The North America Cognitive Process Automation Market would witness market growth of 24.3% CAGR during the forecast period (2023-2030).
Cognitive process automation is gaining traction for automating processes such as document analysis, data entry, decision-making, and customer support enables organizations to complete tasks faster and with fewer errors. This automates cognitive functions previously handled by humans, resulting in higher productivity and efficiency. Additionally, it can aid in maximizing resource allocation and lessen the need for additional labor in particular sectors, accelerating market growth.
Numerous technologies' continual improvement and integration into cognitive process automation (CPA) are driving this advancement. The Internet of Things (IoT) and CPA can be combined to develop robust and intelligent automation solutions. Integrating IoT data with CPA systems can make real-time insights and sensor-based automation possible. For instance, industrial predictive maintenance or smart home automation. For example, the technology company IBM in the United States applies IoT and CPA in numerous sectors. IBM uses CPA methods for predictive maintenance in manufacturing facilities and incorporates IoT sensors with its Watson IoT platform.
The effectiveness of the entire value chain and the business's flexibility are both positively impacted by cognitive process automation. Additionally, it offers improved operational scalability, error rates, and a lower response time. Furthermore, it raises the standard of business processes. As organizations embrace cognitive automation by positioning it at the center of their business and digital transformation strategies, the opportunity for adopting advanced intelligent tools increases.
As per International Trade Administration, the largest solutions-based automation exhibition in North America, Automate, includes robotics, image & vision, motion control, industrial artificial intelligence, and associated automation technology. Further, the Association for Advancing Automation (A3) organizes the trade show and conference, which takes place in Detroit, MI, in May, 2023. To increase production efficiency, create more dynamic supply chains, and manage labor shortages, among other advantages, manufacturers are turning more and more to automation and robotics equipment. The rising emphasis on automation and robotics is estimated to contribute to the market in North America.
The US market dominated the North America Cognitive Process Automation Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $6.7 billion by 2030. The Canada market is poised to grow at a CAGR of 27.1% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 26% during (2023 - 2030).
Based on Application, the market is segmented into Machine Learning, Pattern Identification, Biometrics, Natural Language Processing, and Optical Character Recognition & Others. Based on Vertical, the market is segmented into BFSI, Manufacturing, IT & Telecommunication, Retail & E-commerce, Transportation & Logistics, Media & Entertainment, Healthcare & Life Sciences, Energy & Utilities, and Others. Based on Services, the market is segmented into Finance, Procurement, HR, and IT Operations. Based on Type, the market is segmented into Intelligent Process Automation, and Robotic Process Automation. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Cognitive Process Automation Market is Projected to reach USD 26.9 Billion by 2030, at a CAGR of 24.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Altair Engineering, Inc. (IMG COMPANIES, LLC.), Alteryx, Inc., Hitachi Vantara LLC (Hitachi Ltd.), IBM Corporation, Oracle Corporation, SAS Institute, Inc., TIBCO (The Information Bus Company) Software. Inc., Teradata Corporation, Datameer, Inc., DataRobot, Inc.
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