According to the Market Research Future (MRFR) report, the global cognitive computing technology market is projected to rise to around USD 25 billion, with a CAGR of 35% between 2017 and 2023 (forecast period). The research report offers a brief overview of the influence of COVID-19 on current/future market situations. The report outlines some of the important market factors that will influence this sector’s growth, such as market share, major regions, and key players.
Cognitive computing is carried out using a computer-generated model that mimics the human process of thinking and cognitive ability in the form of simulation over a specialized platform. The process of transforming thought into simulation includes self-learning systems, the extraction of unstructured data and the development of insightful analytics, the recognition of patterns that cannot be seen by the human eye, and the processing and detection of language formation and structure behind it. A few of the working scenarios for cognitive computing is to solve intensive computational problems by building open automated IT systems. Systems are independent of human assistance, resulting in reliable outcomes with no possible human error.
The key factors that contribute to the cognitive computing market’s growth are the developments in cognitive computing that result in higher adoption, a rising number of unstructured, large, and complex data sets, and developments in computing platforms such as cloud, mobile, and data analytics. The cognitive computing process generates data from an unstructured source using machine learning algorithms. However, the high cost of deploying cognitive computing systems and concerns related to government and regulatory compliance hinders the market. The market also faces some challenges due to the effect of cognitive computing on conventional business applications and the lack of knowledge among small and medium-sized enterprises in developing countries.
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The global cognitive computing technology market has been segmented on the basis of technology, organization size, end-user, and deployment.
By technology, the global cognitive computing technology market has been segmented into natural language processing (NLP), machine learning, automated reasoning, and others.
By organization size, the global cognitive computing technology market has been segmented into small and medium enterprises and large enterprises.
By the end-user, the global cognitive computing technology market has been segmented into banking & financial service, energy & power, retail, aerospace & defense, IT & telecom, automotive & transportation, and others.
By deployment, the global cognitive computing technology market has been segmented into on-cloud and on-premise.
The regional analysis of the global cognitive computing technology market marks the study for regions like North America, Asia Pacific (APAC), Europe, and the rest of the world (including the Middle East, Africa, and South America).
Among the regions listed above, the market is currently dominated by North America. The explanation behind North America’s high market share is the technical innovation and an increasing amount of unstructured data. In addition, substantial investment in research and development by leading vendors also leads to the market’s development.
Europe, on the other hand, ranks second in terms of market share in the cognitive computing technology market. Europe is a technologically advanced region with mature economies such as Germany, the United Kingdom, and France. Nevertheless, Asia Pacific is projected to have the highest growth rate during the forecast period.
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Some of the industry giants in the global cognitive computing technology market include SparkCognition Inc (U.S.), Numenta (U.S.), Expert System S.p.A. (Italy), Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), Cisco Systems, Inc (U.S.), CustomerMatrix Inc (U.S.), DeepMind Technologies Limited (U.K), Hewlett Packard Enterprise (U.S.), CognitiveScale (U.S.), among others.
Other vendors include Google, Inc (U.S.), ColdLight Solutions (U.S.), Palantir Technologies (U.S.), Saffron Technology, Inc (U.S.), Enterra Solutions LLC (U.S.), Vicarious (U.S.), Airware (U.S.), DigitalGenius (U.K), DataRobot (U.S.), Cylance (U.S.), Orbital Insight (U.S.), Planet labs (U.S.), Vicarious (U.S.), Ross Intelligence (U.S.), Cyberlytic (U.K), Darktrace (U.K), Indico (U.S.) among others.
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