Global Cognitive Process Automation market demand 2024, Forecast To 2033

The cognitive process automation market has witnessed rapid growth, climbing from$7.22 billion in 2023 to$8.19 billion in 2024, reflecting a compound annual growth rate (CAGR) of 13.4%. The historic growth is attributed to digital transformation initiatives, the rise of artificial intelligence (AI) and machine learning (ML), increased data volume and complexity, optimization of business processes, and efforts towards cost reduction and efficiency enhancement. Forecasts indicate continued rapid growth, with the market expected to reach$12.98 billion by 2028, boasting a compound annual growth rate (CAGR) of 12.2%. This growth is driven by education and awareness regarding automation benefits, vendor competition and innovation, workforce transformation and augmentation, emphasis on cybersecurity, and advancements in cloud computing. Major trends in the forecast period include a hyperautomation approach, AI-powered automation, integration of process mining, contextual awareness, and intelligent document processing.