Cognitive Process Automation
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How Large Will the Cognitive Process Automation Market Size By 2025?
The market size for cognitive process automation has seen significant expansion in the recent past. Predictions suggest growth from $8.01 billion in 2024 to $9 billion in 2025, presenting a compound annual growth rate (CAGR) of 12.4%. Factors contributing to this progression during the historical period include initiatives targeting digital transformation, the emergence of artificial intelligence (AI) and machine learning (ML), a surge in data volume and complexity, optimization of business processes, and the push for cost reduction and efficiency enhancement.
How Big Is the Cognitive Process Automation Market Size Expected to Grow by 2029?
Projected to have a considerable upsurge in the coming years, the cognitive process automation market size is anticipated to reach $14.91 billion by 2029, with a compound annual growth rate (CAGR) of 13.4%. Contributing factors for this significant expansion during the forecast period include increased education and awareness of automation benefits, competitive landscape and innovation among vendors, transformation and broadening of the workforce, a concentrated approach to cybersecurity, and advancements in cloud computing. Emerging trends to watch for during this period comprise hyperautomation methods, automation powered by artificial intelligence, integration of process mining, development of contextual awareness, and intelligent document processing.
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Which Key Market Drivers Powering Cognitive Process Automation Market Expansion and Growth?
The surge in adoption of automation technology is projected to significantly stimulate the growth of the cognitive process automation market in the future. This broadly encompasses methods and tools facilitating the automatic operation of systems and factories. Automation technology enables a system to function autonomously through programmed commands coupled with automatic feedback control, ensuring the accurate execution of these commands. This is often adopted across various sectors to transform businesses and elevate everyday operations by increasing efficiency and cutting down costs, thereby facilitating market growth. The International Federation of Robotics, a Germany-founded non-profit organization that champions, bolsters, and safeguards the global robotics industry, reported in June 2023 that installations of industrial robots in Europe soared to 72,000 units in 2022, marking a 6% increase from the previous year. Consequently, the escalating use of automation technology fuels the cognitive process automation market.
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Which Fast-Growing Trends Are Poised to Disrupt the Cognitive Process Automation Market?
Key players in the cognitive process automation market are concentrating their efforts on creating innovative solutions, such as Intelligent Document Processing (IDP), to bolster data extraction, streamline workflow, and enhance decision-making by automating the management of unstructured data. IDP employs cutting-edge technology such as artificial intelligence (AI), machine learning (ML), natural language processing (NLP), and optical character recognition (OCR) to automate the extraction, processing, and organization of information from assorted document types. For example, in May 2024, Kanverse, a US company specializing in cognitive process automation, unveiled the integration of its IDP suite with OpenAI’s ChatGPT. This upgrade utilizes state-of-the-art Large Language Models (LLMs) to augment data extraction and processing capabilities, thus enabling a more sophisticated comprehension and manipulation of unstructured data. The main objective of this integration is to establish “Zero-Touch” document workflows that automate everything from data ingestion to validation and filing, thereby boosting efficiency and precision within business operations.
What Are the Emerging Segments in the 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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Who Are the Global Leaders in the Cognitive Process Automation Market?
Major companies operating in the cognitive process automation market are 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
Which are the Top Profitable Regional Markets for the Cognitive Process Automation Industry?
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.
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