Due to upcoming era of automation, there’s been a boom of new jobs across various sectors and industries, which will change the total phase of in standard of living of inhabitants and the society, the modern products that are now manufactured are so advanced that is continuously increasing the dependence on robots in the workspace. Now maximum number of tasks that were impossible for humans can now be done easily by automation. Due to this, there is a rapid increase in efficiency of work and also due to this, the cost are now getting reduced. Automation are now being used in each and every sector, whether it is a big industry or in corporate. Cognitive process automation are basically an automation run on the basis of cognitive process. It use various applications like natural language, pattern identification, machine learning etc. and in various functional areas like banking and financial services, manufacturing industry, telecom industry and others. The cognitive process automation market is expected to grow at a CAGR of 60% during the forecast period i.e. 2018-2023.
What is Cognitive Process Automation?
Cognitive automation is not just a machine learning, it also leverages different type of algorithms and technology approaches such as natural language processing, text analytics, data mining and semantic technology.
Market Research and Market Trends of Cognitive Process Automation Market:
- IT sector is now planning to make a drastic change in their work processes and due to this is now emerging a big opportunity. Although Robotic process automation are already introduced on enterprises of IT sector, they are now thinking to adopt some more technologies like machine learning and intelligence into their process to stay in market and to be ahead of the competition.
- Now major financial centers where leading banks and insurance companies have started embracing process automation solutions. It have been expected that the three critical areas to be get affected by this technology that are consumer banking, investment & wealth management, and fund transfer & payments. This technologies are getting introduced by FinTech technologies. Not even in this, it is also focusing on the emerging technologies like AI and blockchain.
- Since many deterministic processes are been automated with structured data, but still unstructured data and processes haven’t been automated, so this will be a major opportunity for cognitive automation and AI which have this ability to automate the processes that involves image, voice, texts and interaction. AI offers the right technologies to the automation of human perception at extreme scale and speed.
Who are the Major Players in Cognitive Process Automation Market?
The companies referred in the market research report are Arago, Automation anywhere, Blue Prism, Celation Ltd., International Business Machine (IBM) Corporation, IPsoft, Kofax, Kryon Systems, UiPath and 10 other companies.
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