Cognitive Automation Market Anticipated to Witness High Growth Owing to Increasing Adoption Across Industries
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29 Aug 2024 01:49:05 pm.
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The Global cognitive automation market is estimated to be valued at US$ 11.03 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period from 2024 to 2031.
Cognitive automation leverages technologies like natural language processing, machine learning, deep learning, and computer vision to operate without continuous human monitoring, intervention, or reprogramming. These capabilities help businesses automate knowledge-based work that typically requires human judgment and problem-solving skills. This further allows organizations to reduce operational costs, enhance productivity, and reallocate resources to more strategic tasks.
Key Takeaways
Key players operating in the cognitive automation market 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 opportunities in the Cognitive Automation market Growth usage of AI assistants for customer service processes and virtual agents. The increasing demand to enhance customer experience is expected to drive the adoption of virtual assistants and chatbots. Cognitive technologies are also finding applications in healthcare due to rising workload and staff shortage. Solutions help automate clinical documentation, prevent billing errors, and streamline back-office operations in healthcare facilities.
Globally, North America held the largest share in the cognitive automation market in 2024 due to growing adoption of AI and automation technologies across industries. However, Asia Pacific is expected to witness the fastest growth over the forecast period supported by increased investments from major technology players and growing digital transformation initiatives in China, India, and Southeast Asian countries.
Market drivers -
Increasing focus on business process automation to improve operational efficiency. Adoption of cognitive automation helps organizations minimize costs associated with manual errors and rework while enhancing workforce productivity. The ability of these solutions to analyze large volumes of structured and unstructured data in real-time provides valuable insights to end-users.
Market restraints -
Reluctance among organizations to adopt new technologies due to data security concerns and risks of job losses. High initial investments and integration complexity associated with cognitive automation solutions also restrain their adoption. Lack of widespread technical skills is another challenge for successful deployment of these solutions.
Segment Analysis
Cognitive robots are dominating the cognitive automation market owing to their ability to learn automatically through experiences and examples which allows them to perform complex tasks that traditionally required human intelligence. Cognitive robots can be trained to understand natural language, visual perceptions, recognize patterns, and make decisions which makes them more effective than traditional automation solutions. Service segment is the largest sub-segment due to increasing demand cognitive automation solutions for services such as predictive maintenance, quality inspection, and professional services.
Global Analysis
The Cognitive Automation Market Regional in North America is the largest as well as the fastest growing region. Presence of major cognitive automation players in the US and large focus on R&D spending are some of the major factors driving market growth in the region. In addition, growing demand from industries such as healthcare, BFSI, and telecom in Canada is also supporting market growth. Asia Pacific is emerging as the second largest market and is expected to grow at the highest CAGR during the forecast period. Proliferation of AI and cognitive technologies, presence of large customer base, and rising need to increase productivity are key factors propelling market growth in Asia Pacific region.
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About Author:
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, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
Tags: Coherent Market Insights, Cognitive Automation, Cognitive Automation Market, Cognitive Automation Market Dynamics, Cognitive Automation Market Forecasts, Machine Learning, Natural Language Processing, Computer Vision
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