What is Cognitive Robotic Process Automation?
Cognitive Robotic Process Automation (RPA) refers to Robotic Process Automation products and solutions that use AI technologies like Optical Character Recognition (OCR), Text Analytics, and Machine Learning to improve the experience of your employees and consumers. This sophisticated type of RPA derives its name from the way it imitates human behaviours as people do various jobs inside a process. Learning, reasoning, and self-correction are examples of such processes. Automation based on structured data is supported by traditional RPA. Cognitive RPA goes even farther by allowing businesses to automate processes including unstructured data sources such as scanned documents, emails, letters, and voice recordings. The true value of cognitive automation is that it allows businesses to automate processes that are more sophisticated and less rule-based. Cognitive RPA, unlike classic unattended RPA, is capable of managing exceptions without the need for human involvement. North America accounts for largest market of cognitive robotic process automation.
The market study is broken down by Type (Robotic Process Automation and Intelligent Automation), by Application (Natural Language, Pattern Identification, Locating Knowledge, Machine Learning, Eliminate Bias, Handwriting Recognition and Others) and major geographies with country level break-up.
In 2019, Kofax Inc., a United States based provider of software automation software and digital workflow transformation solutions has announced launch of as the company states, the industry’s first Intelligent automation platform and marketplace. The Koflax launched AI based intelligent automation platform comprises of cognitive capture, advanced analytics, robotic process automation, mobility and engagement, and process orchestration. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM Corporation (United States), Blue Prism (United Kingdom), Pegasystems Inc. (United States), Verint Systems (United States), WorkFusion (United States), Automation Anywhere (United States), Amelia (United States), Kryon Systems (Israel), UiPath (United States) and Arago GmbH (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Kofax Inc. (United States), Celaton Limited (United Kingdom) and ABBYY (United States).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Cognitive Robotic Process Automation market by Type, Application and Region.
On the basis of geography, the market of Cognitive Robotic Process Automation has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Use, the sub-segment i.e. IT and Telecom will boost the Cognitive Robotic Process Automation market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Finance {Account Receivable, Account Payable, Master Data Management} will boost the Cognitive Robotic Process Automation market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In 2019, Blue Prism, a United Kingdom based multinational software corporation that specialises in enterprise robotic process automation software has announced acquisition of Thoughtonomy, that develops automation platform specifically. The combined expertise and experience of both the companies would enable the combined entity to offered advanced robotic process automation services and consolidating Blue Prism’s market standing in RPA Landscape.
Market Trend
- Increasing Applications of Machine Learning Tool
Market Drivers
- Increasing Adoption of Automation Technologies by Businesses to Improve Efficiency and Reduce Costs
- Rising Advancements in the Technology
Opportunities
- Deployment of IoT based Cognitive Robotic Process Automation
Restraints
- High Initial Cost of Setup and Lack of Professional Workers to Maintain Cognitive Robots in Certain Developing Countries
Challenges
- Training of Existing Staff Required
Key Target Audience
Cognitive Robotic Process Automation Developers, Component Suppliers, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.