Cognitive Process Automation Market Size, Share & Trends Analysis Report By Type (RPA, IPA), By Services (Finance, Procurement), By Application, By Industry Vertical, By Region, And Segment Forecasts, 2023 - 2030

Cognitive Process Automation Market Size, Share & Trends Analysis Report By Type (RPA, IPA), By Services (Finance, Procurement), By Application, By Industry Vertical, By Region, And Segment Forecasts, 2023 - 2030

Cognitive Process Automation Market Growth & Trends

The global cognitive process automation market size is expected to reach USD 36.63 billion by 2030, expanding at 27.8% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing adoption of automation technologies in industries such as BFSI, IT & telecom, healthcare, and others is driving market growth. Moreover, adopting this technology in industries to improve the traditional performance of their processes through knowledge-based workflows drives market growth. Cognitive automation enables enterprises to automate labor-intensive tasks, improve productivity, prevent human errors, and save costs.

Cognitive process automation positively impacts the flexibility of the business and the efficiency of the entire value chain. Moreover, it provides lower response time, greater operational scalability, and error rates. Furthermore, it improves the quality of business processes. Organizations have a growing opportunity for adopting advanced intelligent tools as they embrace cognitive automation by placing it at the center of their business and digital transformation strategies. For instance, CognitiveMill, developed by AIHunters, a U.S.-based software company, is a cognitive computing cloud platform for automation in the media and entertainment industry. It automates video editing to make it much faster and less costly.

The growing technological advancements are responsible for the market's expansion in cognitive process automation. Major players in the cognitive process automation industry are inventing new products to improve their market share. For instance, in May 2021, Kanverse.ai, a U.S.-based software company, announced the launch of an intelligent document processing product built on the Kanverse cognitive automation platform. It integrates AI with business rule framework, optical character recognition, and automation to provide an end-to-end product that digitizes enterprise document processing such as ingestion, extraction, classification, and validation.

North America generated the largest revenue for the cognitive process automation industry due to the presence of manufacturing companies and the increasing adoption of advanced technology and robotic cognitive processes in the IT sector. Businesses in North America are actively pursuing digital transformation strategies, and cognitive process automation is a crucial component of this process. The Asia Pacific region is expected to be the fastest-growing market for cognitive process automation during the forecast period. This is due to the high revenue generation from India and China, which is also attributed to the rapidly expanding IT sector.

Cognitive Process Automation Market Report Highlights

• The BFSI segment dominated the cognitive process automation industry with a revenue share of 22.5% in 2022. Cognitive process automation has been widely used in the BFSI sector to improve employee engagement and customer service
• The Asia Pacific region is expected to expand with a CAGR of 30.9% in 2022. In the Asia Pacific region, Governments recognize the potential of AI technologies and are implementing policies and initiatives to support their adoption, leading to market expansion
• Businesses are adopting Intelligent automation at a faster pace. Intelligent automation combines robotic process automation (RPA) and cognitive process automation as it enables end-to-end automation. It combines RPA's effectiveness and speed with AI's efficiency and cognitive capabilities, resulting in increased productivity
• Cognitive process automation can analyze vast media content, such as videos, images, and text, to extract insights and understand audience preferences. Media companies can improve user engagement, personalize recommendations, and content distribution with the help of CPA analysis

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