Global Cognitive Robotic Process Automation Market To Register A CAGR Of 11.2% During the Forecast Period

The global cognitive robotic process automation market was valued at about USD 3.9 billion in 2021, and it is expected to expand with a CAGR of around 11.2 percent during the forecast period.

Cognitive automation is the process of combining artificial intelligence (AI) along with the technology which is used to automate complex business processes. This combination is aimed to deliver better business results. The idea behind cognitive automation in any sector is to improve automated data capture and decision-making. The global market is growing because its use has improved the customer experience.

The global cognitive robotic process automation market took a serious hit during Covid-19 because of disturbance caused in the supply chain, shutting down of manufacturing units, and decreased demand in all non-essential sectors.

Market Growth Factors

In current times, business requirements are not as simple as they were a few years ago. With the rising complexity & variations in consumer demand, changes in consumer preference, and availability of unlimited information amongst other ever-evolving factors, end-goals in businesses have gotten more complex. The rising complexity of business requirements calls for automating as many processes as possible to generate error-free and data-backed solutions. This is expected to propel the global cognitive robotic process automation market in the future. The growing e-commerce industry has one of the highest usages of cognitive RPA because of the immense data available on their websites. The cognitive RPA process is also used to understand customer patterns because understanding customer patterns is a key to the growth of any e-commerce business.

The more the e-commerce industry booms, the more will be the demand for cognitive robotic process automation across the globe. A rising trend in online shopping assisted by extensive sales and marketing techniques used by business owners to reach every consumer segment is expected to aid the global market growth. Rising R&D and investments in the field of cognitive RPA technology along with government and private sector initiatives to digitalize as many sectors as possible is a major contributing factor in the cognitive robotic process automation market growth.

The high initial investment associated with cognitive robotic process automation may hinder global market growth whereas increasing preferences to automate the complex task is likely to offer better growth opportunities to the global market. Shortage of skilled resources and lack of required support from businesses is expected to pose a major challenge to the global market growth.

Market Segmentation

The global cognitive robotic process automation market is segregated based on deployment, operation, application, industry, and region.

By deployment, the market is categorized into on-premises and cloud.

Based on operation, the market is categorized into rule-based and knowledge-based.

By application, the market is bifurcated into customer support, administration & reporting, analysis, data migration & capture extraction, and others.

By industry, the market is divided into retail, manufacturing, BFSI, logistics, healthcare, hospitality, IT & telecom, and others.

North America is expected to generate the highest global cognitive robotic process automation market revenue share owing to the adoption of advanced technology in the region. The USA is expected to contribute significantly to the regional market because of its proactive approach toward advanced technology. The region is expected to receive heavy funding from private institutes for research and development work on cognitive RPA processes which will propel the regional market growth.

Asia Pacific is projected to register a higher CAGR during the forecast period because of rapid digitalization in countries like Singapore, China, South Korea, and India. China is a country known for its quick mass-manufacturing units. These units require cognitive RPA processes to operate efficiently. Rising government initiatives to attract international funding along with the presence of skilled labor may contribute to regional market growth.

The Middle East and Africa are anticipated to register steady growth in the global market followed by Latin America. Africa may register the lowest CAGR due to economic instability in the region.

Cognitive Robotic Process Automation Market: Report Scope

Key Market Players

Key players operating in the global cognitive robotic process automation market include

• Blue Prism
• Arago
• Automation Anywhere
• IBM
• Celation Ltd
• Kofax
• IPSoft
• UiPath
• and Kryon Systems 
• among others.

Recent Developments

• In January 2021, Nice System Ltd. has introduced artificial intelligence-based robotic process automation tools to assist companies to take advantage of automation possibilities more quickly. This enables firms to enhance organizational resilience, increase efficiency, and swiftly extend current process automation, even in the face of changing market conditions.

Browse the full “Cognitive Robotic Process Automation Market By Deployment (On-Premises, Cloud), By Operation (Rule-Based, Knowledge-Based), By Application (Administration & Reporting, Customer Support, Data Migration & Capture Extraction, Analysis, Others), By Industry (Retail, Manufacturing & Logistics Industry, BFSI, Healthcare, IT & Telecom, Hospitality, Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/cognitive-robotic-process-automation-market

Global cognitive robotic process automation market is segmented as follows:

By Deployment

• On-premise
• Cloud

By Operation

• Rule-based
• Knowledge-Based

By Application

• Administration & reporting
• Customer Support
• Data Migration & Capture Extraction
• Analysis
• Others

By Industry

• Retail Manufacturing & Logistics Industry
• BFSI
• Healthcare
• IT and Telecom
• Hospitality
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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