Published Date: 30-Aug-2023
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According to a new report, published by KBV research, The Global Cognitive Process Automation Market size is expected to reach $26.9 billion by 2030, rising at a market growth of 24.9% CAGR during the forecast period.
The Machine Learning segment acquired maximum revenue share in the Global Cognitive Process Automation Market by Application in 2022; thereby, achieving a market value of $9.2 billion by 2030. Business organizations can scale their operations and make wise decisions based on data analysis due to cognitive process automation, which processes, analyses, and derives insights from both structured and unstructured data. Additionally, intelligent document processing automates data extraction and analysis from unstructured documents like financial statements, contracts, and invoices by using machine learning.
The HR segment is experiencing a CAGR of 26.1% during (2023 - 2030). By examining a sizable amount of HR data, such as employee demographics, performance metrics, and engagement levels, cognitive process automation can produce insightful data for workforce planning, talent management, and employee retention. Additionally, it permits chatbots and self-service portals that provide employees with immediate access to HR services and data.
The BFSI segment is leading the Global Cognitive Process Automation Market by Vertical in 2022; thereby, achieving a market value of $5.2 billion by 2030. Cognitive process automation benefits risk management and fraud detection in the BFSI industry. AI algorithms can examine enormous amounts of data, find patterns, and warn users of potentially fraudulent activity. Through the use of cognitive process automation, the BFSI sector presents numerous opportunities for boosting operational efficiency, enhancing customer experiences, and reducing risks.
The Intelligent Process Automation segment is exhibiting a CAGR of 25.5% during (2023 - 2030). By fusing cognitive capabilities, machine learning, and robotic automation, the intelligent process automation segment is anticipated to expand as it enables organizations to alter their operations and unleash new levels of efficiency and innovation. Businesses can automate routine tasks and complex decision-making processes using intelligent process automation (IPA), which improves productivity, accuracy, and scalability.
The North America region dominated the Global Cognitive Process Automation Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9.3 billion by 2030. The Europe market is poised to grow at a CAGR of 24.4% during (2023 - 2030). Additionally, The Asia Pacific market would register a CAGR of 25.5% during (2023 - 2030).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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