BLOOMINGTON, Minnesota, December 15, 2017 /PRNewswire/ --
According to a new market intelligence report by BIS Research titled "Global Cognitive Robotic Process Automation Market, Analysis & Forecast, 2017 - 2026", the cognitive robotic process automation market is expected to reach $3.62 billion by 2026, growing at a CAGR of 60.9% during the period of 2017-2026. There has been a growing trend of robotic process automation which helps to automate regular repetitive tasks that consumes lot of time and efforts. The huge number of processes and workload on humans could increase the chances of errors and inefficiency. Therefore, there arises a need to reduce time as well as cost in order to carry out processes for increasing efficiency. Moreover, there has been developments in cognitive technologies that includes artificial intelligence, natural language processing, machine learning and voice recognition, among others. These advanced technologies can be integrated with robotic process automation platforms which enables the automation of the processes that requires human judgment.
Browse 11 market Data Tables and 105 Figures spread through 190 Pages and in-depth TOC on "Global Cognitive Robotic Process Automation Market"
The increasing adoption of digital workforce has primarily driven the need for cognitive robotic process automation. In addition to this, the increased accuracy as well as reduced operational cost is another factor for the growth of global cognitive robotic process automation market. Many firms across multiple industries have already adopted robotic process automation and provide opportunity for the deployment of cognitive robotic process automation. According to BIS Research analysis, the global cognitive robotic process automation market is estimated to be around $50 million in 2017.
Cognitive robotic process automation has the ability to augment humans for performing any task that requires human interference. This could lead to the replacement of humans with digital workforce through the use of cognitive robotic process automation, and thus, poses a threat to the global employment. The increased automation can inhibit the growth of the global cognitive robotic process automation market.
In addition, technological developments in the cognitive technologies could become one of the greatest advantages for the market growth. The increasing trend of automation in finance and banking industry is another factor that could impact the demand for cognitive robotic process automation. Also, there are a number of other industries that are actively looking for the procurement of latest technologies in order to automate their repetitive tasks that could open a pool of opportunities aiding the growth of the market. Some of the leading vendors of cognitive robotic process automation includes Automation Anywhere, Blue Prism, IPsoft, Kofax, Kryon systems, NICE Systems, Pegasystems Inc., Redwood Software, Thoughtonomy Ltd., UiPath, Verint systems Inc. and WorkFusion, among others
The global cognitive robotic process automation market is categorized on the basis of types that includes services and platforms. The cognitive robotic process automation services market is estimated to generate the highest revenue in 2017 and this trend is expected to continue till 2026. However, cognitive robotic process automation platform market is estimated to grow at the highest CAGR during 2017-2026 due to the growing advancements in cognitive technology. Another category is based on the type of industries that could enhance the demand for cognitive robotic process automation, which includes finance and banking, insurance, healthcare, and telecom and IT services, among others. Finance and banking is estimated to acquire the highest market share by the year 2026, followed by telecom and IT services, insurance, healthcare and others. Moreover, the cognitive robotic process automation market in insurance industry is expected to grow at the highest CAGR during 2017-2026.
According to Sneha Rawal, analyst at BIS Research, "North America, Europe and Asia-Pacific are the prominent regions for the growth of global cognitive robotic process automation market. In 2017, North America dominated the global cognitive robotic process automation market with the U.S. acquiring maximum market share, globally. However, the geographical analysis of this market unveils an immense potential for its growth in the Asia-Pacific countries. Australia is estimated to acquire the largest market share, whereas, rest of the Asia-Pacific is expected to show the highest growth rate in this region during 2017-2026. The European market is likely to foresee numerous growth opportunities during the forecast period 2017-2026. The increasing demand from financial and banking organizations across the world is expected to increase the requirement of advanced automation technologies and is likely to propel the growth of the global cognitive robotic process automation market in the coming future."
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The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financial summary and SWOT analysis. The overall market has been segmented by types, namely: services and platforms and industries, namely: finance and banking, insurance, healthcare, telecom and IT services, and others. The report also includes a comprehensive section on the geographical analysis including country analysis for more than 10 different countries.
This report is a meticulous compilation of research on more than 50 players in the cognitive robotic process automation ecosystem and draws upon the insights from in-depth interviews with the key opinion leaders of the leading companies, market participants and vendors. The report also profiles around 15 companies among which are Automation Anywhere, Blue Prism, IPsoft, Kofax, Kryon systems, NICE Systems, Pegasystems Inc., Redwood Software, Thoughtonomy Ltd., UiPath, Verint systems Inc., Celaton Ltd., IBM, Arago and WorkFusion.
Key questions answered in the report:
- What are the trends in the global cognitive robotic process automation market across different regions?
- What are the major driving forces that tend to increase the demand for cognitive robotic process automation during the forecast period 2017-2026?
- What are the major challenges inhibiting the growth of the global cognitive robotic process automation market?
- What is the estimated revenue generated by global cognitive robotic process automation market by type in 2017, and what will be the estimates by 2026?
- Which type (services and platforms) of cognitive robotic process automation market will dominate in the coming years?
- What is the total market share of the multiple industries (finance and banking, insurance, healthcare, telecom and IT services, and others) in the global cognitive robotic process automation market?
- What is the total estimated revenue generated by each industry for different regions in the global cognitive robotic process automation market in 2017, and what will be the estimates by 2026?
- Who are the key players in the global cognitive robotic process automation market?
- What are the new strategies adopted by the existing market players to make a mark in the industry?
- What major opportunities do the cognitive robotic process automation companies foresee?
- What is the total market share of the leading players in the global cognitive robotic process automation market?
About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials & Chemicals, Aerospace and Defence, Automotive, Healthcare, Electronics & Semiconductors, Robotics & UAV and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data, but also complement it with valuable insights and actionable inputs for the success of our clients.
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