Cognitive automation market is anticipated to grow at a CAGR of 11.2% during the forecast period.The adoption of cognitive automation is based on factors such as the adoption of artificial intelligence (AI) by businesses to automate processes and integrate human-computer interaction (HCI). Most players in the market are developing cognitive services that are accessed by application developers, or end users who deploy solutions at their systems and servers. Use cases of cognitive automation were seen in financial institutions, retail and healthcare, and others. For instance, in December 2021, Brillio acquired Cedrus Digital. The acquisition will strengthen Brillio’s product and platform engineering, data analytics, cloud security, and digital infrastructure capabilities, by bringing Cedrus Digital expertise in cloud-native engineering, cloud security, cloud infrastructure ops, conversational AI, machine learning, cognitive automation, and intellectual property that will assist Brillio in improving its end-to-end digital transformation solutions across healthcare, financial services, and automotive industries.

Moreover, several government authorities and key players such as UiPath, Verint, and Blanket Purchase Agreement operating in the market are adopting numerous strategies such as partnership, expansion, and collaboration to remain competitive in the marketplace. For instance, in April 2022, The Internal Revenue Service (IRS), announced a new contract with Blanket Purchase Agreement focused on implementing machine learning (ML) and AItechnologies into their data analytics operations. The technology, called Robotic Process Automation (RPA), will incorporate scalable automated technology into the agency’s information management operations. 

Segmental Outlook 

The global cognitive automation market is segmented based on the application, and end user. Based on application the market is sub-segmented into robotic process automation and intelligent automation. Based on end users, the market is bifurcated into BFSI, pharma and healthcare, retail & consumer goods, information technology, and telecom, communication, media and education, manufacturing, logistics, energy and utilities, and others. Among the end users,  the media and education sub-segment is anticipated to grow at a significant CAGR, owing to the increasing adoption of cognitive automation in the sector to enhance customer experience, and save costs.  Moreover, the information technology and telecom segment is expected to register a considerable share of the market. The growth of the segment is mainly driven due to rising application of robotic process automation to tackle the ever-changing regulatory compliance and support a product through its entire lifecycle in the sector.

Among the application, the robotic process automation segment is projected to expand at a significant rate. Factors such as the rising need to optimize operations to gain improved productivity and generate maximum return, integration of the latest technologies, and changing business processes across enterprises are expected to boost segment growth. Additionally, the combination of cognitive RPA and various chatbot technologies has reduced human interventions and improved operational productivity among various end-user industries such as banking, pharma, and logistics, which in turn consequently fuleld the segment growth.

Regional Outlooks

The global cognitive automationmarket is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. Among these, the Asia-Pacific region has witnessed favorable growth in the market owing to the region's strong penetration of automation technologies and adoption of process management across government organizations and businesses. Moreover, the North American region is the largest region for the global cognitive automation market.

Global Cognitive Automation Market Growth, by Region2022-2028

The North American Region is Expected to Dominate the Global Cognitive Automation Market During the Forecast Period

The North American region is expected to witness a considerable  growth during the projected timeline. The deployment of RPA amongst North America's small and medium enterprises is accelerating sales growth due to expanding awareness about improving various company operations such as data input, financial reporting, procuring detail, maintaining records, and numerous other HR-related functions.  For instance, in March 2022, Tecalis entered into a business deal to become a UIPath Business Partner. With this deal, Tecalis offers RPA to SMEs which is more affordable and simple, powerful and functional, and cost and time savings.

Market Players Outlook

The major companies serving the global cognitive automation market include Automation Anywhere Inc., Blue Prism, EdgeVerve Systems Ltd., FPT Software,and others.The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February2020, Aera Technology unveiled the Aera Cognitive Operating System for cognitive automation, allowing customers and partners to easily and directly build cognitive skills and deploy Aera with greater flexibility and at scale. With Aera's Cognitive Operating System, large enterprises and partners are able to capitalize on Aera's Cognitive Automation to create new possibilities and opportunities for success and growth in the digital era. 

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global cognitive automationmarket. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.