Cognitive Robotic Process Automation Market Size, Share, Growth Report, 2028

Cognitive Robotic Process Automation Industry Prospective:

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. The study examines the drivers, restraints, and challenges that influence the progress of the cognitive robotic process automation market, as well as their impact on demand throughout the forecast period. The report also looks at new potential in the industry for cognitive robotic process automation.

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Cognitive Robotic Process Automation Market: Overview

Cognitive RPA refers to Robotic Process Automation (RPA) solutions and tools that use AI technologies like text analytics, optical character recognition, and machine learning to enhance the experience of both employees and consumers. This advanced sort of RPA gets its name from the way it mimics human gestures as individuals do various tasks inside a process.

Learning (the acquisition of information and the application of contextual standards), logic (the use of context and rules to deduce conclusions), and self-correction are aspects of such systems.

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Cognitive Robotic Process Automation Market: Growth Drivers

Rapid adoption of automation technologies in the various end-use sector is likely to boost market growth.

The market is expected to increase due to the increasing usage of the digital workforce and automation technologies in various sectors. Automation technology is widely used in industries to improve their businesses and enhance everyday operations by boosting efficiency and lowering costs, which fuels market growth.

For example, in the BFSI industry, cognitive process automation has been widely adopted to improve customer service skills and staff engagement activities. This technology aids telecom and IT organizations in lowering manual labor, information systems, and business operations, which ultimately supports market growth.

Cognitive Robotic Process Automation Market: Restraints

High initial investment associated with cognitive robotic process automation may hinder market growth.

Industry adoption of cognitive process automation technologies necessitates a significant upfront investment, and the tools necessitate highly experienced personnel & data scientists. This stifles the market for cognitive process automation. Furthermore, cognitive automation tool licensing prices are substantially greater than task-level automation tool licensing costs.

The return on investment (ROI) is very poor, which is expected to limit market expansion. Because of the time necessary to explain the business case, find, and onboard new tools, this automation might take months to execute in industries. This is expected to stifle global cognitive robotic process automation market expansion.

Cognitive Robotic Process Automation Market: Opportunities

Increasing preferences to automate the complex task is likely to offer better growth opportunities to the market.

Automation based on structured data is supported by conventional RPA. Cognitive RPA goes even further by allowing businesses to automate operations including unstructured data sources such as emails, scanned documents, letters, and voice recordings. The true value of cognitive automation is that it allows businesses to automate operations that are more sophisticated and less rule-based. Unlike traditional unattended RPA, cognitive RPA can handle exceptions without the need for human intervention.

Most RPA systems, for example, are unable to deal with issues such as a date entered incorrectly, insufficient information in a form, or slow network or Internet reaction times. Many firms are implementing cognitive robotic process automation because unmonitored RPA would generally pass the process to a human operator in such a situation.

Cognitive Robotic Process Automation Market: Challenges

Shortage of skilled resources and lack of required support from businesses pose a major challenge to market growth.

With the rise in today's market requirements, RPA is flourishing, yet competent personnel is scarce in the RPA industry. Obtaining resources while launching a new project and backfilling a critical resource in the event of attrition are both significant risks to any project's success. RPA experts with vast expertise also anticipate hefty contracts, which may not be financially feasible for some businesses.

The business must be equipped with the proper workflow schematics, potential workarounds for possible failure situations, business rules for different types of data to be processed by the Bot, and technological exclusions confronted by the operations department during manual processing for an RPA project to be successful.

Cognitive Robotic Process Automation Market: Report Scope

Cognitive Robotic Process Automation 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. The BFSI segment is expected to hold a notable market share during the forecast timeframe.

Recent Developments

• In January 2021, Nice System Ltd. introduced artificial intelligence-based robotic process automation tools to assist companies in taking 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.
• In Nov 2020, Pegasystems, Inc. has announced the release of Pega Auto-balancing, a digital transformation platform. Artificial intelligence is used in the new approach to optimize the bot's task management without the need for human interaction.

Cognitive Robotic Process Automation Market: Regional Landscape

North America is projected to lead the global market over the forecast period.

North America is expected to lead and keep a large proportion of the global cognitive robotic process automation market during the forecast period. The region's strong growth can be attributed to the United States' rising participation. Furthermore, the increased adoption of modern technologies and the presence of several companies are expected to propel the North American market forward in the approaching years.

On the other end, the emerging economies in the Asia Pacific sector are expected to increase positively in the next years. Throughout the forecast period, the market is expected to benefit from the increased use of cognitive robotic process automation in China and India, as well as the expansion of the IT industry in emerging nations.

Cognitive Robotic Process Automation Market: Competitive Landscape

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

• Blue Prism
• Arago
• Automation Anywhere
• IBM
• Celation Ltd
• Kofax
• IPSoft
• UiPath
• Kryon Systems

The 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