Cognitive Process Automation Market 2024 - By Size, Share, Trends, Demand, Global Challenges, Competitive Growth And Outlook By 2033

The cognitive process automation market size has grown rapidly in recent years. It will grow from $7.22 billion in 2023 to $8.19 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to digital transformation initiatives, rise of artificial intelligence (ai) and machine learning (ml), increased data volume and complexity, business process optimization, cost reduction and efficiency improvement.

The cognitive process automation market size is expected to see rapid growth in the next few years. It will grow to $12.98 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to education and awareness on automation benefits, vendor competition and innovation, workforce transformation and augmentation, focus on cybersecurity, cloud computing advancements. Major trends in the forecast period include hyperautomation approach, ai-powered automation, process mining integration, contextual awareness, intelligent document processing.

Market Overview -
Cognitive process automation refers to the use of machine learning technology in automation to replace labor-intensive manual operations. This is used to carry out high-value jobs like gathering and analyzing diagnostic data, administering medications, recommending data-based treatment alternatives to doctors, and more, enhancing patient and business outcomes.

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Surge In Automation Technology Adoption Drives Growth In The Cognitive Process Automation Market
Increased use of automation technology is expected to boost the growth of the cognitive process automation market going forward. Automation technology refers to all procedures and tools that allow factories and systems to run automatically. Automation technology makes it possible for a system to run independently by using programmed commands in conjunction with automatic feedback control to ensure that the instructions are correctly carried out and are frequently utilized in sectors to revolutionize enterprises and improve daily operations by increasing productivity and reducing costs, which promotes market expansion. For instance, according to the report published by Analytics Insight, a US-based media and journal platform dedicated to insights, trends, and opinions from the world of data-driven technologies, in 2021, 80 percent of businesses would use intelligent automation by 2025. Therefore, increased use of automation technology drives the cognitive process automation market.

Competitive Landscape -
Major companies operating in the cognitive process automation market report are Arago GmbH, 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, Accent*ure plc, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited

Kanverse Transforms Cognitive Automation Market With Datolite
Rapid technological advancements have emerged as the key trend gaining popularity in the cognitive process automation market. Major companies operating in the cognitive process automation market are developing innovative products to strengthen their position in the market. For instance, in May 2021, Kanverse, a US-based cognitive process automation company unveiled its next-generation Cognitive Automation platform with the launch of Datolite, an AI-powered Intelligent Document Processing Product (IDP) for the enterprise. This patented launch involves Natural Language Processing (NLP), Fuzzy Logic, and computer vision, machine learning (ML) algorithms that provide business processes more efficiently and seamlessly, with optimized cost, and minimized human errors, and mitigate risk.

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Key Segments -
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 Knowlwdge, 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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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