What Is the Anticipated Growth of the Cognitive Process Automation Market?
The cognitive process automation market has witnessed a swift surge in recent years, swelling from $8.01 billion in 2024 to an estimated $9 billion in 2025, registering a compound annual growth rate (CAGR) of 12.4%. The market’s expansion during the historic period 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, cost reduction, and efficiency improvement.
Moving forward, the cognitive process automation market is predicated to maintain its momentum, reaching an impressive $14.91 billion by 2029, growing at a CAGR of 13.4%. Education and awareness on automation benefits, vendor competition and innovation, workforce transformation and augmentation, focus on cybersecurity, advancements in cloud computing, and trends like AI-powered automation and process mining integration are expected to fuel this growth.
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What Are the Key Drivers Propelling the Cognitive Process Automation Market Forward?
A notable uptick in the use of automation technology is anticipated to propel the growth of the cognitive process automation market. Automation technology comprises procedures and tools that enable factories and systems to function automatically. In sectors striving for revolution and improvement in everyday operations, automation technology ensures systems run independently using programmed commands in conjunction with automatic feedback control. This enhances productivity and cuts costs, promoting market expansion. For instance, according to the International Federation of Robotics, the number of installations of industrial robots in Europe in 2022 stood at 72,000 units, a 6% increase from 2021.
Which Are the Major Sectors in the Cognitive Process Automation Market?
The cognitive process automation market encompasses several sectors:
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
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Who Are the Major Players in the Cognitive Process Automation Market?
Key players 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, and more.
What Are the Emerging Trends in the Cognitive Process Automation Market?
One of the noticeable trends in the cognitive process automation market is the development of innovative solutions like Intelligent Document Processing (IDP), which enhances data extraction, streamlines workflows, and improves decision-making processes by automating the handling of unstructured data. For instance, in May 2024, Kanverse, a US-based cognitive process automation company, announced the integration of its Intelligent Document Processing (IDP) suite with OpenAI’s ChatGPT.
Which Region Dominates the Cognitive Process Automation Market?
North America was the largest region in the cognitive process automation market in 2024. The regions assessed in the cognitive process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Cognitive Process Automation Market Report 2025 Offer?
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. The Cognitive Process Automation Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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