Proficient Market unravels its new study titled “Global Cognitive Computing Market by Technology (Natural Language Processing, Machine Learning, Automated Reasoning and Others), by Application (Healthcare, BFSI, Retail, Government (Defense), IT & Telecom, Security and Others), by End-User (Large Enterprises and Small and Medium Businesses), By Deployment Type (On-Premises Software and Cloud-Based Services) Global Market Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2014 – 2026″. Effective exploratory techniques such as qualitative and quantitative analysis have been used to discover accurate data.
According to the report, global cognitive computing market in 2018 stood at USD 8,927 billion and is expected to reach USD 87,241.2 billion by 2026 growing at a CAGR of 30.7% from 2019 to 2026.
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Cognitive computing is defined as the simulation of human brain activity to achieve highly complex as well as quick computing like a human brain. Cognitive computing systems are continuously learning systems. Cognitive computing majorly helps to process volumes of complex data and by this way it inadvertently enhancing the enterprise’s productivity levels. Cognitive computing is generally considered as a next-generation system that converses in human language and also helps experts to make better decisions by understanding the complexities of big data. Currently, most of the data received is unstructured like images, videos, natural language, and symbols. Cognitive computing, by making use of different technologies such as natural language processing, machine learning and automated reasoning, translates unstructured data to sense, infer and thereby predict the best solution. Also, cognitive computing is mostly used in BFSI, healthcare, security, retail, e-commerce and other sectors.
Global Cognitive Computing Market Key Players: The research study includes profiles of leading companies operating in the global cognitive computing market. Key players profiled in the report include:
Hewlett-Packard Development Company LLP
International Business Machine Corporation
Nuance Communications Inc.
Sa Institute Inc.
Tibco Software Inc.
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Drivers for the Global Cognitive Computing Market: According to current market condition, the major growth factors of the cognitive computing market include the increasing adoption of digitization and automation across various industry verticals. The increasing demand for intelligent business processes to enhance decision-making, the benefit of cost-effectiveness offered by cognitive solutions, and fulfilling the enterprise need to adopt advanced cognitive abilities to reduce operational costs. Moreover, increasing volume of unstructured data and advancements in technology are the major driving forces of the market. Also, cloud-based technological advancements, development of innovative hardware and software systems and cognitive experience interfaces would foster the growth of the cognitive computing market.
Opportunities for the Global Cognitive Computing Market: The deployment of innovative hardware and software systems and cloud-based technological advancements along with machine learning and cognitive analytics are further providing opportunities for the cognitive computing market during the forecast period.
Restrains for the Global Cognitive Computing Market: The market is hampering by high cost of deployment of cognitive computing system and issues related to the government and regulatory compliances. Also, the market is experiencing certain challenges due to impact of cognitive computing on traditional business application and lack of awareness among small and medium size enterprises in the developing countries. Additionally, the shift towards innovative technologies by various industries will also led to increasing formation of complex data that rises the risks related to security. The connection of more connected devices leads to issues related to security breach. This significant arising of security challenge lead to rising concern about the data security and encryption which further hampers the adoption of cognitive computing market.
Region Wise, Global Cognitive Computing Market Analysis: On the basis of Region global cognitive computing market include North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all Asia Pacific lead the global cognitive computing market due to growing investment for analytical approach to ensure higher growth rate of Asia pacific market. Asia pacific region is followed by North America and Europe.
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Global Cognitive Computing Market: By Technology analysis
Natural Language Processing
The Natural Language Processing (NLP) segment holds the largest share in the cognitive computing market. The deployment in technology has led NLP to play a significant role in facilitating text analytics and is also significantly contributing to the upgradation of progressive speech and text which will accelerate in the coming years.
Global Cognitive Computing Market: By Application analysis
IT & Telecom
The IT & Telecommunication sector holds the largest market share for cognitive computing market. The rising technological advancements such as the integration of machine learning, artificial intelligence, IoT and so on are highly enhancing the IT sector which is further leading to the rise of cognitive computing.
Global Cognitive Computing Market: By Deployment Type analysis
Cloud-Based Services holds the largest market share for cognitive computing market.
Global Cognitive Computing Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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