Cognitive Process Automation Market size was valued at $3.89 billion in 2019, and it is estimated to grow at a CAGR of 11.83% during 2020-2025. The growth is mainly attributed to the increasing adoption of automation technologies in industries such as BFSI, healthcare, IT and Telecom and other industries is set to drive the market growth. Adoption of this technology in industries to enhance the conventional performance of their processes using knowledge-based workflows propel the market growth.
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Type – Segment Analysis
Robotic Process Automation held the major market share of 53.42% in 2019. Robotic process automation tools can eliminate repeatable and predictable human interactions with business applications and this increases the market growth. Adoption of robotic process automation helps the businesses in cost savings, providing quality work in enhanced cycle time which set to drive the market growth. As this technology doesn’t require any special technical skills, it helps workers in doing their jobs more efficiently and effectively which is poised to enhance the market growth.
Functional Area – Segment Analysis
Healthcare is the fastest growing segment in Cognitive Process Automation market and estimated to grow at a CAGR of 12.05% during forecast period 2020-2025. Healthcare companies need to maintain proper paper records including patients’ medical files, and financial documents. Maintaining these files and transferring the records to digital databases consumes a lot of time. Another difficult task in healthcare sector is to maintain the inventory database that keeps the record of supply levels of equipment which includes medicines, gloves, and among others. Healthcare sector also deals with unstructured data that require systematic handling to avoid any discrepancy. This is poised to create opportunities for cognitive process automation in healthcare, thereby driving the market during forecast period.
Geography- Segment Analysis
North America dominated the Cognitive Process Automation market in 2019 with a market share of 36.89%, followed by Europe and APAC owing to the early adoption of advanced technologies such as artificial intelligence, automation technologies and others. Additionally, the presence of high number of players, and high adoption rate of cognitive process automation in this region set to drive the market. Additionally, high investments in adoption of cognitive process automation and development of advanced version by various players is set to drive the market in this region.
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Drivers –Cognitive Process Automation Market
Increasing adoption of automation technologies and digital workforce in various industries is set to drive the market growth. There is high adoption of automation technology in industries in order to transform their business and to optimize routine operations by increasing efficiency and reducing costs and this drives the market growth. For instance, in BFSI sector, there has been high adoption of cognitive process automation for enhancing its customer service capabilities, as well as employee engagement activities. In telecom and IT companies, this technology helps in reducing their manual work information technology and business processes and this drives the market growth.
Integration of cognitive capabilities into robotic process automation platforms has led to the development of Cognitive Robotic Process Automation software bots. This advancements in technology can help the industries in automating perceptual and judgment based tasks through the natural language processing, machine learning, and speech recognition. These technologies help in analyzing structured, unstructured and semi structured documents in order to identify, extract and structure data within them for further analysis. This is poised to drive the market.
Challenges – Cognitive Process Automation Market
Adoption of cognitive process automation technology in industries involve high initial investment and the tools require high skilled resources and data scientists. This hampers the growth of cognitive process automation market. In addition to these, licensing costs of cognitive automation tools are much higher than that of task level automation tools. Return on Investment (ROI) is also slow and this is poised to restrict the market growth. This automation can also take months to implement in industries because of the time required to justify the business case, identify and onboard new tools. This set to hamper the market growth.
Technology launches, Acquisitions, and R&D activities are key strategies adopted by players in the Cognitive Process Automation market. Cognitive Process Automation top 10 companies include Arago, Automation Anywhere, Blue Prism, Celation Ltd, IBM, IPSoft, Kofax, Kryon Systems, UiPath and others.
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