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Market of Cognitive Robotics Process Automation to Hit USD 1705.7 Million By 2024
According to the report published by leading research firm Zion Market Research, the global cognitive robotic process automation market accounted for USD 147.2 million in 2017 and is expected to reach USD 1,705.7 million globally by 2024, at a CAGR of around 42% between 2018 and 2024.
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 field of technology deals with automating knowledge work. The technology is used in various industry sectors such as retail, finance, healthcare, manufacturing, and IT, among others.
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Increasing usage of cognitive robotic process automation in the finance sector is preliminarily fueling market growth. Automation platforms help to streamline processes in areas such as trade finance, mortgage, dispute management, verification of payments in real-time payment systems. Digitalization and automation have developed the banking industry in the last five years. Financial institutes have started to use automation platforms to streamline processes such as trade finance, mortgage, dispute management, and settlements. Usage of technology in the banking sector has increased in the past five years. In India alone, a total number of ATMâ??s deployed by banks was about 199,099 in 2016 as compared to 160,055 in 2014. This number is projected to increase during the forecast period. Further, the Indian banks are now providing online facilities to citizens. Thus, it is anticipated that the finance sector will contribute significantly to the growth of cognitive robotic process automation market.
Usage of cognitive robotic process automation in the transportation sector has been noteworthy. Automating processes in this sector helps firms to efficiently exchange information related to logistics, shipments carriers, and freight bill payments. It eliminates repetitive tasks of employees. This helps the organizations in increasing productivity and reducing additional costs. Rising global trade is expected to fuel the growth of cognitive robotic process automation market. As per Euler Hermes (Allianz) in 2017, the global trade grew by 4.3% over the previous year and is further expected to propel by almost 4% in 2018. Thus, the rise of cognitive robotic process automation market in the transportation sector is evident.
On the basis of the component, the global cognitive robotic process automation market is segmented into hardware, software, and service. Hardware holds a substantial share in the component segment and is expected to propel during the forecast period. This increased share is owing to the growing adoption of hardware in the manufacturing sector. Further, the cognitive robotic process automation market is divided on the basis of product into model-based robotics and model-free robotics. Model-free robotics segment is estimated to grow at a substantial rate during the projected time frame. The growth is anticipated due to the usage in various industry sectors such as IT, retail, BFSI, and transportation, among others.
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By geography, North America is expected to register a substantial share for the cognitive robotic process automation market during the forecast period. The U.S. is projected to contribute significantly during the estimated timeframe. This growth is attributed to the technological advancements in the region. The Asia Pacific is expected to be the most attractive region for cognitive robotic process automation market owing to the developing economies such as China and India. Indiaâ??s IT industry is proving to be a good opportunity for cognitive robotic process automation market.
Prominent players in the cognitive robotic process automation market are Blue Prism, IPsoft Inc., NICE Systems Ltd., Automation Anywhere, Inc., Verint System Inc., UiPath, WorkFusion, Pegasystems Inc., IBM Corporation, and Arago, among others.