Growing evolution in computing environments, including cloud, mobile & analytics, is expected to drive the implementation of the cognitive computing market across the globe during the forecast period.
According to TechSci Research report, “Cognitive Computing Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028” The global cognitive computing market is growing owing to the rise in the penetration of artificial intelligence and integrated cloud platforms. It is expected to bolster the growth of cognitive computing solutions. This factor is expected to fuel the market’s growth during the forecast period. The growing concern among all major business organizations about analyzing a large volume of data to estimate the risk associated with any strategic initiative is also aiding in the acceleration of industry growth. The requirement for industries such as healthcare, retail, and financial institutions to analyze large volumes of data optimally in real-time is expected to benefit the industry. As technology advances, innovative techniques such as machine learning and automated reasoning are being implemented in dispensing systems.
Cognitive computing is a technological platform based on signal processing and artificial intelligence scientific premises. Natural Language Processing (NLP) is the most widely used technology because of its ability to process natural language interactions. The increased demand for automated reasoning, big data, and machine learning technology, as well as artificial intelligence and probabilistic logic, has paved the way for more remarkable data science development. With its diverse applications in developing interactive software platforms, the evolution of the Internet of Things (IoT) has also accelerated the market’s growth rate.
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The spread of coronavirus is expected to have a lasting impact on living, working, and socializing. The pandemic is having profound implications for businesses across the globe as everyone is adapting to the new normal of operating an organization remotely. The COVID-19 pandemic has accelerated digital transformation, and organizations are continuously transforming their business processes by adopting technologies such as cognitive computing, cloud, and analytics. Organizations are leveraging the benefits of cognitive computing solutions to survive the pandemic by putting bots to work on essential digital functions, freeing up workers, and ensuring critical operations continue seamlessly. Cognitive automation solutions have provided a significant boost in productivity and are speeding up critical workflows amid the pandemic.
On the basis of component, the market is further bifurcated into platform and services. Based on technology, the market is fragmented into natural language processing, machine learning, deep learning, human computer technology, automated reasoning, and information retrieval. Based on deployment mode, the market is divided into on-premises and cloud. Based on organization size, the market is split up into small & medium enterprises and large enterprises. Based on industry vertical, the market is divided into healthcare & life sciences, retail & e-commerce, BFSI, security, IT & Telecom, media & entertainment, aerospace & defense, manufacturing. On the basis of region, the market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
During the forecast period, the natural language processing segment is expected to account for a substantial market share. Natural Language Processing (NLP) has aided cognitive technology in propelling IT infrastructure worldwide. The adoption of cognitive computing solutions in the BFSI domain is phenomenal. Adopting cognitive solutions necessitates effective and efficient data analytics capabilities that are tailored to the needs of the business. The recent advancement of data storage facilities, such as integrated cloud storage facilities, as well as the evolution of customized cloud solutions, such as private and public clouds, have fueled market growth. Furthermore, the proliferation of an exponential amount of data has compelled enterprises and organizations to rely on cloud solutions. Industry players are increasingly focusing on adopting AI platforms by acquiring relatively more minor industry participants and other ecosystem players.
Key market players in the Global Cognitive Computing Market include:
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Google LLC
- SparkCognition, Inc.
- Expert System
- Cisco Systems, Inc.
- SAP SE
- Hewlett Packard Enterprise Development LP
- Enterra Solutions
Recent Advancements
- Schlumberger, Chevron, and Microsoft announced an alliance in September 2019 to accelerate new technologies around the world. The collaboration began with the adoption of the Petro technical Suite in the DELFI environment, followed by the intensification of cloud-native applications on Azure, and finally with the co-innovation of a suite for cognitive computer processing native abilities.
- In April 2018, IBM corporation formed a partnership with Media Math. The collaboration combines Watson’s cognitive abilities with Media Math’s maximum capability, enabling companies to create millions of customizable ads that attain a consumer on the suitable device at the perfect time to persuade.
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“The North America region has significant growth prospects for cognitive computing, owing to the rapid adoption of integrated cloud platforms and the emergence of new business models. Strong government policies in the United States and Canada are likely to emphasize the importance of data security, hastening the deployment of these systems across the region. During the forecast period, Asia Pacific is expected to be the fastest-growing region. Some positive factors, such as rising internet penetration and a growing number of startups in India, China, Australia, and Japan, are driving Asia-Pacific growth in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Cognitive Computing Market Segmented By Component (Platform, Services), By Technology (Natural Language Processing, Machine Learning, Deep Learning, Human Computer Technology, Automated Reasoning, Information Retrieval), By Deployment Mode (On-Premises, Cloud), By Organization Size (Small & Medium Enterprises, Large Enterprises), By Industry Vertical (Healthcare & Lifesciences, Retail & E-Commerce, BFSI, Security, IT & Telecom, Media & Entertainment, Aerospace & Defense, Manufacturing), By Region, Competition Forecast & Opportunities, 2018-2028”, has evaluated the future growth potential of Cognitive Computing and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the Global Cognitive Computing Market.
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