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 P&S Intelligence, 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.
Explore Report Description at: https://www.psmarketresearch.com/market-analysis/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.
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.
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.
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.
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.
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.
GLOBAL COGNITIVE COMPUTING MARKET SEGMENTATION
By Deployment Model
By End User
By Industry Vertical