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Cognitive Process Automation Market Research Report – Segmented By Service Type (Fund Transfer, Personal Finance, Wealth Management, Insurance, Personal Loan, Stock Brokering), Technology (Robotics process and automation, Data analytics, Online banking, and Money Transfer), Region, Market Driver & Restraints – Forecast (2022 - 2027)

Cognitive Process Automation Market Size (2022 - 2027)

The Cognitive Process Automation Market was valued at $4.42 billion in 2022 and is anticipated to grow at a CAGR of 11.3% during the forecast period of 2022 – 2027. The heavy automation solutions adopted by industries like healthcare, BFSI, IT and Telecom, and other industry is the major reason driving the growth of the market. Enterprises are now focusing on improving the operational efficiency and enhancing the business processes and automating the process has aided them to achieve their goals, which is subsequently propelling the growth of the market.

Automation has realigned how industries conduct their business across the world. Automation in industries has provided the business with safer, faster, and stronger solutions, which has empowered businesses with more key information and insights with more speed and depth than ever before. Many companies are inspired by the application and usefulness and are rapidly integrating Cognitive Process Automation techniques into their business activities. Cognitive process automation is helping to restructure the fundamental process and has helped enterprises and businesses achieve enormous scalability and also helped in reducing operational costs.

Businesses today require technologies that can improve their efficiency and business operations. So, the vendors of the automation industry and digital sector are now focusing on integrating cognitive process automation with business operations to achieve an intelligent solution that can be more productive and economical. The scalability and process optimization offered by cognitive process automation techniques support complete business availability for global customers, as it reduces operation time, improves revenue generation, provides enhanced customer insights, gives efficient and quick delivery of market-relevant products, and aids in capitalizing the enterprise data assets and also eases the risk. Furthermore, the latest technologies like big data, Artificial Intelligence, and machine learning are also being widely used by major market players to automate numerous activities are also contributing to the growth of the market. However, the high initial cost to install and implement process automation is high and is a reason hampering the growth.

MARKET DRIVERS

Increased productivity and reduced operational cost drive the cognitive process automation market growth

Adoption of automation features has resulted in optimizing routine tasks this has resulted in increased productivity and also reduced the operational cost and this drives the market growth. The automation service vendors have integrated cognitive abilities with the robotic process which has led to the development of Cognitive Robotic Process Automation software bots. These features are being widely used in the BFSI, healthcare sector, IT and Telecom and other industry as it helps automate repetitive tasks and this drives the market growth.

Rapid advancement in technologies boost the cognitive process automation market growth

The creation of Cognitive Robotic Process Automation software bots has resulted from the integration of cognitive capabilities into robotic process automation platforms. Natural language processing, machine learning, and speech recognition are examples of technological breakthroughs that can assist enterprises in automating perceptual and judgment-based operations. These tools aid in the study of structured, unstructured, and semi-structured documents to find, extract, and structure data for future research. This has the potential to push the market.

MARKET RESTRAINTS

High initial investment hamper the rise in the cognitive process automation market

The use of cognitive process automation technology in industries requires high capital investments for licensing, installation, and setup. Thus, it is not favorable for small and medium-size organizations to install such technologies that require high investment at the time of implementation.  It requires a skilled workforce who can operate the systems, regular maintenance is also necessary all these factors swell up the input cost and acts as a hindrance in the market growth.

Market Segmentation

Global Cognitive Process Automation Market - By Type:

  • Robotic Process Automation
  • Intelligent Automation

Based on type, the Cognitive Process Automation Market can be segmented into Robotic Process Automation and Intelligent Automation. Among these, Robotic Process Automation captured the major market of 53.42%. Robotic process automation tools can eliminate or diminish the repetitive and routine human operations with business applications and this is the prime factor for market growth. Implementation of robotic process automation techniques helps the businesses in achieving cost efficiencies, providing quality work in reduced cycle time, and enhancing the operational efficacy are pushing the market growth towards an appositive trend. It assists workers in doing their jobs more efficiently as this technology does not require any special technical training or skills, which is eventually going to drive the market growth.

Global Cognitive Process Automation Market - By Services:

  • Finance
    • Account Receivable
    • Account Payable
    • Master Data Management
  • Human resource
    • Employee Onboarding
    • Payroll
  • IT operations
    • IT Service Management
    • User Management
    • Monitoring
    • Routing
    • Reporting
  • Procurement
    • Invoicing Process
    • Supplier Data Management
  • Others

Based on services the Cognitive Process Automation Market can be further divided into Finance, human resources, procurement, and IT operations among others. Automation processes are heavily being implemented in enterprises as a substitute for the human workforce. The implementation of automation techniques for performing repetitive tasks has reduced the burden on the human workforce immensely.  This has resulted in enhancing the productivity of workers and has also reduced the input cost which is driving the market growth. The IT operation sector dominated the market segment as cognitive automotive processes were used for users and services management, monitoring, routing, and reporting purposes. With the deployment of automation processes in numerous projects, including application and software development this technology helps in reducing their manual work and thus fuels the market growth.

Global Cognitive Process Automation Market - By Industry Vertical:

  • BFSI
  • Telecom
  • Information Technology
  • Logistics
  • Manufacturing
  • Healthcare
  • Others

The major industries adopting the Cognitive Process Automation techniques are BFSI, Telecom, Healthcare, Logistics, and IT among others. Of all the industries Healthcare industry emerged as the growing segment in the Cognitive Process Automation market and is estimated to register a CAGR of 12.05% during the forecast period. Healthcare companies' work includes dealing with lots of paper records including medical files, and financial documents, and maintaining all these is a tedious task. The Healthcare industry has to look for a solution that helps systematic handling to evade any inconsistency in operations. This is poised to create opportunities for cognitive process automation in healthcare as it smooths and streamlines the process, thereby driving the market during the forecast period. The BFSI sector is also anticipated to lead the growth of the cognitive automation process substantially in the coming years. Automation of the processes enables multiple systems to interlink which streamlines the flow of data. These solutions enhance the accuracy and productivity of business operations and also assist in compliance and regulatory process by reporting and collating data from numerous systems and performing validation checks to prepare information for detailed analysis and are eventually influencing the market growth.

Cognitive Process Automation Market - By Region:

  • North America
  • Europe
  • Asia pacific
  • Rest of the World (Middle East, South America, and Africa)

From a geographical perspective, North America emerged as the dominant region in the Cognitive Process Automation market in 2022 with a market share of 36.89%, followed by Europe and Asia pacific. The growth in the North American region is attributed to the increased spending in the health care sector. Healthcare organizations use automation techniques for maintaining data including medical files, financial records, and inventory items such as gloves, medicines, needles, and injections. Automation solutions support medical organizations to improve service and security and handle daily transactions. Thus, North America is poised to continue to hold a major market share of the cognitive process automation market over the forecast period.

The Asia Pacific region is estimated to grow substantially in the coming years. The region is increasingly witnessing a strong adoption of advanced automation solutions, typically in Japan, China, and Taiwan owing to the emerging competitive landscape and growing connected solution offerings by numerous companies. The economic development, rapid urbanization, digitalization, and the increased adoption of cloud-based technologies are poised to drive the growth of the market in the Asia Pacific region. The European market is also estimated to grow significantly.

Europe is the hub for automobile manufacturing and the cognitive process automation market is primarily driven due to the presence of the manufacturing sector that deploys the automation techniques which subsequently drives the market growth.

Key companies in the market

  1. Kofax
  2. IPsoft
  3. Arago
  4. Automation Anywhere
  5. Blue Prism
  6. Accenture
  7. Genpact
  8. Kryon Systems
  9. International Business Machine (IBM) Corporation
  10. Celation Ltd

 

Notable Happenings in Cognitive Process Automation Market

  • On April 15, 2022, IBM announced a definitive deal to acquire myInvenio. It is a process mining software business situated in Reggio Emilia, Italy.
  • Blue Prism acquired Thoughtonomy in June 2022, an intelligent automation Company. The acquisition will help Blue Prism to expand its automation footprints in cloud technology. The acquisition has resulted in providing a unique platform to combine artificial intelligence, robotic process automation (RPA), and cloud deployment.

 

COVD-19 impact on Cognitive Process Automation Market.

The pandemic has not only created havoc in the healthcare sector but has also adversely affected the global economy and industries. The lockdown imposed by the government as a precautionary measure to curb the widespread of the virus led to supply chain disruptions that caused difficulty in the procurement of raw materials, shortage of laborers, and also price rise due to an increase in demand has affected the industry negatively. However, changing lifestyles and rapid shift in the adoption of digital alternative has paced up. For example, people preferring e-commerce for shopping, getting their food delivered from digital platforms, etc. has also caused companies to restructure their business operations and adjust accordingly to the changing landscape. Therefore, automation of processes serves as a viable solution as it helps to reduce costs, improves revenue generations, and enhances productivity. These factors are strongly influencing the growth of the Cognitive Process Automation Market.

Chapter 1. Cognitive Process Automation Market – Scope & Methodology

1.1. Market Segmentation

1.2. Assumptions

1.3. Research Methodology

1.4. Primary Sources

1.5. Secondary Sources

Chapter 2. Cognitive Process Automation Market – Executive Summary

2.1. Market Size & Forecast – (2022 – 2027) ($M/$Bn)

2.2. Key Trends & Insights

2.3. COVID-19 Impact Analysis

       2.3.1. Impact during 2022 - 2027

       2.3.2. Impact on Supply – Demand

Chapter 3. Cognitive Process Automation Market – Competition Scenario

3.1. Market Share Analysis

3.2. Product Benchmarking

3.3. Competitive Strategy & Development Scenario

3.4. Competitive Pricing Analysis

3.5. Supplier - Distributor Analysis

Chapter 4. Cognitive Process Automation Market Entry Scenario

4.1. Case Studies – Start-up/Thriving Companies

4.2. Regulatory Scenario - By Region

4.3 Customer Analysis

4.4. Porter's Five Force Model

       4.4.1. Bargaining Power of Suppliers

       4.4.2. Bargaining Powers of Customers

       4.4.3. Threat of New Entrants

       4.4.4. Rivalry among Existing Players

       4.4.5. Threat of Substitutes

Chapter 5. Cognitive Process Automation Market - Landscape

5.1. Value Chain Analysis – Key Stakeholders Impact Analysis

5.2. Market Drivers

5.3. Market Restraints/Challenges

5.4. Market Opportunities

Chapter 6. Cognitive Process Automation Market – By Type

6.1. Robotic Process Automation

6.2. Intelligent Automation

Chapter 7. Cognitive Process Automation Market – By Services

7.1. Finance

                  Account Receivable

                  Account Payable

                  Master Data Management

7.2. Human resource

                  Employee Onboarding

                  Payroll

7.3. IT operations

                   IT Service Management

                   User Management

                   Monitoring

                   Routing

                   Reporting

7.4. Procurement

                   Invoicing Process

                   Supplier Data Management

7.5. Others

Chapter 8. Cognitive Process Automation MarketBy Industry Vertical

8.1. BFSI

8.2. Telecom

8.3. Information Technology

8.4. Logistics

8.5. Manufacturing

8.6. Healthcare

8.7. Others

Chapter 9. Cognitive Process Automation Market- By Region

9.1. North America

9.2. Europe

9.3. Asia-Pacific

9.4. Rest of the World (Middle East, South America, and Africa)

Chapter 10. Cognitive Process Automation Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)

10.1. Company 1

10.2. Company 2

10.3. Company 3

10.4. Company 4

10.5 Company 5

10.6. Company 6

10.7. Company 7

10.8. Company 8

10.9. Company 9

10.10. Company 10

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