New York, NY, Sept. 12, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Cognitive Robotic Process Automation Market by End-Use Industry (Retail, Transportation, BFSI, Healthcare, Manufacturing, IT & Telecom, and Others), by Component (Hardware, Software, and Service), and by Product (Model-Based Robotics, Model-Free Robotics): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, 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.
Browse through 54 Tables & 29 Figures spread over 128 Pages and in-depth TOC on “Global Cognitive Robotic Process Automation Market by Type, Size, Share, Technology, Analysis, and Forecast, 2017 – 2024”.
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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 ATM’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.
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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.
North America is expected to hold a substantial share in the global cognitive robotics process automation market. The U.S. is anticipated to lead the cognitive robotics process automation in the region. This growth is attributed to the increased spending in the healthcare sector. In 2016, the U.S. health care spending reached about USD 3.3 trillion that was 4.3% more as compared to 2015. Healthcare organizations use technology for maintaining data related to financials, medical history, and inventory items such as gloves, medicines, needles, and injections. Automation solutions help the healthcare organizations to improve service, safety, and handle daily transactions. Thus, North America is anticipated to continue its dominance in the cognitive robotics process automation market during the forecast period.
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The European cognitive robotics process automation market is preliminarily driven by increasing usage of the technology in the manufacturing sector. Robotics automation is mainly used in the automotive industry. In 2016, the automotive sector contributed to almost 35% of the total robotics market. Further, in 2016, robot sales in the automotive sector increased by about 6% as compared to the previous year. In 2016, Europe contributed to about 23% of the total vehicle production with Germany and the UK being the major manufacturing countries. Thus, Europe is anticipated to be a major contributor to the cognitive robotics process automation market.
The Asia Pacific is projected to grow at a substantial rate in global cognitive robotics process automation market. Developing economies such as India and China have tremendous potential for the market. Rapid economic growth is expected to drive the market in the region. In 2017, total assets of China’s banking sector were about USD 40 trillion, 8.7% more than that of the previous year. This has resulted in institutes managing huge data. Cognitive robotics process automation helps financial institutes by providing convenient ways for money transfer and investments. Further, top insurance organizations in Japan have opted to use IBM’s process automation solutions to enhance productivity and curtail costs. Thus, the cognitive robotics process automation market in the Asia Pacific region is expected to propel during the forecast timeframe.
Browse the full "Cognitive Robotic Process Automation Market by End-Use Industry (Retail, Transportation, BFSI, Healthcare, Manufacturing, IT & Telecom, and Others), by Component (Hardware, Software, and Service), and by Product (Model-Based Robotics, Model-Free Robotics): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024". report at https://www.zionmarketresearch.com/report/cognitive-robotic-process-automation-market
Latin America is projected to witness a significant growth in the cognitive robotics process automation market. In 2017, Argentina had about USD 32 billion FDI in the construction sector. These investments are expected to fuel the growth of the market. The Middle East is expected to register a substantial growth during the forecast period. The growth is attributed to the government initiatives of various countries to invest in the power generation industry. In 2015, Saudi Arabia announced an investment of USD 9 billion in power generation and is expected to privatize the electricity generation sector by 2020. Rising adoption of cognitive robotics process automation in the power generation sector will propel the demand for cognitive robotics process automation market in this region.
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.
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The report segments the global cognitive robotic process automation market as follows:
Cognitive Robotic Process Automation Market: End-Use Industry Segment Analysis
- IT & Telecom
Cognitive Robotic Process Automation Market: Component Segment Analysis
Cognitive Robotic Process Automation Market: Product Segment Analysis
- Model-Based Robotics
- Model-Free Robotics
Cognitive Robotic Process Automation Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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