The global Cognitive Computing Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
Global Cognitive Computing Market is expected to reach USD 49.36 billion by 2025. Cognitive computing is a technology that uses computerized models to stimulate human thought process. The system could mimic the way human brain works like natural language processing, self-learning algorithms using data mining, and pattern recognition.
Key Players:
- CognitiveScale
- PTC
- Enterra Solutions
- Hewlett Packard (HP)
- IBM
- Microsoft Corporation
- Nuance Communications Inc.
- Numenta
- Oracle Corporation
- Palantir
- Saffron Technology
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Growth Drivers:
Also, the term is used interchangeably with artificial intelligence. The aim is to solve complex issues that are only solved by human cognitive thought. It is exclusively used in e-Commerce, BFSI, retail, healthcare, and security. The Cognitive Computing Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
The factors that are playing a major role in the growth of Cognitive Computing are rising use of enhanced cloud-based technology, growing volume of unstructured data, and developing software and hardware systems. However, growing concern related to large volume of data may restrain overall market growth in the years to come. Cognitive Computing Market is segmented based on deployment type, technology, end user, verticals, and region.
The enhanced technology used in Cognitive Computing comprises automated reasoning, natural language processing (NLP), machine learning, and others that could be explored in the forecast period. Natural language processing (NLP) sector accounted for the significant market share of Cognitive Computing and is estimated to lead the overall market in the years to come; the reason being, its capacity to develop natural language interactions.
Technology Outlook:
- Natural Language Processing
- Machine Learning
- Automated Reasoning
- Information Retrieval
Application Outlook:
- Healthcare
- Retail
- BFSI
- Security
- IT & Telecom
- Aerospace & Defense
Regional Outlook:
Globally, North America accounted for the significant market share of Cognitive Computing and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be developing new business models and rising acceptance of united cloud platform. The United States and Canada are the major consumers of Cognitive Computing in this region, due to the growing importance of data security in the region.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The developing countries like India and China are the major consumers of Cognitive Computing in this region.
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