Cognitive Robotic Process Automation Market - Global Industry Analysis

Table Of Content

Methodology

Free Analysis

Cognitive robotic process automation is a technology for robots that enables them to learn from their own experience and human teachings with the help of artificial intelligence technologies. This develops the ability of the robots to explicitly handle real-time situations without any human interference. Common elements of cognitive robotics include voice recognition, machine vision, speech synthesis, pressure, and texture sensing.

Cognitive robotics process automation solutions are used in IT & telecom sector to update customer data, monitor the customer relationship management (CRM) feeds, and for prevention of fraud data. IT industry has witnessed a remarkable growth over the past decade. In 2015, the global IT sector generated revenue of almost USD 4,400 billion as compared to USD 3,433 billion in 2010. This growth is attributed to the increasing number of offshore development centers in the Asia Pacific. In 2015, Indian IT industry generated revenue of nearly USD 120 billion as against USD 60 billion in 2008. This number is anticipated to grow as the IT sector in India is projected to reach USD 250 billion in 2020. Thus rise in IT sector is expected to fuel the growth of the cognitive robotic process automation market.

Increasing use of internet in the retail sector is majorly driving the global robotic process automation market. Automated solutions in the retail sector are designed to update orders and prevent fraud accounts. Digitalization is paving the way for retailers to broaden their customer base. In the U.S. alone, the e-commerce sales grew by almost 16% in 2017 from 2016. The global e-commerce sales in 2017 were USD 2.3 trillion as compared to USD 1.3 trillion in 2014. The major factor contributing to this growth is increasing use of mobile applications for online shopping. The global products and services purchased through mobile were about 60% in 2017 as compared to 52.5% in 2016. Organizations in the retail sector have opted to use automated solutions to handle illegal accounts, update orders, and keep track of shipped goods. Thus, the retail sector will contribute significantly to the growth of cognitive robotic process automation market during the forecast timeframe. However, high initial investment is expected to have an adverse effect on cognitive robotics process automation market growth. Nonetheless, advancements in technology along with developments in various industry sectors may open new avenues for the market in the near future.

Based on the end use industry, the global cognitive robotic process automation market is fragmented into retail, transportation, BFSI, healthcare, manufacturing, IT & telecom, and others. BFSI segment is expected to hold a notable market share during the forecast timeframe. Hardware, software, and service are the component segment for the cognitive robotic process automation market. Software segment is projected to grow at a substantial rate during the forecast period.

North America holds a substantial share in global cognitive robotic process automation market and is anticipated to maintain its dominance during the analysis period. Increasing usage of cognitive robotic process automation for retail sector along with the rapid advancements in technology are the major drivers for the market in this region. Further, the presence of prominent market players such as IBM Corporation, I soft Inc., and Automation Anywhere, Inc., among others in the region is anticipated to shape the cognitive robotic process automation market massively. Usage of automation processes in the BFSI sector to reduce cost and enhance productivity is the major driving factor for the growth of cognitive robotic process automation markets in Asia Pacific region. The Asia Pacific is projected to grow at a significant rate during the forecast period.

Some of the key players in the cognitive robotic process automation market are Blue Prism, I soft Inc., NICE Systems Ltd., Automation Anywhere, Inc., Variant System Inc., Hipbath, Work Fusion, Peg systems Inc., IBM Corporation, and Aragon, among others.