The Latin America, Middle East and Africa Cognitive Process Automation Market would witness market growth of 28.0% CAGR during the forecast period (2023-2030).
Future growth of the market is anticipated to be boosted by increased use of automation technology. All practices and apparatus that enable factories and systems to operate automatically are referred to as automation technology. Automation technology enables a system to operate independently by using preprogrammed commands in conjunction with automatic feedback control to ensure that the instructions are correctly carried out.
It is frequently used in sectors to revolutionize enterprises and improve daily operations by increasing productivity and reducing costs, which encourages market expansion. In the market, rapid technological advances have emerged as the dominant trend. To enhance their positions in the market, major players in the market are creating cutting-edge goods.
The Internet of Things (IoT), blockchain, and robotic process automation (RPA) are increasingly combined with cognitive automation to develop more robust and effective systems. With the development of technology, cognitive automation systems are becoming more accurate and efficient at making decisions.
The oil-rich Gulf States actively uses AI and ML to diversify its economy across the Middle East and Africa. The vast majority of Gulf countries recognize the value of contemporary technology and are constantly working to develop new technologies. Regarding technological advancement and acceptance, the United Arab Emirates takes the lead in the Arab region. Projects for smart cities and autonomous mobility are also driving the demand for AI and ML skills in the region. Brazil and Uruguay are two Latin American countries implementing new programs and regulations to facilitate the adoption of advanced technologies in the region. The widespread usage of AI, ML, and other technologies further aids the regional market.
The Brazil market dominated the LAMEA Cognitive Process Automation Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $542.2 million by 2030. The Argentina market is estimated to grow at a CAGR of 28.7% during (2023 - 2030). Additionally, The UAE market would experience a CAGR of 27.7% during (2023 - 2030).
Based on Application, the market is segmented into Machine Learning, Pattern Identification, Biometrics, Natural Language Processing, and Optical Character Recognition & Others. Based on Vertical, the market is segmented into BFSI, Manufacturing, IT & Telecommunication, Retail & E-commerce, Transportation & Logistics, Media & Entertainment, Healthcare & Life Sciences, Energy & Utilities, and Others. Based on Services, the market is segmented into Finance, Procurement, HR, and IT Operations. Based on Type, the market is segmented into Intelligent Process Automation, and Robotic Process Automation. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Cognitive Process Automation Market is Projected to reach USD 26.9 Billion by 2030, at a CAGR of 24.9%
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
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