The report forecasts the global cognitive systems market to grow at a CAGR of 55.57% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
A key trend which is boosting market growth is the growing demand for predictive analytics. Cognitive system integration allows communicative transfer of real-time data between machines and networks. The need to strategically analyze and monitor information will ultimately impact the global cognitive systems market that is predicted to grow at a rapid pace during the forecast period. Businesses have realized that they can use big data to optimize costs, deliver better services, and boost revenues.
According to the report, cognitive systems significantly extend human capabilities by providing expert assistance. They offer advice by developing deep domain insights and bringing this information to the end-user in a timely, natural, and usable way. For instance, in the financial sector, cognitive systems not only help in broadening work capabilities for bank employees but also help financial institutions focus more on interacting with customers rather than the traditional transactions approach.
Further, the report states that a major factor that could hamper the market growth is the application of cross-layers.