Difference between manual testing and automated testing?

Manual testing is a time consuming process
Require man power to do testing.
Test cases will be prepared by testers and requirement will be checked depending on the test cases.
Cost effective process because we need to pay.
Human being can think and implement new ideas of testing manually.
Man power can adjust to the changes given by client but machine cannot.
What I mean is testers can check with the new requirements but where as tool cannot adjust.
We have to change the script depending on the changes made in the requirement.

Automation testing
The process requires initial investment which will be very costly.
Proper planning need to be done before implementing the process.
Without proper planning,if we start the process. There is a chance of failing.
We need to think which process need to be automated and proper test cases need to be prepared.
Time consuming will be less when compared to manual testing.
Machine cannot think and will implement only things which are written in script or written in test cases.
Performance of a website where real time data changes occur can be checked with tools like load runner.
Eg: Banking website: Here we can check how the system is performing at different load levels.
Hardware consumption will be very less i.e., we can generate many number of virtual users depending on the license purchased.
Even there is chance of failing in automation testing when the requirement is not properly analyzed.