Global Cognitive Computing Market was valued US$ 9 Bn in 2017 and is expected to reach US$ 68 Bn by 2026, at a CAGR of 28.76 % during forecast period.
Cognitive computing is helping to process volumes of composite data, so unintentionally enhancing the enterprise’s productivity levels. Cognitive computing is considered as a next-generation system which is conversing in human language and helping experts to make better decisions by understanding the difficulties of big data. Currently, most of the data received is unstructured like images, videos, natural language, and symbols. Cognitive computing, with the help of various technologies like natural language processing, machine learning and automated reasoning, translates unstructured data to sense, and predict the best solution.
Cognitive computing is mainly used in BFSI, healthcare, security, retail, e-commerce and other sectors. Rising volume of unstructured data and developments in technology are the major driving factors of the cognitive computing market. Cloud-based technological advancements, expansion of innovative hardware and software systems and cognitive experience interfaces will be rising the growth of the cognitive computing market.
Natural language processing is the most projecting technology used in the cognitive computing industry due to its inherent ability to process natural language interactions. Presently, automated reasoning and information recovering technologies have limited applications so, restricting the growth of natural language processing in the global cognitive computing market. Still, these technologies are looking for new trends in artificial intelligence, probabilistic logic, and query searching that will further accelerate the growth of cognitive computing industry during forecast period. Utilization of cognitive analytics in healthcare and BFSI contributing major share in the cognitive computing market size by value.
Value chain of cognitive computing market include six stages which contain data origin, data classification and storage, data analytics, commercial, and consumer. Each intermediary plays a significant role at their point of operation, which, in turn, contributes to the competitive value of the product. R&D activities, innovations, marketing strategies and aesthetics making significant value additions to the end-deliverables by each player.
Cognitive computing systems are self-learning systems which uses machine learning models to recognize the working of the brain. Cognitive computing technology is enabling the creation of automated IT models that are able to solve problems without human support.
Market growth is driven by factors like rising application of cognitive computing in healthcare and rising demand for the natural language processing (NLP) technology. Additionally, increasing adoption of cloud-based technology and presence of huge number of market players is also major factors which is projected to drive the growth of global cognitive computer market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding cognitive computing market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in cognitive computing market.
Scope of Global Cognitive Computing Market:
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Global Cognitive Computing Market by Technology:
- Natural Language Processing
- Machine Learning
- Automated Reasoning
- Others (Information Retrieval)
Global Cognitive Computing Market by Application:
- Government (Defense)
- IT & Telecom
Global Cognitive Computing Market by Deployment Type:
- On-Premises Software
- Cloud-Based Services
Global Cognitive Computing Market by End User:
- Large Enterprises
- Small and Medium Businesses (SMBs)
Global Cognitive Computing Market by Geography:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players in Global Cognitive Computing Market:
- Expert System
- IBM Watson
- Enterra Solutions
- Saffron Technology
- Cold Light
- Cognitive Scale
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