The latest report by IMARC Group, titled “Cognitive Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global cognitive systems market reached a value of more than US$ 4 Million in 2016. Cognitive systems refer to programs which imitate the functioning of a human brain. They enhance deeper human engagement and personalization, and enhanced expertise and knowledge-processing. These systems consist of four departments – linguistics, philosophy, computer science and psychology. They perform cognitive tasks of knowing, understanding, planning and problem solving, analyzing, and processing and evaluating unstructured data. Owing to this, these systems can be used to provide expert assistance to lawyers, scientists, engineers and other professionals in a fraction of the time.
Highlights of the global cognitive systems market:
- Extracting valuable information from both structured as well as unstructured data is expected to be the major demand driver.
- On the basis of product type, software accounts for the largest share of the total market.
- North America represents the leading market, holding the majority of the global share.
The usage of artificial intelligence, due to a rise in diverse and highly complicated data sets, vast developments in the field of machine learning and significant advancements in data processing technologies, have emerged as one of the key driving forces of the global cognitive systems market. Additionally, predictive analytics provide customized programs for customers according to their demand, and help in improving the cost-effectiveness of the production process, thereby fuelling the growth of the cognitive systems market. Further, cognitive systems help in speeding up the operations in banking and financial institutes so as to meet the increasing demand of the consumers. Moreover, the adoption of cognitive systems in the healthcare sector enables the collection of real-time data and information which facilitate enhanced patient care, advanced discoveries, and better decision making by the healthcare providers. Owing to these factors, the global cognitive systems market is further expected to reach a value of around US$ 12 Million, exhibiting a CAGR of more than 18% during 2017-2022.
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On the basis of product type, the market has been segmented into software, services and hardware. Currently, software is the most popular product type, holding the largest market share. Based on end-use, the banking sector accounts for the majority of the total global share. It is followed by the retail and healthcare sectors. Region-wise, North America dominates the market, accounting for the largest share. Other major regions include Europe, Asia-Pacific, Middle East and Africa, and Latin America. On evaluating the competitive landscape of the market, it is found that the key players include IBM, Infosys, HP Inc., Microsoft Corporation and SAP SE.
The report by IMARC Group has examined the global cognitive systems market on the basis of:
- Banking Sector
- Retail Sector
- Healthcare Sector
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Major Key Players:
- HP Inc.
- Microsoft Corporation
- SAP SE
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