Cognitive Automation utilizes Artificial Intelligence (AI) and Machine Learning (ML) technologies to perform tasks that traditionally required human intelligence and cognition. It helps automate decision making, problem solving and knowledge-based processes. Cognitive automation aims to perceive, learn, reason, and interact as humans do and assist people with cognitive tasks. For businesses, it helps augment human capabilities by automating routine rule-based tasks and complex decision making processes. It allows employees to focus on more strategic tasks by handing over repetitive jobs to software bots.
Key Takeaways
Key players operating in the cognitive automation are Accenture, Automation Anywhere, Blue Prism, Brain Corp, Cognizant, DataRobot, Google Cloud (Alphabet Inc.), IBM, Kofax, Microsoft, NICE Systems, Pegasystems, Salesforce, SAP, and UiPath. The increasing adoption of AI and ML technologies across industries is driving the demand for cognitive automation solutions. Further, the need to automate repetitive tasks is pushing organizations to leverage these technologies. Technological advancements like deep learning, natural language processing and computer vision are also fueling the growth of cognitive automation.
Cognitive Automation market Growth from various industry verticals like banking, healthcare, retail, manufacturing is a major factor pushing the adoption of cognitive automation. Focus on enhancing customer experience and improving operational efficiency is prompting many organizations to invest in these technologies. Furthermore, tasks like data integration, risk analysis, fraud detection are expected to be greatly transformed with the use of cognitive automation over the coming years.
Technological advancements in areas such as natural language processing, deep learning, computer vision and neural networks have enhanced the capabilities of cognitive automation. Advanced algorithms can now comprehend text, respond to queries and extract insights from large pools of unstructured data with high degree of accuracy. This has allowed automation of complex tasks such as medical diagnosis, financial trading, legal documentation and customer service inquiries. Introduction of cloud-based cognitive automation platforms is also bringing down deployment costs and making these solutions accessible to small and medium enterprises.
Market Trends
Scalability and flexibility are key trends driving adoption of cognitive automation. Cloud-based cognitive automation platforms allow organizations to start small and scale operations on demand basis. This has boosted their popularity especially among SMBs who want to automate processes without heavy upfront investments. Another major trend is the integration of cognitive automation technologies with Robotic Process Automation (RPA). Combining cognitive capabilities with process automation delivers higher value by automating decisions along with routine tasks. This is ushering a new era of hyper automation.
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