipment such as medicines, gloves, and other items in an inventory database. The healthcare Application also deals with unstructured data that must be handled in a methodical manner to avoid discrepancies. This is expected to open doors for cognitive process automation in healthcare, propelling the market forward throughout the forecast period.
Regional Insights:
The North American region held the largest market share accounting for 38.5% in 2023. The adoption of modern technology such as artificial intelligence, automation, and others at an early stage. Also, the high number of competitors and high adoption rate of cognitive process automation in this area are forecasted to propel the market forward. Also, the market in this area is expected to be driven by increasing investments in cognitive process automation adoption and the development of sophisticated versions by various players.
Cognitive Process Automation Market Competitive Landscape:
Players in the Cognitive Process Automation market use a variety of methods, including technology releases, acquisitions, and R&D. Arago, Automation Anywhere, Blue Prism, Celation Ltd, IBM, IPSoft, Kofax, Kryon Systems, UiPath, and others are some of the players in the Cognitive Process Automation market.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the Application to the decision-makers.

The objective of the report is to present a comprehensive analysis of the global Cognitive process automation Market to the stakeholders in the Application. The past and current status of the Application with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the Application with a dedicated study of key players that include market leaders, followers, and new entrants.

The reports also help in understanding the market dynamic, and structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Cognitive process automation Market make the report investor’s guide.
Cognitive process automation Market Scope: Inquiry Before Buying
 



Cognitive process automation Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 13.07 Bn.


Forecast Period 2024 to 2030 CAGR:
12.3%
Market Size in 2030:
US $ 29.44 Bn.


 Segments Covered:
by Functional Area
Banking & Financial Services
Telecom
Information Technology
Logistics
Manufacturing
Healthcare
Others


by Type
Robotic Process Automation
Intelligent Automation


by Application
Natural Language
Pattern Identification
Locating Knowledge
Machine Learning
Endless Capacity
Speech-to-Text
Biometrics
Handwriting Recognition


by Service
Finance
HR
Procurement
IT Ops



Cognitive process automation Market Key Players are:
1. Arago
2. Automation Anywhere, Inc.
3. Blue Prism
4. IBM
5. Kofax(Thoma Bravo)
6. Kryon Systems
7. UiPath
8. WorkFusion
9. Verint
10.Redwood Software
11.Pegasystems Inc.
12.Celation Ltd.
13.IPSoft

Frequently Asked Questions:

1] What is the forecasted market size and growth rate of the Global Cognitive process automation market?
Ans. Forecasted market size US$ 29.44 Bn. till 2030, with a CAGR of 12.3 %.

4] What is the forecast period for the Global market?
Ans. The forecast period for the market is 2024-2030.

3] Which region is expected to hold the highest share in the global Cognitive process automation Market?
Ans. The North America region is expected to hold the highest share in the market.

4] Which are the leading key players in the global Cognitive process automation market?
Ans. Arago, Automation Anywhere, Inc., Blue Prism, IBM, Kofax (Thoma Bravo), Kryon Systems, UiPath, and WorkFusion are some of the key players of the market.

5] What segments are covered in Global Cognitive process automation?
Ans. The Global market is segmented in Type, Service, application, functional area, and Region.