by Cognitive automation leverages artificial intelligence and machine learning to automate routine manual tasks such as data entry, extraction and processing. With cognitive automation capabilities, companies can automate repeatable tasks that are typically performed by humans with high speeds, accuracy and efficiency. The cognitive automation market has seen increasing adoption across industries such as IT, telecom, BFSI, healthcare and manufacturing. It helps organizations reduce costs and improve productivity by freeing up employees to focus on more strategic work.
The global Cognitive Automation market is estimated to be valued at US$ 11.03 Billion in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Cognitive Automation are Accenture, Automation Anywhere, Blue Prism, Brain Corp, Cognizant, DataRobot, Google Cloud (Alphabet Inc.), IBM, Kofax, Microsoft, NICE Systems, Pegasystems, Salesforce, SAP, and UiPath. Key players are focusing on developing human-centered cognitive automation platforms with features like natural language processing, machine learning, predictive analysis and computer vision to drive automation adoption.
The digital transformation across industries is opening up several opportunities for Cognitive Automation Market Growth. As more job roles and processes get automated, it is creating demand for skill development in areas like process mining, change management and cloud automation. Global organizations are also exploring opportunities to leverage cognitive automation for improving customer experience through virtual agents and omni-channel support.
North America accounts for the largest share of the cognitive automation market currently. However, Asia Pacific region is expected to witness the fastest growth owing to increasing investments in AI and cloud technologies by companies in China, India and other developing countries. Key players are expanding their footprint in Asia through strategic partnerships to tap the growing demand for cognitive automation solutions in the region.
Market Drivers
The primary driver boosting adoption of cognitive automation is the growing need for AI-powered automation to improve productivity and reduce costs. As workforces get stretched thin and business needs evolve rapidly, cognitive automation helps organizations keep pace with increased workloads and changing priorities. It allows re-allocating resources to perform strategic tasks instead of repetitive manual work. The ability of cognitive automation to provide 24/7 support without errors or fatigue has further increased its appeal among enterprises.
PEST Analysis:
Political: Government regulations on AI adoption and liability issues may affect the growth prospects for cognitive automation. Government policies for upskilling workers will impact talent availability.
Economic: Increased adoption of AI technology by businesses to drive operational efficiencies and reduce costs will propel demand. Organizations aim to trim labour expenses and boost productivity using cognitive automation.
Social: Younger workforce eager to work with new technologies may adapt well to changes brought by cognitive automation. However, concerns around job losses due to automation remain a challenge.
Technological: Advancements in AI, ML and NLP are enabling the development of solutions that can automate complex tasks. Integration of robotic process automation (RPA) with AI further enhances capabilities. Continuous technology innovations are expanding applications of cognitive automation.
The North American region accounts for the largest share of the Cognitive Automation Market Regional in terms of value. Majority of AI startups and technology giants are headquartered in the US and Canada. This has boosted research and investments in cognitive automation solutions in the region.
The Asia Pacific region is expected to witness the fastest growth during the forecast period. Growing adoption of automation technologies across industry verticals in China, India and other emerging economies will fuel the APAC market. Availability of robust technical infrastructure and skilled workforce at competitive costs makes the region an attractive market for cognitive automation vendors.
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
