Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 3.9 Billion | USD XX Billion | 11.2% | 2021 |
FrequentlyAsked Questions
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 the 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.
According to the Zion Market Research report, the global cognitive robotic process automation market was worth about 3.9 (USD billion) in 2021 and is predicted to grow to around @ (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 11.2 percent.
North America is expected to lead and keep a large proportion of the market for cognitive robotic process automation 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.
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.
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