I have tried using the "automatically place Passpoints" tool on the georeferencing toolbar in ArcGIS 10.3.1 but this only seems to work with Aerial photos which are near to identical. I have many colour infrared aerial photos and normal RGB aerial photos for the same areas which were taken 5 years apart from each other. This tools hardly works at all for these - either because of the colour difference or the fact that there are many discrepencies due to the time interval.

Does anyone know of other software which automates georeferencing? Or is there are way in which I could make it work better in ArcGIS 10.3.1?