Global Cognitive Computing Market is segmented into technology (Natural Language Processing, Machine Learning, Automated Reasoning, Others (Information Retrieval)), application (Healthcare, BFSI, Retail, Government (Defense), IT & Telecom, Security, Others), deployment type (On-Premises Software, Cloud-Based Services), end user (Large Enterprises, Small and Medium Businesses (SMBs)), geography (North America, Asia Pacific, Europe, Latin America, Middle East & Africa) is Expected to Reach US$ 68 Bn by 2027.
Cognitive computing, with the help of various technologies like natural language processing, machine learning and automated reasoning, translates unstructured data to sense, and predict the best solution. Cognitive computing is helping to process volumes of composite data, so unintentionally enhancing the enterprise’s productivity levels. Cognitive computing is considered as a next-generation system which is conversing in human language and helping experts to make better decisions by understanding the difficulties of big data. Currently, most of the data received is unstructured like images, videos, natural language, and symbols.
Various industry verticals for extensive demand for cognitive computing solutions and services are BFSI, IT and telecom, energy and utility, healthcare, retail, government, aerospace and defense, manufacturing, transportation, media and entertainment, agriculture, education, and business functions like HR, marketing, and PR, from these verticals, healthcare industry is holding the dominant market share and is expected to continue during forecast period. From various regional markets for cognitive computing, currently, North America is leading as it accounted for a leading share of the global market in 2016. Growth of the regional market is recognized as vastly rising demand for deployment of cognitive computing in educational institutions and an extensive demand from a growing number of small- and medium-scale enterprises.
Massively rising demand for artificial intelligence (AI) and machine learning technologies in several industries, particularly in healthcare, BSFI, manufacturing, retail, government, agriculture, media and entertainment, is a prominent factor highlighting the market. Substantial demand for these technologies in the healthcare industry is projected to provide a vigorous push to the growth of the market.
Maximize Market Research has comprehensively analyzed Global Cognitive Computing Market. The driving forces as well as considerable restraints have been explained in depth to attain a balanced scenario. Segment wise market size and market share during the forecast years is duly addressed to portray the probable picture of this exuberant industry. The competitive landscape comprising of key innovators, service providers, market giants as well as niche players is studied and analyzed extensively with respect to their strengths, weaknesses as well as value addition prospects. Report presents significant case studies along with the success stories to motivate and guide the like minds. In addition, Report displays current consolidation trends with respect to prominent mergers and acquisitions, consequent Market fragmentation, new trends and dynamics in partnerships, emerging business models. This will enable the reader to comprehend whole Cognitive Computing Market with utmost ease and clarity.
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