Global Cognitive Robotic Process Automation Market Size, Share, and COVID-19 Impact Analysis, By Deployment (On-Premises, Cloud), By Operation (Rule-Based, Knowledge-Based), By Industry (Retail, Manufacturing & Logistics Industry, BFSI, Healthcare, IT & Telecom, Hospitality, Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The Global Cognitive Robotic Process Automation (RPA) Market is projected to grow from USD 4.81 billion in 2021 to USD 9.93 billion by 2030 at a CAGR of 11.83 % during the forecast period. Cognitive RPA is rapidly becoming one of the most popular technologies for businesses looking to automate difficult repetitive operations that require a lot of time and effort. Vendors of RPA technology are incorporating cognitive capabilities into their platforms to make them more advanced and intelligent.

The growing demand for automation in a variety of industries is expected to propel the cognitive RPA market forward in the coming years. Another key element that is predicted to drive market growth around the world is the growing popularity of internet shopping. The market research report on cognitive RPA provides a comprehensive overview of the market and emphasizes the significant potential.     

COVID-19 ANALYSIS      

Businesses have been hampered by the nationwide lockdown, as physical stores have closed. Companies rely heavily on digital technologies or mediums to automate both front-end and back-end activities in order to stay in business. The demand for innovative software to automate the process is increasing as organizations seek to transform their interactions with employees, consumers, suppliers, and other. The use of this software is expected to help businesses cope with the effects of the epidemic. Automation technology is one of the best tools to enhance remote location productivity since it helps you to automate operations in less time.   

LATEST TREND

Technical Advances and Innovations Are Expected To Boost Market Growth  

The increased use of the internet is expected to support the market's significant expansion in the next years. The higher level of digitalization and the thriving e-commerce industry is expected to propel the whole market forward. Furthermore, as consumers become more aware of the benefits of cognitive robotic process automation, demand is expected to expand globally. In addition, technical advances and innovations in this industry are expected to boost market growth during the forecast period. 

DRIVING FACTORS

Rising Advanced Technology Adoption to Drive Demand for RPA Solutions

Organizations need to handle complicated unstructured data as well as automate every business operation from beginning to end. To broaden the scope of business processes, companies are combining AI and cognitive technology with automation. These systems automatically monitor job activity, identify ideal workflows, and advise firms on how to self-regulate. AntWork introduced ANTstein, an artificial intelligence, machine learning, and process automation integrated platform in May 2020. This advanced automatic technology allows for the most efficient bot utilization and construction.      

RESTRAINTS

Infrastructure and Customization Issues Are Impeding Market Growth

Automation bots' platforms frequently change, and the essential adaptability isn't always included in bots. Only 15% of organizations deemed themselves mature enough to adopt process automation, according to a 2017 PWC survey. As a result, many firms shy away from implementing this technology. It's also a tool that necessitates a distinct identity and cutting-edge technology. As a result, implementing modifications in response to the company's continuously changing needs is difficult. During the forecast period, this is projected to limit the growth of the cognitive RPA market.    

SEGMENTATION

The Global Cognitive Robotic Process Automation Market is segmented by Deployment, Operation, Industry, and Region. Based on the Deployment, the market is categorized into On-Premises and Cloud. Based on Operation, the market is categorized into Rule-Based, Knowledge-Based. Based on Industry, the market is categorized into Retail, Manufacturing & Logistics Industry, BFSI, Healthcare, IT & Telecom, Hospitality, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.               

REGIONAL INSIGHTS

The Global Cognitive Robotic Process Automation Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.                 

North America holds the largest share of the cognitive RPA market due to the increased adoption of process management solutions and automation by large and small industries. In addition, the US government encourages all other agencies to use automobile solutions to streamline their operations. This is projected to help the global market in the region expand.  

Asia Pacific is expected to be the fastest-growing region during the projection period due to the growing demand for automotive solutions from all of the region's industries. The region's market is expected to benefit from the rising adoption of Industry 4.0 in industrial applications. China and Japan are predicted to have the largest share of the cognitive RPA industry, while India is expected to rise rapidly in the future years. The demand for this software solution is being driven by India's rising digital transformation across industries. For example, ICICI Bank, India's largest bank, is one of the early users of technologies for automated IT assistance, client email responses, and account portability. 

Europe is expected to the second largest market for cognitive RPA due to European countries such as Germany and the United Kingdom has a significant demand for this system. These countries' manufacturing enterprises have been fast to adopt these solutions since they allow them to start with small-scale projects and gradually scale up their operations.     

KEY INDUSTRY PLAYERS

The global market for cognitive RPA is growing at a rapid pace, with an increasing number of competitors vying for a piece of the action. The development of product portfolios and increased emphasis on research efforts by major players are expected to boost market growth in the near future. In addition, strategic alliances and partnerships are expected to generate growth opportunities over the projection period. IBM Corporation, Blue Prism Limited., WorkFusion, Inc., Verint System Inc., Automation Anywhere, Inc., UiPath, Pegasystems Inc., Kofax Inc., arago GmbH., and IPsoft Inc. are some of the major participants in the cognitive RPA market.     

 KEY INDUSTRY DEVELOPMENTS:

In May 2019, Kofax released the 'Starter Pack,' an intelligent automation software platform and marketplace that includes production licenses for Kofax RPA, process orchestration, cognitive capture, communication generation, analytics, and e-signature solutions. The industry is expected to develop due to the introduction of improved software.

In June 2019, Blue Prism purchased Thoughtonomy, an intelligent automation company, to expand its cloud automation capabilities. This acquisition gave the company a single platform that combined artificial intelligence, robotic process automation (RPA), and cloud deployment, and it's expected to boost its cognitive process automation market share.

LIST OF KEY COMPANIES PROFILED:

• IBM Corporation
• Blue Prism Limited.
• WorkFusion, Inc.
• Verint System Inc.
• Automation Anywhere, Inc.
• UiPath
• Pegasystems Inc.
• arago GmbH.
• IPsoft Inc.
• Kofax Inc.

SEGMENTATION

By Deployment

• On-Premises
• Cloud

By Operation

• Rule-Based
• Knowledge-Based

By Industry

• Retail
• Manufacturing & Logistics Industry
• BFSI
• Healthcare
• IT & Telecom
• Hospitality
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa