According to a new market research report published by Credence Research “Cognitive Computing Market (by Technology Type – Computer Vision, Machine Learning, Natural Language Processing (NLP), Planning & Scheduling, Robotics, Speech Recognition and Others; by Deployment – On-premises Deployment and Cloud Deployment; by Application – IT & Telecommunications, Retail, Healthcare, BFSI, Security & Surveillance, Aerospace & Defense, Media & Entertainment and Others) Market – Growth, Future Prospects, and Competitive Analysis, 2018 – 2026”, the global cognitive computing market accounted to hit value of US$ 49.50 Bn in 2017 and expected to witness immense CAGR across the forecast period through 2018 to 2026.
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Market Insights
The quest of Artificial Intelligence (AI) encouraged noteworthy technological advancements accelerating digital practices that are turning into vital factor for businesses and individuals to collaborate and execute with each another. Cognitive computing is an evolving paradigm of smart computing methodologies and systems that incorporates computational intelligence by self-governing interference & perceptions, and mimicking the mechanism of human brain.
Conceptual models of cognitive computing are explored from the latest development in abstract intelligence, intelligent behaviors and computational intelligence. Cognitive computing technologies comprehend enormous amount of data, extract insights, apply reason and incessantly learn while networking with people and fellow machines. It offers society, a supreme opportunity to make more appropriate and smarter decisions.
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Overall cognitive computing market is segmented based on technology, deployment and application. Cognitive computing market is principally commanded by the machine learning segment due to heavy spending by market players on such automation technology. Machine learning enables organizations to produce smart output and provides traction for customers with exciting products. Recently machine learning patents grew by 37.0% from 2013 to 2017.
These patents filled by major organizations like International Business Machines (IBM) Corporation, Microsoft Corporation, Google LLC, LinkedIN, Facebook, Inc., Intel Corporation and Fujitsu Ltd. among several others. North America was the largest market for cognitive computing in 2017, primarily due to early adoption of cognitive computing across various industrial verticals. U.S. companies spent over US$ 160.0 Bn on learning and development of cognitive computing. However, Asia Pacific have started to catch-up with rapid pace in cognitive computing market.
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Further, high performance computing (HPC) technologies, such as in-memory computing and parallel processing allowing faster searches in order to draw meaningful deductions. These technologies are accelerating and automating the processing of complex database. Organizations are discovering approaches to influence these developments for competitive advantage in the developing digital economy.
Various Organizational sectors such as BFSI, IT & telecom and retail among several others are utilizing cognitive computing to automate business process. In addition, cognitive applications in healthcare sector are helping specialists’ systems in order to diagnose patients faster. Furthermore, insurance agencies are exploring the utility of chatbots and more practical guides to provide the right recommendations to their customers. Such applications are penetrating across industries and replacing traditional ways of doing business.
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