Cognitive Process Automation Global Market Report 2024

Description

Cognitive Process Automation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on cognitive process automation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for cognitive process automation? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cognitive process automation market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

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
Companies Mentioned: Arago GmbH; Blue Prism Group PLC; International Business Machines Corporation; Kofax Inc.; UiPath Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Cognitive process automation involves using machine learning technology to automate labor-intensive manual operations, performing tasks such as gathering and analyzing diagnostic data, administering medications, and recommending data-based treatment alternatives. This enhances patient and business outcomes.

The main types of cognitive process automation include robotic process automation (RPA) and intelligent automation. Robotic process automation (RPA) is a software technology that simplifies the creation, use, and management of software robots that mimic human interactions with digital devices and software. These robots can be applied across various services such as finance, HR, procurement, and IT operations. Applications of cognitive process automation include natural language processing, pattern identification, knowledge location, machine learning, speech-to-text, biometrics, handwriting recognition, and more. It finds applications in various industry verticals such as BFSI, telecom, information technology, logistics, manufacturing, healthcare, and others.

The cognitive process automation market research report is one of a series of new reports from The Business Research Company that provides cognitive process automation market statistics, including the cognitive process automation industry global market size, regional shares, competitors with a cognitive process automation market share, detailed cognitive process automation market segments, market trends and opportunities, and any further data you may need to thrive in the cognitive process automation industry. This cognitive process automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 of cognitive process automation can be attributed to digital transformation initiatives, the rise of artificial intelligence (AI) and machine learning (ML), increased data volume and complexity, business process optimization, and efforts to achieve 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 of cognitive process automation can be attributed to education and awareness about automation benefits, vendor competition and innovation, workforce transformation and augmentation, focus on cybersecurity, and advancements in cloud computing. Major trends in the forecast period include the hyperautomation approach, AI-powered automation, integration of process mining, contextual awareness, and intelligent document processing.

The anticipated rise in automation technology adoption is set to drive the cognitive process automation market's growth. Automation technology, encompassing processes and tools enabling autonomous operations, plays a pivotal role in enhancing productivity and reducing costs across various industries. The adoption of intelligent automation is expected to witness substantial growth, with projections indicating that 80% of businesses will incorporate intelligent automation by 2025, as reported by Analytics Insight. This trend underscores the market's expansion driven by increased reliance on automation technology.

The cognitive process automation market is poised for growth, propelled by the escalating demand for cloud computing. Cloud computing, a technology facilitating the delivery of diverse computing services over the internet, is integral for organizations and individuals managing physical hardware and software infrastructure. Cognitive process automation leverages cloud computing to analyze and manage extensive data, enabling informed decision-making based on cognitive insights and efficient handling of complex tasks. Google's data, revealing a 56% increase in public cloud usage from 2021 to 2022, highlights the substantial impact of growing cloud computing demand on the cognitive process automation market.

Technological advancements stand out as a prominent trend shaping the cognitive process automation market. Leading companies in this market are actively developing innovative products to fortify their market positions. For instance, Kanverse, a US-based cognitive process automation company, introduced Datolite, an AI-powered Intelligent Document Processing Product (IDP), incorporating Natural Language Processing (NLP), Fuzzy Logic, computer vision, and machine learning (ML) algorithms. These advancements aim to enhance business processes by optimizing costs, minimizing human errors, and mitigating risks through more efficient and seamless automation.

Companies at the forefront of the cognitive process automation market are concentrating on product innovation, particularly in technologies like automated enterprise, to gain a competitive edge. An automated enterprise integrates automation technologies across its operations to streamline processes, improve efficiency, and boost productivity. UiPath, a US-based software company, launched UiPath Platform 21.4, featuring Automation Ops-a cloud-first, web-based application for managing, governing, and scaling automation. This platform, equipped with AI-powered automation discovery, identifies repetitive activities for automation, showcasing the industry's commitment to evolving technologies.

In December 2021, Brillio, a US-based IT company, completed the acquisition of Cedrus Digital, enhancing its portfolio in cognitive automation. This strategic move enables Brillio to extend its capabilities in healthcare and financial services, incorporating cloud-native product engineering and cloud security expertise from Cedrus Digital.

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, Accenture PLC, Deloitte Touche Tohmatsu Limited, and Ernst & Young Global Limited.

North America was the largest region in the cognitive process automation market in 2023. The regions covered in the cognitive process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cognitive process automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The cognitive process automation services market includes revenues earned by entities through IT service management, user management, monitoring, routing, and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r12565

1. Executive Summary

2. Cognitive Process Automation Market Characteristics

3. Cognitive Process Automation Market Trends And Strategies

4. Cognitive Process Automation Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Cognitive Process Automation Market Size and Growth

5.1. Global Cognitive Process Automation Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Cognitive Process Automation Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Cognitive Process Automation Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Cognitive Process Automation Market Segmentation

6.1. Global Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Robotic Process Automation
Intelligent Automation
6.2. Global Cognitive Process Automation Market, Segmentation By Services, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Finance
HR
Procurement
IT Operations
6.3. Global Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Natural Language
Pattern Identification
Locating Knowlwdge
Machine Learning
Endless Capacity
Speech-To-Text
Biometrics
Handwriting Recognition
Other Applications
6.4. Global Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
BFSI
Telecom
Information Technology
Logistics
Manufacturing
Healthcare
Other Industry Verticals

7. Cognitive Process Automation Market Regional And Country Analysis

7.1. Global Cognitive Process Automation Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Cognitive Process Automation Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Cognitive Process Automation Market

8.1. Asia-Pacific Cognitive Process Automation Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Cognitive Process Automation Market

9.1. China Cognitive Process Automation Market Overview
9.2. China Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Cognitive Process Automation Market

10.1. India Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Cognitive Process Automation Market

11.1. Japan Cognitive Process Automation Market Overview
11.2. Japan Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Cognitive Process Automation Market

12.1. Australia Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Cognitive Process Automation Market

13.1. Indonesia Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Cognitive Process Automation Market

14.1. South Korea Cognitive Process Automation Market Overview
14.2. South Korea Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Cognitive Process Automation Market

15.1. Western Europe Cognitive Process Automation Market Overview
15.2. Western Europe Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Cognitive Process Automation Market

16.1. UK Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Cognitive Process Automation Market

17.1. Germany Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Cognitive Process Automation Market

18.1. France Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Cognitive Process Automation Market

19.1. Italy Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Cognitive Process Automation Market

20.1. Spain Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Cognitive Process Automation Market

21.1. Eastern Europe Cognitive Process Automation Market Overview
21.2. Eastern Europe Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Cognitive Process Automation Market

22.1. Russia Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Cognitive Process Automation Market

23.1. North America Cognitive Process Automation Market Overview
23.2. North America Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Cognitive Process Automation Market

24.1. USA Cognitive Process Automation Market Overview
24.2. USA Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Cognitive Process Automation Market

25.1. Canada Cognitive Process Automation Market Overview
25.2. Canada Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Cognitive Process Automation Market

26.1. South America Cognitive Process Automation Market Overview
26.2. South America Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Cognitive Process Automation Market

27.1. Brazil Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Cognitive Process Automation Market

28.1. Middle East Cognitive Process Automation Market Overview
28.2. Middle East Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Cognitive Process Automation Market

29.1. Africa Cognitive Process Automation Market Overview
29.2. Africa Cognitive Process Automation Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Cognitive Process Automation Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Cognitive Process Automation Market, Segmentation By Industry Vertical, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Cognitive Process Automation Market Competitive Landscape And Company Profiles

30.1. Cognitive Process Automation Market Competitive Landscape
30.2. Cognitive Process Automation Market Company Profiles
- 30.2.1. Arago GmbH
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Blue Prism Group plc
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. International Business Machines Corporation
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Kofax Inc.
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. UiPath Inc.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Cognitive Process Automation Market Competitive Benchmarking

32. Global Cognitive Process Automation Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Cognitive Process Automation Market

34. Cognitive Process Automation Market Future Outlook and Potential Analysis

34.1 Cognitive Process Automation Market In 2028 - Countries Offering Most New Opportunities
34.2 Cognitive Process Automation Market In 2028 - Segments Offering Most New Opportunities
34.3 Cognitive Process Automation Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer