ALBANY, New York, May 7, 2019 /PRNewswire/ -- Key prominent players in the global cognitive computing market are Google, Inc., IBM Corporation, Accenture, Inc., Cisco Systems, Inc., and Microsoft Corporation. Most players are concentrating on developing automated solutions and smart applications for several end consumers, to gain a competitive edge in the global cognitive computing market. Several small and startup companies are venturing into the market. This is purely because there are only few key players in the global cognitive computing market. Many players are developing cost effective computing solutions for new and modern business applications. This allows them to gain a hold in the global cognitive computing market.
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Cognitive computing market is largely driven by a rising need for cloud based applications. Cognitive computing has proven to provide exceptional results in tabulating and harnessing computing processing. The global cognitive computing market is expected to grow at a phenomenal rate of CAGR 49.9% during the forecast period. The total revenue was estimated at US$29.7 bn and it is expected to reach at US$1000.52 bn by the end of forecast period.
Regionally, North America held its dominance over the global cognitive computing market. It is expected to continue to rule over the market due to less burden of hardware installation and management facilities for the businesses. Several small and large business are creating the demand for cognitive computing in the global market. Asia Pacific and the Middle East and Africa is expected to show a stellar growth during the forecast period. Increasing demand for cyber security solutions is said attribute the growth. Healthcare industry segment is likely to provide huge avenues for expansion of the global cognitive computing market during the forecast period 2018 to 2026.
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Big Data Analytics to Promote Growth
Spiraling demand for big data analytics to process and compute enormous data in various business areas creates a demand for the global cognitive computing market. Increasing unstructured data in various business areas and the demand to simplify the same using machine learning tools drives the global cognitive computing market. Several end users such as lawyers, scientists, and other professionals fuel demand for cognitive computing. Thus, the global cognitive computing market is expected to observe a staggering growth during the forecast period.
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Healthcare Sector to Increase Demand
Rising demand for Artificial Intelligence and machine based learning technologies across the industries is foretold to create a huge market for the global cognitive computing. Industries such as healthcare, telecom, retail market, government, media, agriculture, and manufacturing sectors are expected to push the market's growth. Healthcare sector takes away a huge share in creating a demand for cognitive computing. Growth over here can be attributed to huge increasing number of patients in the medical sector. Additionally, there is rising demand for cyber security solutions which may open up vast avenues for cognitive market. Therefore, the global cognitive computing market is projected to expand at a robust pace during the forecast period.
High costs associated with the deployment of cognitive computing in business enterprises may hamper the growth. Regardless of the restraints, the global cognitive computing market is expected to widen at a spiraling rate due to enormous avenues being provided by the retail and healthcare sector.
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The above review is based on a TMR report, titled," Cognitive Computing Market (Deployment Type - On-premise and Cloud; Applications - Diagnostic APIs , Robots, Cyber Security , Farm Mechanization, Social Media Monitoring, Self-driving Cars, Gaming, Video Surveillance, eLearning, IT Infrastructure Management, and Supply Chain Management; Industry Vertical - Healthcare, BFSI, IT & Telecom, Manufacturing, Energy & Utility, Retail, Aerospace & Defense, Government, Transportation, Agriculture, Media & Entertainment, Education, HR, and Marketing & PR) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026"
Global Cognitive Computing Market is segmented into:
- On Premise
- Diagnostic APIs
- Cyber Security
- Farm Mechanization
- Social Media Monitoring
- Self-Driving Cars
- Video Surveillance
- IT infrastructure Management
- Supply Chain Management
- IT & Telecom
- Energy & Utility
- Aerospace and Defense
- Media & Entertainment
- Large Enterprise
- Small & Medium Enterprises(SMEs)
- Public Sector
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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