The Global "Cognitive Computing Market" is expected to grow at a CAGR of 21% during the forecasting period (2022-2029).
Cognitive computing helps to process volumes of complex data, thereby inadvertently enhancing the enterprise's productivity levels. Cognitive computing is considered as a next-generation system that converses in human language and helps experts to make better decisions by understanding the complexities of big data. In the current scenario, most of the data received are unstructured such as images, videos, natural language, and symbols. The increasing volume of unstructured data and advancements in technology are the major driving forces of the market.
Cognitive computing systems are a typical combination of hardware and software that constitute natural language processing (NLP) and machine language, and have the capability to collect, process, and interpret the dark data available with business organizations. Cognitive computing systems work exactly the phenomena of how a human brain works. These systems can process natural language, unstructured data, and can learn from experiences in a similar way a human being does.
The report covers all the major trends and drivers playing a vital role in the growth of the global Cognitive Computing Market. The market has been segmented based on region, deployment, application, and technology.
The global Cognitive Computing Market growth is primarily driven by the presence of enormous data with business organizations in the form of human language, videos, and pictures which contain valuable information. Hence, to process this data, there is a strong need for cognitive analytic technologies such as NLP and machine learning. This immensely helps business organizations to control the risk associated with their business. Therefore, the growing need to process unstructured and complex dark data set is expected to further boost the global cognitive computing market over the forecast period.
In addition, the rise in penetration of cloud-based solutions, growth associated with artificial intelligence and machine learning, and increase in the market for prediction solutions also fuel the demand for cognitive computing.
However, a dearth of trained professionals is expected to restrain the cognitive computing market growth during the forecast period.
By deployment, the global Cognitive Computing Market is segmented into cloud-based solutions and on-premise solutions. In 2018, the cloud deployment segment accounted for the largest market share in the global market. Cloud technology enables developers to adopt Agile workflows, significantly reducing lead times in testing and deploying new products and releasing product updates. Cloud-based technological advancements, the development of innovative hardware and software systems, and cognitive experience interfaces would foster the growth of the cognitive computing market.
By vertical, the global Cognitive Computing Market is segmented into BFSI, Healthcare & Life sciences, Telecommunications and ITES, Government and Public sector, and Others. In 2018, BFSI vertical accounted for the majority share in the market. The BFSI is the most targeted industry vertical, as it deals with large volumes of sensitive and private financial data. The impact of this factor is expected to be higher in the future since machine-learning algorithms are anticipated to be used for preventing payment frauds and cyberterrorism. Furthermore, cognitive computing is anticipated to have a strong impact on healthcare advancements and lead to more accurate treatments and the prevention of medical conditions.
By geography, the global Cognitive Computing Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
In 2018, North America accounted for the largest market share. However, APAC is expected to witness a higher CAGR than other regions during the forecast period. North America is a matured market in terms of cognitive computing adoption, due to various factors, such as standards, regulations, advanced IT infrastructure, the presence of a large number of enterprises, and the availability of proficient technical expertise. Therefore, North America is expected to grow at a steady and maintain its dominant position in the global market over the forecast period.
APAC Cognitive Computing Market is expected to grow exponentially over the forecast period due to an increased demand for cloud computing among small and medium-sized enterprises (SMEs). Countries like Singapore, which have seen ICT infrastructure as a key enabler in boosting the overall competitiveness in the region, based on creating new industries and new businesses, thereby encouraging economic growth. The city-state boasts a prime position among its neighbors’ when it comes to cloud computing adoption. In India, at present, it does not have a mature ecosystem that supports cloud IaaS services.
Global Cognitive Computing Market is moderately concentrated with the presence of global and few regional players in the market. Major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability.
Some major players in the market are IBM, Microsoft, Google, Palantir, Saffron Technology, Cognitive Scale, Numenta, Vicarious, Enterra Solutions, Cold Light, and others. These players have adopted various strategies, such as new product/service developments, mergers and acquisitions, collaborations, and partnerships, to expand their presence in the global Cognitive Computing Market.
In June 2019, CognitiveScale Inc., an Enterprise AI software pioneer, has expanded its strategic relationship with Microsoft to further accelerate the adoption of CognitiveScale’s Cortex software amongst businesses using Microsoft Azure.
**The Global Cognitive Computing Market report would provide access to an approx, 71 market data tables, 65 figures, and 150 pages.
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