COGNITIVE AUTOMATION MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Cognitive Automation Market, By Component (Solutions and Services), By Technology (Machine Learning, Natural Language Processing, Computer Vision, Robotic Process Automation, and Others), By End User (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Manufacturing, Healthcare, Retail and E-commerce, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Aug 2024
Code : CMI7324
Pages :154
Formats :
Excel and PDF
Industry : Information and Communication Technology

Market Concentration and Competitive Landscape

Cognitive Automation Market Concentration By Players

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Growing adoption of artificial intelligence (AI) and machine learning (ML) technologies

Advancements in artificial intelligence, machine learning and related technologies have tremendously accelerated in recent years. This rapid innovation boosts expanding use cases for cognitive automation across industry verticals. AI and ML algorithms that previously required massive training datasets and computational power can now achieve high degrees of accuracy with smaller samples due to improvements in processing speeds, storage capacities and new deep learning techniques.

Vendors are harnessing these AI breakthroughs to develop new categories of cognitive automation software. Advanced natural language processing unlocks automation opportunities from various unstructured data sources like emails, documents and calls. Computer vision enabled by convolutional neural networks empower systems with visual recognition and object detection skills. Integration of knowledge graphs allows cognitive agents to store and understand relationships between entities for contextual responses.

Large technology companies are investing heavily in AI research and its real-world applications through acquisitions and in-house development. These are using their vast financial resources and innovative cultures to remain at the forefront of next generation ML technologies. Software providers seek to partner with or obtain these emerging capabilities to infuse cognitive automation platforms and keep them powered by the latest AI. Governments worldwide are also launching initiatives, programs and regulations to support AI advancement and ensure its safe, fair and responsible use.

Key Players Insights