The Global Cognitive Process Automation Market size is expected to reach $26.9 billion by 2030, rising at a market growth of 24.9% CAGR during the forecast period.
The implementation of cognitive process automation in biometrics applications has been growing widely. Therefore, the biometrics segment would generate approximately 1/5th share of the market by 2030. The biometrics segment relates to using cognitive automation techniques in biometrics, emphasizing segmenting or categorizing people according to their biometric traits or characteristics. This might entail creating AI-powered systems that analyze and interpret biometric data to group people into various categories, facilitating more precise & effective identification, authentication, or access control procedures. Some of the factors impacting the market are the adoption and creation of self-learning conversational chatbots, growing acceptance of advanced technologies such as Cloud, AI and ML, and the need of high initial investments.
RPA, chatbots, and other forms of digital assistants are just a few examples of intelligent bots proliferating throughout the data ecosystem. Several major players are leveraging AI and RPA technologies to create chatbots. A new virtual chatbot assistant called RPA Engage was introduced by RPA Labs in June 2021, for instance. In addition, several public and private organizations are investing in developing conversational RPA chatbots for process automation. These elements are further predicted to support the growth of market. Moreover, to manage complex data & information and automate business processes, the demand for RPA solutions is increasing across organizations. Leading key players are fusing cutting-edge technologies to automate their business processes, including cloud, AI, machine learning, and cognitive technologies. The expansion of the market is also anticipated to be fueled by the rising use of cloud computing platform as a service (PaaS), infrastructure as a service (IaaS), and software as a service (SaaS) offering. As a result, RPA capabilities are enhanced by growing adoption of advanced technologies. These factors are predicted to support the market to grow.
However, the licensing, installation, and setup costs associated with using cognitive process automation technology in industries are significant. Therefore, installing technologies that require a significant upfront investment is not advantageous for small and medium-sized businesses. It requires a skilled workforce that can operate the systems, and regular maintenance is also required; all of these factors increase input costs and function as a barrier to market growth.
Based on services, the market is classified into finance, procurement, HR, and IT operations. In 2022, the finance segment witnessed the largest revenue share in the market. Cognitive process automation can help with the quicker and more precise processing of customer requests like loan approvals, account openings, and credit assessments. Automation enhances customer satisfaction levels by speeding up data processing and improving data accuracy. The segment's growth is fueled by the expanding use of cognitive process automation to identify and stop fraud in financial transactions.
On the basis of application, the market is bifurcated into machine learning, natural language processing, pattern identification, biometrics, optical character recognition and others. The natural language processing segment recorded a remarkable revenue share in the market in 2022. By utilizing natural language processing in virtual agents, companies can streamline and automate customer support processes, lower costs, and provide a more individualized and efficient customer experience. Language translation capabilities in cognitive process automation can facilitate multilingual customer interactions, provide real-time translation services, or enhance communication in global business operations.
By vertical, the market is divided into BFSI, IT & telecommunication, transportation & logistics, retail & e-commerce, media & entertainment, manufacturing, healthcare & life sciences, energy & utilities, and others. The retail & e-commerce segment covered a considerable revenue share in the market in 2022. Cognitive automation can transform the e-commerce & online retail industries. By automating routine tasks, businesses may free up their personnel to concentrate on more vital responsibilities, like customer service and product development. This can decrease costs and boost profits for businesses.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
By type, the market is segmented into robotic process automation and intelligent process automation. The robotic process automation segment covered a considerable revenue share in the market. The segment’s growth is anticipated to be influenced by several variables, such as the expanding need to optimize operations for higher productivity and maximum return, the integration of cutting-edge technologies, and shifting business processes across organizations. With the use of RPA bots, activities can be finished more quickly and precisely by simulating human interactions with user interfaces.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 4.7 Billion |
| Market size forecast in 2030 | USD 26.9 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 24.9% from 2023 to 2030 |
| Number of Pages | 346 |
| Number of Table | 520 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Services, Application, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA. In 2022, the Asia-Pacific region acquired a significant revenue share in the market. Rapid and extensive digitization in the Asia-Pacific region has raised interest in automation and AI technology. Organizations are implementing cognitive process automation to increase productivity, reduce expenses, and streamline operations. This market continues to be on the verge of growth as crucial tech hubs in the Asia Pacific region, like China, India, Japan, and South Korea, actively invest in AI research, development, and enabling innovation.
Free Valuable Insights: Global Cognitive Process Automation Market size to reach USD 26.9 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Altair Engineering, Inc. (IMG COMPANIES, LLC.), Alteryx, Inc., Hitachi Vantara LLC (Hitachi Ltd.), IBM Corporation, Oracle Corporation, SAS Institute, Inc., TIBCO (The Information Bus Company) Software. Inc., Teradata Corporation, Datameer, Inc., DataRobot, Inc.
By Application
By Vertical
By Services
By Type
By Geography
The Market size is projected to reach USD 26.9 billion by 2030.
Adoption and Creation of Self-Learning Conversational Chatbots are driving the Market in coming years, however, Need of High Initial Investments restraints the growth of the Market.
Altair Engineering, Inc. (IMG COMPANIES, LLC.), Alteryx, Inc., Hitachi Vantara LLC (Hitachi Ltd.), IBM Corporation, Oracle Corporation, SAS Institute, Inc., TIBCO (The Information Bus Company) Software. Inc., Teradata Corporation, Datameer, Inc., DataRobot, Inc.
The Machine Learning segment acquired maximum revenue share in the Market by Application in 2022; thereby, achieving a market value of $9.2 billion by 2030.
The BFSI segment is leading the Market by Vertical in 2022; thereby, achieving a market value of $5.2 billion by 2030.
The North America region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9.3 billion by 2030.
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