Market Share of Cognitive Operations Industry
Since only some players leverage their offerings in Cognitive Operations Market, there is moderate competition. However, there is vast potential for growth during the studied period. These Cognitive Operation providers release improved products with AI technology integrated, resulting in cost savings, more client satisfaction, and improved accuracy in complex business processes using unstructured data. As businesses shift to digital technologies, they include a wider scope of expansion. Some significant companies offering their services in this sector include Micro Focus International Plc, Broadcom Corporation, IBM Corporation, and VMware, Inc., among others.
- March 2023- i3systems, an insurtech startup, partnered with Microsoft Azure to provide industry-leading document and data intelligence accuracy for critical BFSI processes. i3systems' domain-specific AI models backed by Microsoft Azure Cognitive Vision are helping health and life insurance companies. Users of i3systems noticed a considerable improvement in customer NPS and a 70% reduction in processing time and cost.
- October 2022- Tata Consultancy Services launched TCS Cognix, the cognitive business operation solution. It is an AI-driven, pre-built human-machine collaboration suite that combines business process management, IT applications or software, data centers, and servers into a single offering. COGNIZ cash flow command center for CFO will provide data on how much money their firm will receive and a forecast of which customers they include payment troubles with.
- August 2022- Operaize joins the SAP PartnerEdge program in the manufacturing industry to accelerate innovation for AI-based production planning and scheduling in the cloud. Operaize integrates its AI-based production planning and scheduling solution Cognitive Operations with the production planning component within SAP ERP Central Component (SAP ECC) and SAP S/4HANA. The solution drives customer value using artificial intelligence to achieve speed and accuracy while managing complexity at the same time. It helps customers to take their operational excellence to new heights.
Cognitive Operations Market Leaders
IBM Corporation
Micro Focus International Plc
Broadcom Corporation
VMware, Inc.
Splunk Inc.
*Disclaimer: Major Players sorted in no particular order
