The technological shift towards the use of Robotic Process Automation (RPA) which helps to automate multiple tasks carried out by humans is changing the traditional ways to process business operations. There has been an increasing trend of digitizing labors through the use of mobile technology, big data, and cloud computing, among others. Software bots are able to eliminate inefficiency and automate the routine tasks that consume a lot of time. There are a number of companies that are already using robotic process automation for carrying out their business operations in order to reduce time and cost. The significant growth in the robotic process automation technology is increasing the trend of process automation in various applications across multiple industries including finance and banking, telecom and IT services, insurance and healthcare, among others.
There has been an emergence of technologies including artificial intelligence, natural language processing, machine learning and voice recognition, among others. These technologies are being significantly used in cooperation with robotic process automation in order to make them advanced and enable intelligent automation. The integration of cognitive capabilities within robotic process automation leads to the development of cognitive robotic process automation. Cognitive RPA is an intelligent automation software tool which is able to automate multiple repetitive tasks that require human interference and judgment.
Cognitive robotic process automation augments the human worker while handling multiple business processes.
The cognitive robotic process automation bots escalate the unknown issues to the human operator. After escalation, the software bot learns from the experience and enhance its knowledge over time to handle problems on its own. Moreover, the rapidly increasing robotic process automation technology provides opportunities for the growth of cognitive technology enabled RPA software and solutions. There are various companies that are integrating cognitive technologies within robotic process automation software for enhancing their area of operations. The robotic process automation is able to automate perceptual and judgment-based tasks through the integration of multiple cognitive capabilities such as natural language processing, machine learning and speech recognition within RPA.
According to the latest market report by BIS Research, titled ‘Global Cognitive Robotic Process A…orecast 2017-2026’, the global cognitive robotic process automation market is expected to grow rapidly at the CAGR of 60.9% during 2017-2026. The global cognitive robotic process automation market majorly focuses on the types that includes services and platforms. The cognitive robotic process automation services is expected to acquire the highest market value in 2017 and is forecast to grow at a CAGR of 57.0%. The reason for such strong market share is attributed to its high cost of the services as compared with the platforms.
Few Companies Mentioned in the Report:
- Blue Prism
- Automation Anywhere
- NICE Systems Ltd.
- Verint System Inc.
- Pegasystems Inc.
- Celaton Ltd.
- Redwood software Inc.
- Kryon Systems
- Thoughtonomy ltd
Key Points Covered in the Report:
- This report identifies the global cognitive robotic process automation market under different segments such as types, industries, and regions.
- It examines prime supply-side factors affecting the growth of the market along with the current and future trends, market drivers, restraints and challenges prevalent in the global cognitive robotic process automation market.
- The report also highlights the value chain of the industry with a major focus on the technology roadmap.
- A detailed competitive analysis has been included in this report which focuses on the ¬key market developments & strategies followed by the key players in the market. Additionally, market share analysis model has been included in the existing study which analyzes the share of the market players in the global cognitive robotic process automation market.
- Different types of the global cognitive robotic process automation market, such as services and platforms, has been estimated and analyzed in the report.
- Different industries, such as finance and banking, insurance, healthcare, telecom and IT services and others, which are expected to enhance the demand of the cognitive robotic process automation has been estimated and analyzed in the report.
- The global cognitive robotic process automation has been analyzed in the report for major regions including North America, Europe, Asia-Pacific, and rest of the world.
- A detailed Porter’s Five Forces analysis has been included in the report. Furthermore, the report also focuses on providing information on the key participants and future opportunities in the cognitive robotic process automation market.
- The study provides detailed analysis of the 15 key players in the cognitive robotic process automation market.
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