Automation technology has spread rapidly across different industry verticals and the emergence of this technology has resulted in the introduction of Robotic Process Automation (RPA) software. Robotic process automation software eases the work of data collection and management in organizations, which previously required manual labor. Technologies including artificial intelligence, natural language processing, machine learning and voice recognition, among others, are being significantly used in cooperation with robotic process automation in order to make it advanced with intelligent automation. The integration of cognitive capabilities within robotic process automation has led to the development of cognitive robotic process automation.
Cognitive robotic process automation is an intelligent automation software tool which helps to automate myriads of repetitive tasks that require human judgment and interference. This software keeps learning over a period of time from the experience and enhances its knowledge over time to handle queries or problems on its own. The rapidly evolving robotic process automation technology is providing opportunities for the growth of cognitive capabilities enabled robotic process automation software and solutions. Various companies are taking a step towards this by integrating cognitive technologies within robotic process automation software for enhancing its operating strength.
Various vendors in the cognitive robotic process automation market are leading developments in this field. The cognitive RPA is now able to automate perceptual and judgment-based tasks with the integration of multiple cognitive capabilities such as natural language processing, machine learning and speech recognition. Various leading robotic process automation vendors such as WorkFusion, Automation Anywhere and Blue Prism are integrating cognitive technologies into their product offerings. Robotic process automation vendors are contracting with the leading providers of cognitive technologies such as IBM Watson. Along with this, a large number of enterprises across different industries such as healthcare, banking, and insurance, are using robotic process automation for automating their regular tasks.
The global cognitive robotic process automation market is expected to reach a value of $3.62 billion by 2026, growing rapidly from 2017 to 2026 at a staggering CAGR of 60.9%. This growth is propelled by the growing demand for digital workforce in business processes, which consequently increases efficiency and reduces operational cost. Wealth management firms have already adopted artificial intelligence to generate reports for their customers on their fund’s performance through natural language processing as well as to analyze portfolio data and others. Various banking organizations are using artificial intelligence to control regulatory compliance processes for detecting any non-compliant activity. Insurance industries are taking advantage of artificial intelligence for responding to their customers’ queries, which consequently helps to increase the sales.
BIS Research has conducted an extensive research on global cognitive robotic process automation market, and compiled the observations and insights in a report titled ‘Global Cognitive Robotic Process Automation Market, Analysis & Forecast 2017-2026‘. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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