Cognitive Automation Market
Cognitive Automation Market Forecasts to 2030 - Global Analysis By Component (Solutions, Services and Other Components), Deployment Mode, Enterprise Size, Technology, Application, End User and By Geography
According to Stratistics MRC, the Global Cognitive Automation Market is accounted for $15.3 billion in 2024 and is expected to reach $33.2 billion by 2030 growing at a CAGR of 13.7% during the forecast period. Cognitive Automation is the integration of artificial intelligence (AI) with process automation technologies to improve business operations and decision-making. It combines machine learning, natural language processing, and robotic process automation to automate complex tasks. Cognitive automation is increasingly used in sectors like banking, healthcare, retail, and manufacturing to streamline processes like customer service, compliance, and data management.
Market Dynamics:
Driver:
Increasing volume of data generated by businesses
The explosion of data from various sources like IoT devices, social media, and business applications is making it increasingly difficult for humans to process and extract insights. This is driving businesses to adopt cognitive automation solutions that can efficiently handle large volumes of structured and unstructured data. Moreover cognitive automation leverages technologies like AI, machine learning, and natural language processing to automate data-intensive processes and generate actionable insights which drives the growth of the market.
Restraint:
Technological limitations
Implementing cognitive automation into business processes can be complex and time-consuming, potentially leading to delays and increased costs. This complexity can deter companies from pursuing cognitive automation, as it may disrupt operations. Additionally, data privacy and security concerns arise due to the processing of sensitive data, and compliance with regulations like GDPR and CCPA can complicate the deployment of cognitive automation solutions hampering the markets growth.
Opportunity:
Increased demand for efficiency and cost reduction
Cognitive automation helps organizations achieve substantial cost savings by minimizing manual errors and optimizing resource allocation. By automating routine tasks, businesses can reduce labor costs and improve the speed and accuracy of their operations. For instance, the integration of cognitive capabilities into robotic process automation (RPA) allows for the efficient handling of structured and unstructured data, which is crucial for decision-making and operational excellence
Threat:
Increased reliance on data in cognitive automation systems
Cognitive automation relies on quality training data, which can be biased or inaccurate if it contains human biases or inaccuracies. This can lead to unfair treatment, incorrect predictions, and erosion of trust in the technology. Mitigating algorithmic bias requires careful data curation and testing. The opaque nature of AI algorithms makes it difficult to explain decision-making, which can be problematic in areas like healthcare and finance where transparency and accountability are critical.
Covid-19 Impact:
The COVID-19 pandemic has had a mixed impact on the Cognitive Automation Market. While it has accelerated the adoption of automation technologies as businesses seek to enhance efficiency and reduce costs, the initial economic disruption caused by lockdowns and supply chain issues slowed market growth in 2020-2021. However, as cognitive automation solutions become more sophisticated and businesses increasingly rely on data-driven insights to drive performance.
The solutions segment is expected to be the largest during the forecast period
The solutions segment is expected to be the largest during the forecast period because these solutions improve operational efficiency by automating repetitive tasks, allowing employees to focus on strategic activities. This leads to increased productivity in sectors like banking, healthcare, and IT. Advanced technologies like AI and machine learning enable organizations to analyze large data volumes, support better decision-making, and enhance business process adaptability encouraging its market growth.
The healthcare segment is expected to have the highest CAGR during the forecast period
The healthcare segment is expected to have the highest CAGR during the forecast period because cognitive automation is revolutionizing healthcare by automating administrative tasks like medical record digitization and billing, enhancing clinical decision-making by analyzing patient data, and reducing medical errors. It allows healthcare staff to focus on patient care, improves treatment plans, and reduces errors in areas like prescription management and drug interactions, ensuring patient safety.
Region with largest share:
North America is projected to hold the largest market share during the forecast period attributed to its early adoption of automation and AI technologies by businesses and government institutions. The US has a strong presence of leading vendors like Blue Prism, IBM, IPsoft, and Kryon Systems, driving innovation and adoption. Additionally, the region is witnessing significant growth in the use of intelligent virtual assistants for customer service and sales interactions.
Region with highest CAGR:
Asia Pacific is projected to witness the highest CAGR over the forecast period due to economic development and urbanization, leading to increased demand for efficient processes and cost-effective solutions. The rise of digitalization and cloud adoption further enhances this market, enabling organizations to improve operational efficiency, reduce costs, and enhance customer experiences.
Key players in the market
Some of the key players in Cognitive Automation market include Automation Anywhere , Blue Prism, Edge Verve Systems Ltd., FPT Software, IBM, Kofax, Microsoft Corporation, NICE, NTT Advanced Technology Corp., OnviSource, Inc., Pegasystems, UiPath and WorkFusion, Inc
Key Developments:
In August 2024, IBM and Intel have announced a collaboration to deploy Intel® Gaudi® 3 AI accelerators as a service on IBM Cloud. This offering, which is expected to be available in early 2025, aims to help more cost effectively scale enterprise AI and drive innovation underpinned with security and resiliency.
In August 2024, IBM announced the introduction of generative AI capabilities to its managed Threat Detection and Response Services utilized by IBM Consulting analysts to advance and streamline security operations for clients.
Components Covered:
• Solutions
• Services
• Other Components
Deployment Modes Covered:
• Cloud
• On-Premise
• Hybrid
Enterprise Sizes Covered:
• Small and Medium Enterprises (SMEs)
• Large Enterprises
Technologies Covered:
• Natural Language Processing
• Machine Learning
• Cognitive Computing
• Robotics
• Other Technologies
Applications Covered:
• Customer Service
• Process Automation
• Data Analysis
• Decision Support
• Security
• Other Applications
End Users Covered:
• Banking, Financial Services, and Insurance (BFSI)
• Healthcare
• Retail & eCommerce
• Manufacturing
• IT & Telecommunications
• Energy & Utilities
• Government
• Transportation & Logistics
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Cognitive Automation Market, By Component
5.1 Introduction
5.2 Solutions
5.3 Services
5.4 Other Components
6 Global Cognitive Automation Market, By Deployment Mode
6.1 Introduction
6.2 Cloud
6.3 On-Premise
6.4 Hybrid
7 Global Cognitive Automation Market, By Enterprise Size
7.1 Introduction
7.2 Small and Medium Enterprises (SMEs)
7.3 Large Enterprises
8 Global Cognitive Automation Market, By Technology
8.1 Introduction
8.2 Natural Language Processing
8.3 Machine Learning
8.4 Cognitive Computing
8.5 Robotics
8.6 Other Technologies
9 Global Cognitive Automation Market, By Application
9.1 Introduction
9.2 Customer Service
9.3 Process Automation
9.4 Data Analysis
9.5 Decision Support
9.6 Security
9.7 Other Applications
10 Global Cognitive Automation Market, By End User
10.1 Introduction
10.2 Banking, Financial Services, and Insurance (BFSI)
10.3 Healthcare
10.4 Retail & eCommerce
10.5 Manufacturing
10.6 IT & Telecommunications
10.7 Energy & Utilities
10.8 Government
10.9 Transportation & Logistics
10.10 Other End Users
11 Global Cognitive Automation Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Automation Anywhere
13.2 Blue Prism
13.3 Edge Verve Systems Ltd.
13.4 FPT Software
13.5 IBM
13.6 Kofax
13.7 Microsoft Corporation
13.8 NICE
13.9 NTT Advanced Technology Corp.
13.10 OnviSource, Inc.
13.11 Pegasystems
13.12 UiPath
13.13 WorkFusion, Inc
List of Tables
1 Global Cognitive Automation Market Outlook, By Region (2022-2030) ($MN)
2 Global Cognitive Automation Market Outlook, By Component (2022-2030) ($MN)
3 Global Cognitive Automation Market Outlook, By Solutions (2022-2030) ($MN)
4 Global Cognitive Automation Market Outlook, By Services (2022-2030) ($MN)
5 Global Cognitive Automation Market Outlook, By Other Components (2022-2030) ($MN)
6 Global Cognitive Automation Market Outlook, By Deployment Mode (2022-2030) ($MN)
7 Global Cognitive Automation Market Outlook, By Cloud (2022-2030) ($MN)
8 Global Cognitive Automation Market Outlook, By On-Premise (2022-2030) ($MN)
9 Global Cognitive Automation Market Outlook, By Hybrid (2022-2030) ($MN)
10 Global Cognitive Automation Market Outlook, By Enterprise Size (2022-2030) ($MN)
11 Global Cognitive Automation Market Outlook, By Small and Medium Enterprises (SMEs) (2022-2030) ($MN)
12 Global Cognitive Automation Market Outlook, By Large Enterprises (2022-2030) ($MN)
13 Global Cognitive Automation Market Outlook, By Technology (2022-2030) ($MN)
14 Global Cognitive Automation Market Outlook, By Natural Language Processing (2022-2030) ($MN)
15 Global Cognitive Automation Market Outlook, By Machine Learning (2022-2030) ($MN)
16 Global Cognitive Automation Market Outlook, By Cognitive Computing (2022-2030) ($MN)
17 Global Cognitive Automation Market Outlook, By Robotics (2022-2030) ($MN)
18 Global Cognitive Automation Market Outlook, By Other Technologies (2022-2030) ($MN)
19 Global Cognitive Automation Market Outlook, By Application (2022-2030) ($MN)
20 Global Cognitive Automation Market Outlook, By Customer Service (2022-2030) ($MN)
21 Global Cognitive Automation Market Outlook, By Process Automation (2022-2030) ($MN)
22 Global Cognitive Automation Market Outlook, By Data Analysis (2022-2030) ($MN)
23 Global Cognitive Automation Market Outlook, By Decision Support (2022-2030) ($MN)
24 Global Cognitive Automation Market Outlook, By Security (2022-2030) ($MN)
25 Global Cognitive Automation Market Outlook, By Other Applications (2022-2030) ($MN)
26 Global Cognitive Automation Market Outlook, By End User (2022-2030) ($MN)
27 Global Cognitive Automation Market Outlook, By Banking, Financial Services, and Insurance (BFSI) (2022-2030) ($MN)
28 Global Cognitive Automation Market Outlook, By Healthcare (2022-2030) ($MN)
29 Global Cognitive Automation Market Outlook, By Retail & eCommerce (2022-2030) ($MN)
30 Global Cognitive Automation Market Outlook, By Manufacturing (2022-2030) ($MN)
31 Global Cognitive Automation Market Outlook, By IT & Telecommunications (2022-2030) ($MN)
32 Global Cognitive Automation Market Outlook, By Energy & Utilities (2022-2030) ($MN)
33 Global Cognitive Automation Market Outlook, By Government (2022-2030) ($MN)
34 Global Cognitive Automation Market Outlook, By Transportation & Logistics (2022-2030) ($MN)
35 Global Cognitive Automation Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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