Cognitive Process Automation Global Market Report 2024

The global cognitive process automation market 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 global cognitive process automation market 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 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.

This report 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 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.


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