What Has Driven the Growth of the Cognitive Process Automation Market in Recent Years?
The cognitive process automation market has seen considerable growth due to a variety of factors.
• The dimension of the cognitive process automation market has been expanding quickly in the last few years. It's projected to increase from $8.01 billion in 2024 to $9 billion in 2025, showing a compound annual growth rate (CAGR) of 12.4%. The expansion during the historical timeframe can be traced back to digital transformation efforts, the emergence of artificial intelligence (AI) and machine learning (ml), a surge in data volume and complexity, enhancement of business processes, cost mitigation and improvements in efficiency.
What Is the Forecasted Market Size and Growth Rate for The Cognitive Process Automation Market?
The Cognitive Process Automation market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions indicate a swift expansion in cognitive process automation market in the coming years, with an expected increase to $14.91 billion by 2029 and a compound annual growth rate (CAGR) of 13.4%.
Factors promoting this growth during the projection period include education and recognition of the advantages of automation, competitive and innovative vendors, workforce transformation and improvement, as well as focus on developments in cybersecurity and cloud computing. Crucial trends expected during this period are the hyperautomation technique, AI-assisted automation, integration of process mining, enhanced contextual awareness, and intelligent document processing.
What Factors Are Driving Growth In The Cognitive Process Automation Market?
The surge in the use of automation technology is predicted to stimulate the expansion of the cognitive process automation market. This technology pertains to all methods and implements enabling factories and systems to operate automatically. It allows a system to function independently through the use of programmed orders along with auto-feedback control, which assures the accurate execution of these orders. Frequently employed in various sectors, automation technology is integral to transforming businesses and enhancing routine operations by amplifying productivity and diminishing costs, thereby facilitating market growth. For example, data from the International Federation of Robotics, a Germany-based nonprofit entity dedicated to advancing and safeguarding the global robotics industry, pointed out an increase in the installation of industrial robots in Europe. In June 2023, the number reached 72,000 units, marking a 6% growth from 2021. Consequently, the rising utilization of automation technology propels the cognitive process automation market.
What Are The Main Segments Of The Global Cognitive Process Automation Market?
The cognitive process automation market covered in this report is segmented –
1) By Type: Robotic Process Automation, Intelligent Automation
2) By Services: Finance, HR, Procurement, IT Operations
3) By Application: Natural Language, Pattern Identification, Locating Knowledge, Machine Learning, Endless Capacity, Speech-To-Text, Biometrics, Handwriting Recognition, Other Applications
4) By Industry Vertical: BFSI, Telecom, Information Technology, Logistics, Manufacturing, Healthcare, Other Industry Verticals
Subsegments:
1) By Robotic Process Automation (RPA): Attended RPA, Unattended RPA
2) By Intelligent Automation: Machine Learning, Natural Language Processing, Cognitive Agents
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What Emerging Trends Are Influencing The Growth Of The Cognitive Process Automation Market?
Key players in the cognitive process automation sector are making strides in creating innovative products like Intelligent Document Processing (IDP) to improve data extraction, optimize processes, and advance decision-making by automating unstructured data handling. Intelligent Document Processing (IDP) involves the execution of leading-edge technologies like artificial intelligence (AI), machine learning (ML), natural language processing (NLP), and optical character recognition (OCR) to mechanize the extraction, processing, and governance of data sourced from various document types. For example, Kanverse, a US cognitive process automation firm, publicized the assimilation of its Intelligent Document Processing (IDP) suite with OpenAI's ChatGPT in May 2024. This improvement employs superior Large Language Models (LLMs) to refine data extraction and processing capacities, leading to a more sophisticated comprehension and management of unstructured data. The objective of this integration is to materialize "Zero-Touch" document workflows, automating everything from intake to validation and record keeping, in a bid to heighten precision and performance across business operations.
Who Are the Key Players In The Cognitive Process Automation Market?
Major companies operating in the cognitive process automation market include:
• Blue Prism Group PLC
• International Business Machines Corporation
• Kofax Inc.
• UiPath Inc.
• Automation Anywhere Inc.
• Celation Ltd.
• IPsoft Incorporated
• Kryon Systems Ltd.
• Pegasystems Inc.
• WorkFusion Inc.
• Verint Systems Inc.
• Redwood Software Inc.
• Appian Corporation
• Dynatrace LLC
• Datamatics Global Services Limited
• SaaS Labs Inc.
• ABBYY Software House
• FPT Software Company Limited
• EdgeVerve Systems Limited
• NTT Advanced Technology Corporation
• NICE Ltd.
• Altair Engineering Inc.
• Alteryx Inc.
• Hitachi Vantara LLC
• Moogsoft Inc.
• New Relic Inc.
• Splunk Inc.
• BigPanda Inc.
• Wipro Limited
• Infosys Limited
• Cognizant Technology Solutions Corporation
• Tata Consultancy Services Limited
• HCL Technologies Limited
• Capgemini SE
• Accenture PLC
• Deloitte Touche Tohmatsu Limited
• Ernst & Young Global Limited
What Is The Most Dominant Region In The Cognitive Process Automation Market?
North America was the largest region in the cognitive process automation market in 2024. The regions covered in the cognitive process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
