The global cognitive robotic process automation market includes a host of market players, who are competing against each other to gain a greater market share. Product innovation is expected to be the key strategy to gain market presence in this sector. The market growth is further expected to attract the involvement of various companies across different segments of the value chain. Whereas, partnerships and contracts are turning out to be a preferred strategy in the expansion of the global cognitive robotic process automation market. The companies with identical goals are collaborating together to form joint venture programmes in order to assist each other in achieving those goals.
In April 2017, one of the leading companies in the market, Blue Prism, announced that it partnered with Expert System, the text analytics, and cognitive computing company, to empower Robotic Process Automation (RPA) with cognitive capabilities. Later in June 2017, Blue Prism unveiled the latest version of its leading Robotic Process Automation (RPA) software platform, which delivers increased flexibility and speed, while still meeting the highest requirements for audit, security and compliance. This platform supports deployments incorporating cutting-edge cloud and Artificial Intelligence (AI) capabilities.
Another market leader, IPsoft launched a vertically focused portfolio of solutions for the healthcare industry based on its AI platform, called Amelia. According to the company, a series of Amelia Health Agent offerings are under development in a program of co-collaboration with healthcare providers, health systems, health insurers and life sciences organizations. Automation Anywhere, another global player in Robotic Process Automation (RPA), announced the most significant upgrade in its company’s history to its flagship Digital Workforce Platform, Automation Anywhere Enterprise. Building on a robust enterprise RPA platform recognized as the most widely deployed in the industry, version 11 delivers enhancements in scalability, security and cognitive automation. According to the company, the latest version has been architected from the ground-up to meet the demanding requirements of both IT and business users in banking, finance, insurance, healthcare, manufacturing, logistics and other industries.1
Acknowledging the widespread utilization of the cognitive RPA platform in various industries and the potential that the market holds, BIS Research has compiled a market research report titled ‘Global Cognitive Robotic Process Automation Market, Analysis & Forecast 2017-2026’. According to the analyst, “The global cognitive robotic process automation market is expected to reach $362 billion by 2026, growing rapidly at a CAGR of 60.9% during 2017-2026. The cognitive robotic process automation services segment is expected to acquire the highest market value in 2017 and is expected 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.”