BANGALORE, India, May 8, 2020 /PRNewswire/ -- In dynamic circumstances where the responses may be unclear and unpredictable, cognitive computing is used to mimic the human thought process using computerized models. Cognitive computing technology communicates in human language and helps experts make informed decisions by understanding the nature of unstructured data.
The global cognitive computing market size in 2018 was estimated at USD 8.869 Billion and is expected to hit USD 87.391 Billion by 2026, rising at a CAGR of 31.6 % from 2019 to 2026.
Some of the significant factors that are expected to increase the cognitive computing market size are increased adoption rate, growing number of large and complex data, growth in computing platforms including cloud, mobile, and data analytics. Furthermore, the need for retail, healthcare and financial organizations to optimally study large volumes of information in real time, is expected to increase the cognitive computing market size.
The report focuses on the prospects for growth, constraints, and market analysis. The research utilizes Porter's five forces analysis to understand the impact of various factors on the cognitive computing market. Such factors include supplier bargaining power, competitive intensity of competition, the threat of new entrants, threat of substitutes, and buyer bargaining power. The study also considers the effect of the novel COVID-19 pandemic on the cognitive computing market and provides a detailed assessment of the expected demand fluctuations.
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TRENDS INFLUENCING THE COGNITIVE COMPUTING MARKET SIZE
- The rise in Artificial Intelligence penetration and integrated cloud platform is expected to boost the cognitive computing market size.
- Demand for cognitive systems in large companies is growing, and this is projected to grow in SMBs because of cloud-based services. As cloud-based delivery reduces the expense of delivering cognitive computing within the enterprise, the increased demand for cloud-based services is consequently growing. IBM Watson, a leading player in the cognitive computing industry, plans to launch a cloud-based Watson Analytics service in the coming years that would improve the adoption of cognitive computing through the cloud. In developing countries, cognitive computing is gaining traction. This professional cloud-based services component is expected to serve as a catalyst for the growth of global cognitive computing market size.
- The emergence of the Internet of Things (IoT) has also increased the growth momentum of the cognitive computing market size with its diverse applications in the development of the interactive software platform.
- The market growth can be hindered by the high cost involved in the deployment of cognitive computing systems, and issues related to government and regulatory compliances.
- The increase in concern among the business organizations looking at a large volume of information to project the risk associated with any measured initiative is more instrumental in accelerating the growth of the cognitive computing market size.
COGNITIVE COMPUTING MARKET SHARE ANALYSIS
During the forecast period, the healthcare and life sciences segment is projected to expand at the highest CAGR. These companies are implementing cognitive computing technologies to improve patient care and provide online access to health records for patients. Such technologies provide organizations in the healthcare and life sciences with cost-effective and flexible infrastructure to capture and process vast amounts of diverse data forms.
COGNITIVE COMPUTING MARKET REGIONAL TRENDS
On the basis of region, North America holds the largest cognitive computing market share for sales. The cognitive computing sector field is experiencing major developments in North America. Factors contributing to the growth of the North American cognitive computing market are the rising advancement of various technologies in the region and the growth of various market players in the cognitive computing field.
Cognitive computing in the Asia Pacific (APAC) region is projected to increase at the highest CAGR during the forecast period due to technology companies' investments in major APAC countries such as China, Japan, and India. Furthermore, the growing digitalization, adoption of advanced technologies for Artificial Intelligence (AI) and Machine Learning (ML), and policy regulations and initiatives are expected to drive the cognitive computing market share in the APAC region.
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KEY PLAYERS OF THE COGNITIVE COMPUTING MARKET ARE
- IBM Corporation,
- Google Incorporation,
- Microsoft Corporation,
- Nuance Communications Inc.,
- Hewlett Packard (HP),
- Statistical Analysis System (SAS),
- Tibco Software
- Oracle Corporation
The market is segmented on the basis of technology, application, end-user, deployment type and geography.
- Natural Language Processing
- Machine Learning
- Automated Reasoning
By Deployment Type
By Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
By Industry Vertical
- Government & Defense
- IT & Telecom
- Energy & Power
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
SIMILAR REPORTS :
- Cognitive Computing Technology Market
In 2019, the global Cognitive Computing Technology market size was USD 8.254Billion, and by the end of 2026, it is projected to reach US$ 29.550 Billion, at a CAGR of 19.8 percent in 2021-2026.
Cognitive computing is carried out through a computer-generated model imitating the human thought process and cognitive capacity in the form of simulation on a specialized platform.
This study focuses on the global status of cognitive computing technology, future forecasts, opportunities for growth, key market, and key players. The aims of the study are to present the advancement of cognitive computing technology in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
- Healthcare Cognitive Computing Market
The global Healthcare Cognitive Computing Market size was USD 1.938 Billion in 2019 and is expected to reach USD 6.711 Billion by the end of 2026, at a CAGR of 19.3 percent in 2021-2026.
Primary drivers for the growth of Healthcare Cognitive Computing Market size include knowledge proliferation of structured and unstructured data, developments in data mining and analytics technologies, expanded use of cloud computing, and demand for personalized healthcare services.
This study focuses on the global status of Healthcare Cognitive Computing, future forecasts, opportunities for growth, key market, and key players. The aims of the study are to present the advancement of cognitive computing technology in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
- Natural Language Processing (NLP) Market
The global Natural Language Processing (NLP) Market size was USD 486.4 Million in 2018 and is projected to reach USD 1.748 Billion by the end of 2025, with a CAGR of 20.1 percent in 2019-2025.
This study focuses on the status of the global natural language processing (NLP), future outlook, growth potential, key market, and key players. The aims of the study are to address the progress of natural language processing (NLP) in the USA, UK, Germany, and Canada.
- Machine Learning Market
The global Machine Learning Market size was USD 1.625 Billion in 2019 and is forecast to reach USD 13.760 Billion by the end of 2026, at a CAGR of 35.3 percent in 2021-2026.
Machine learning is an artificial intelligence (AI) application that provides systems with the ability to learn and improve automatically from experience without being explicitly programmed. Machine learning focuses on creating computer programs that can access data and use it to learn on their own.
This study focuses on the status of global Machine Learning, future outlook, growth potential, key market, and key players. The aims of the study are to address the progress of natural language processing (NLP) in the USA, UK, Germany, and Canada.
- Cognitive Analytics Market
The global Cognitive Analytics Market size was USD 2.208 Billion and is projected to reach US$ 10.240 Billion by the end of 2026, at a CAGR of 24.3 percent in 2021-2026.
It is projected that the healthcare and life sciences industry will have the largest cognitive analytics market share in 2017. Cognitive analytics helps organizations in the healthcare and life sciences industry to accelerate medical developments, improve clinical trials, and enhance implementation, improve diagnosis and care management.
- Artificial Intelligence and Cognitive Computing Market
This report studies the size (value and volume) of the Artificial Intelligence and Cognitive Computing market by participants, countries, product types and end industries, historical data for 2014-2018, and forecast data for 2019-2025.
The Artificial Intelligence and Cognitive Computing Market report also studies the global competitive environment, market drivers and patterns, opportunities and challenges, threats and barriers to entry, distribution channels, distributors, and Porter's Five Forces Analysis.
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