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Cognitive Computing Market Size, Share, Development, Growth and Demand

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Due to significant advancements in big data technologies such as analyzing volumes for structured and unstructured data, and data mining techniques, the adoption of cognitive computing in various industries has increased over the past few years. This has further led to increase in incorporation of advanced data analytics technology by business organizations for measuring the various risks associated with their strategic initiatives. – PowerPoint PPT presentation

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Title: Cognitive Computing Market Size, Share, Development, Growth and Demand


1
Global Cognitive Computing Market to Witness
34.2 CAGR during 2017 2023
2
Global Cognitive Computing Market
According to a new research report Global
Cognitive Computing Market Size, Share,
Development, Growth and Demand Forecast to 2023 -
Industry Insights by Technology (Natural Language
Processing, Machine Learning, Automated
Reasoning, Information Retrieval), by Deployment
Model (Cloud, On-Premise), by End User (Small
Medium Enterprise, Large Enterprise), by Industry
Vertical (Healthcare, Retail Consumer Goods,
BFSI, Security, IT Telecom, Aerospace
Defense, and Others) published by PS Market
Research, the global cognitive computing market
is projected to reach 35,781.7 million by 2023,
growing at a CAGR of 34.2 during 2017 -
2023. Browse Report Description at
https//www.psmarketresearch.com/market-analysis/c
ognitive-computing-market
3
Global Cognitive Computing Market
Global cognitive computing market to reach
35,781.7 million by 2023
Due to significant advancements in big data
technologies such as analyzing volumes for
structured and unstructured data, and data mining
techniques, the adoption of cognitive computing
in various industries has increased over the past
few years. This has further led to increase in
incorporation of advanced data analytics
technology by business organizations for
measuring the various risks associated with their
strategic initiatives.
4
Global Cognitive Computing Market
Insights on market segments
As per the findings of the research, cloud
deployment segment has been the larger revenue
generator as compared to the on-premise
deployment segment in the global cognitive
computing market. Further, among the various
technologies, natural language processing
technology leads the global cognitive computing
market. However, machine learning technology is
expected to grow at the fastest rate during the
forecast period. Among industry verticals,
healthcare segment was the largest contributor to
the global cognitive computing market during 2013
- 2016. However, the IT telecom sector is
expected to witness the fastest growth in the
global cognitive computing market, during the
forecast period. Natural language processing
technology has been the largest revenue
contributor to the global cognitive computing
market. Natural language processing is used for
processing human language in such way that a
computer can understand and interpret it easily.
The market for natural language processing
technology is gaining significant interest among
computing experts as it automates the translation
process between a computer and human, effectively
and efficiently, acting as a bridge between human
communication and digital data. In addition, one
of the key features driving the demand for
natural language processing technology is its
ability to input unstructured data such as
images, paragraphs, and pages and produce
structured outcomes. This in turn helps
technology leaders and industry experts in
gathering intelligence on factors such as
changing market conditions, terrorist threats,
research on immediate social issues, and fighting
spam.
5
Global Cognitive Computing Market
The market to witness fastest growth in
Asia-Pacific, during the forecast period
Geographically, North America has been the
largest market for cognitive computing, while,
Asia-Pacific is expected to witness the fastest
growth, during the forecast period. The
anticipated growth in the market can be
attributed to factors such as rapid adoption of
big data technologies, growth in industry
digitalization, and advancement in data analytics
software industry in the region. Further, as
business leaders are focusing more on greater
return on investment (RoI), through next
generation technologies such as human thinking
ability systems, the region has high tendency to
witness potential growth in near future. In
Asia-Pacific, the investments in cognitive
computing technology and centers of excellence by
major players such as IBM and Microsoft, to tap
the huge potential for business are further
expected to bolster market growth, across the
globe.
6
Global Cognitive Computing Market
Increase in demand for machine learning escalates
the global market growth
Factors driving growth in the global cognitive
computing market include significant increase in
large and complex data set, evolution in
computing platforms such as mobile and cloud,
decreasing cost and availability of cognitive
computing services, and increased adoption of new
analytics based technologies for effective
business transformations, globally. With
industries generating huge volume of unstructured
data, new data analytics solutions aim at
generating valuable insights from such data by
converting it into a structured data set. This is
achieved by machine learning technology, which
encompasses the study of conceptual learning and
pattern recognition theory of artificial
intelligence. Further, machine learning
technology enables the computer programs to learn
from the past data and modify themselves, when
exposed to new data.
7
Global Cognitive Computing Market
Apart from this, machine learning technology
helps businesses in solving enormous problems by
predicting user behavior for organizational
growth, which is consequently driving the demand
for machine learning technology in the global
cognitive computing market. The rapid increase in
need for computing power and cloud based
technologies from web analytics, to customer
demographics, and use of purchase information, is
expected to propel market growth in the coming
years. Cognitive computing is now-a-days used in
numerous applications, however the evolution of
computing, featuring, natural language
processing, dynamic learning, hypothesis
generation and evaluation are further helping in
improvement of information and communication
system in industries such as healthcare and
retail, for better business outcomes.
8
Global Cognitive Computing Market
Moderate competition among key players
The research states that the global cognitive
computing market is moderately competitive, with
players developing new cognitive computing
solutions. Some of the key players operating in
the global cognitive computing market are IBM,
Google Inc., Hewlett Packard (HP), Microsoft
Corporation, Nuance Communication Inc., Oracle
Corporation, SAP, Tibco Software, and 3M. Most of
the major vendors in the global cognitive
computing market are actively focused on
enhancing their offerings to meet the ongoing
demand for advanced computing solutions. This
includes software development, hardware
integration, and big data analytics learning. IBM
is currently the market leader in the cognitive
computing space. It offers a complete suite of
cognitive computing combined with sophisticated
analytical software and artificial intelligence.
9
Global Cognitive Computing Market
Download report sample at
https//www.psmarketresearch.com/market-analysis/c
ognitive-computing-market/report-sample
10
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