Cognitive Computing Technology Market Overview:
Cognitive computing technology market is growing at the rapid pace. Increasing volume of unstructured data and advancements in technology are the major driving forces of the cognitive computing market. Other factors such as cloud based technological advancements, development of innovative hardware and software systems and cognitive experience interfaces is expected to boost the growth of the cognitive computing market. According to a recent study report published by the Market Research Future, the global market of cognitive computing technology market is booming and expected to gain prominence over the forecast period.
The study indicates that by technology segment, natural language processing is the most prominent technology used in the cognitive computing industry owing to its integral capacity to process natural language interactions. At present, automated reasoning and information recovery technologies have limited applications thereby, restricting the growth of natural language processing in the global cognitive computing market. However, these technologies are seeking new trends in artificial intelligence, probabilistic logic, and query searching that would further accelerate the growth of cognitive computing industry in the coming years. Adoption of cognitive analytics in healthcare and BFSI sector accounts for major share in the cognitive computing market.
The top players dominating the global Cognitive Computing Technology Marketcomprises Expert System S.p.A. (Italy), SparkCognition Inc (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), DeepMind Technologies Limited (U.K), Numenta (U.S.), CustomerMatrix Inc (U.S.), Cisco Systems, Inc (U.S.), Hewlett Packard Enterprise (U.S.), CognitiveScale (U.S.), Google, Inc (U.S.), Saffron Technology, Inc (U.S.), Palantir Technologies (U.S.), Enterra Solutions LLC (U.S.), ColdLight Solutions (U.S.), Airware (U.S.), Vicarious (U.S.), DataRobot (U.S.), DigitalGenius (U.K), Cylance (U.S.), Ross Intelligence (U.S.), Planet Labs (U.S.), Orbital Insight (U.S.), Darktrace (U.K), Vicarious (U.S.), Indico (U.S.), and Cyberlytic (U.K).
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Market Potential and Pitfalls:
The cognitive computing technology market is gaining huge attention in the global market due to the advancements in cognitive computing, which has resulted in its higher adoption. The rising number of large, unstructured, and complex sets of data, and advancements in the computing platforms like mobile, cloud, and data analytics are some of the major factors contributing to the growth of the cognitive computing technology market.
Top players are focusing on R&D investments in order to embrace advanced cognitive solutions. Companies are also indulging into mergers and acquisitions to make the most use of technology. Such factors trigger the demand for cognitive computing technology across the globe. Moreover, the implementation of IoT and AI that enables automated integration between hardware platform, software, and the consumer, further accelerates the market growth. The demand for cognitive systems in the computing technology market is expanding by leaps and bounds. Huge data present, along with the business organizations, is generally in the form of videos, human language, and pictures consisting of valuable information. To process the data, there is a strong requirement for cognitive analytic technologies like machine learning and NLP. It is anticipated that the volume of data will boost considerably, thereby spurring the market growth in terms of revenue.
On the contrary, the high cost of deployment and concerns associated with the regulatory and government compliance is likely to hamper the growth of the market. The impact of cognitive computing on traditional business applications along with the dearth of awareness among the SMEs, especially in the developing economies are certain factors curbing the growth of the market across the globe.
Cognitive Computing Technology Market Segmental Analysis:
- By Technology, the market is segmented into natural language processing (NLP), machine learning, automated reasoning, and others. On the basis of organization size, the market is segmented into small and medium enterprise, and large enterprise. Among these, two organization categories, the large enterprises are expected to invest a huge amount in the cognitive computing market. However, due to extensive adoption of cloud services, small and medium enterprises also tend to indulge in the global cognitive computing market.
- On the basis of end-user, the market is segmented into banking & financial service, retail, aerospace & defense, IT & telecommunication, energy & power, automotive & transportation, and others. In the area of IT & Telecommunication, cognitive solutions are built to expand, accelerate, and, increase expertise within the industry. The data flowing within the sector is increasing rapidly, causing the system to break down. Cognitive computing solution helps in maintaining the data loads thereby reducing the operation to a fraction of the time, and with much higher reliability.
- On the basis of deployment, the market is segmented into on-premises, on-cloud. The deployment model always carries a question on security and pricing. The organizations that are more focused towards the safety tend to use more of on-premise deployment whereas, regarding pricing, the cloud deployment is feasible. The cognitive computing helps the enterprises to stay competitive and drive revenue. It benefits organizations by identifying device malfunction and determine the best course of remedial action.
- On the basis of region, the market is segmented into North America, Europe, Asia Pacific, and rest of the world.
Geographically, the cognitive computing technology market spans across Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Considering the global scenario, the North American region acquires the lion’s share in the global market, mainly due to the advancing technology and increasing volume of unstructured data. The high investments in R&D activities from the top vendors are assisting in the expansion of the market in this region. The major part of cognitive computing service providers like Google, Microsoft, and IBM Corporation is based in this region, which further augments the market’s growth. For instance, IBM Corporation is spending in specialty-specific electronic medical records, Modernizing Medicine, and a supplier of cloud-based to accelerate the acceptance of Watson System. Such factors are likely to spur the growth of the regional market in the coming years.
Europe bags the second spot in terms of the share as the region is technologically matured with the presence of countries like the U.K., Germany, and France. The establishment of numerous cognitive computing startups like Cognitive Scale takes place in this region, which further triggers its growth.
The Asia Pacific region is estimated to showcase the highest growth rate in the coming years. The rising trend of cloud-based services in small as well as medium ventures is creating growth opportunities for the market in the region.
May 15, 2019: Tom Wilde, the Indico CEO, will be joining an executive panel at the 2019 Cognitive Computing and AI Summit, which will take place in Boston. Wilde will be joined by the executives from the Synthexis, Cognitive Computing Consortium, and Basis Technology to discuss the ethical use of cognitive computing and AI.
Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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List of Tables
Table1 World Population by Major Regions (2017 To 2030)
Table2 Global Cognitive Computing Technology Market: By Region, 2017-2023
Table3 North America Cognitive Computing Technology Market: By Country, 2017-2023
List of Figures
Figure 1 Global Cognitive Computing Technology Market Segmentation
Figure 2 Forecast Methodology
Figure 3 Porter’s Five Forces Analysis of Global Cognitive Computing Technology Market
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