Cognitive Computing Technology Market

The emphasis on ensuring a human level thinking and cognition in computers is furthering the growth of cognitive computing technologies. Market reports associated to the information and communication technology industry have been put forward by Market Research Future which generates reports on other industry verticals that target the study of recent market scenarios better. The market projection reveals that the market is estimated to earn revenues worth USD 25 billion while expanding at a 35 % CAGR in the forecast period.

As the amount of research carried out in various domains rises, the need to carry out huge volumes of calculations and processing is expected to motivate the growth of the cognitive computing technology market. Moreover, the high levels of investment being concentrated on cognitive computing technology by major market players are anticipated to propel the market. The higher adoption rates and the progress in computing platforms such as mobile, cloud, and data analytics will drive the market for cognitive computing technology.

Market Potential and Pitfalls

The cognitive computing technology market is gaining huge attention in the global market due to the advancements in cognitive computing, which has resulted in its higher adoption. The rising number of large, unstructured, and complex sets of data, and advancements in the computing platforms like mobile, cloud, and data analytics are some of the major factors contributing to the growth of the cognitive computing technology market. Top players are focusing on R&D investments in order to embrace advanced cognitive solutions. Companies are also indulging into mergers and acquisitions to make the most use of technology. Such factors trigger the demand for cognitive computing technology across the globe. Moreover, the implementation of IoT and AI that enables automated integration between hardware platform, software, and the consumer, further accelerates the market growth. The demand for cognitive systems in the computing technology market is expanding by leaps and bounds. Huge data present, along with the business organizations, is generally in the form of videos, human language, and pictures consisting of valuable information. To process the data, there is a strong requirement for cognitive analytic technologies like machine learning and NLP. It is anticipated that the volume of data will boost considerably, thereby spurring the market growth in terms of revenue.

On the contrary, the high cost of deployment and concerns associated with the regulatory and government compliance is likely to hamper the growth of the market. The impact of cognitive computing on traditional business applications along with the dearth of awareness among the SMEs, especially in the developing economies are certain factors curbing the growth of the market across the globe.

Regional Frontiers

Geographically, the cognitive computing technology market spans across Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).

Considering the global scenario, the North American region acquires the lion’s share in the global market, mainly due to the advancing technology and increasing volume of unstructured data. The high investments in R&D activities from the top vendors are assisting in the expansion of the market in this region. The major part of cognitive computing service providers like Google, Microsoft, and IBM Corporation is based in this region, which further augments the market’s growth. For instance, IBM Corporation is spending in specialty-specific electronic medical records, Modernizing Medicine, and a supplier of cloud-based to accelerate the acceptance of Watson System. Such factors are likely to spur the growth of the regional market in the coming years.

Europe bags the second spot in terms of the share as the region is technologically matured with the presence of countries like the U.K., Germany, and France. The establishment of numerous cognitive computing startups like Cognitive Scale takes place in this region, which further triggers its growth.

The Asia Pacific region is estimated to showcase the highest growth rate in the coming years. The rising trend of cloud-based services in small as well as medium ventures is creating growth opportunities for the market in the region.

More Information@

Cognitive Computive Technology Market Research Report –Global Forecast to 2023 | MRFR

Cognitive Computing Technology Market has 35% CAGR forecast period 2017-2023, Cognitive Computing…

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Global Cognitive Computing Technology Market: Technology (NLP, Machine Learning, Automated Reasoning), Deployment (Cloud, On-Premise), Organization Size (SME, Large Enterprise), End-User (BFSI, Retail, Aerospace & Defense) — Forecast till 2023

Cognitive Computing Technology Market

Cognitive computing technology market is growing at the rapid pace. Increasing volume of unstructured data and advancements in technology are the major driving forces of the cognitive computing market. Other factors such as cloud based technological advancements, development of innovative hardware and software systems and cognitive experience interfaces is expected to boost the growth of the cognitive computing market. According to a recent study report published by the Market Research Future, the global market of cognitive computing technology market is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016–2022).

The study indicates that by technology segment, natural language processing is the most prominent technology used in the cognitive computing industry owing to its integral capacity to process natural language interactions. At present, automated reasoning and information recovery technologies have limited applications thereby, restricting the growth of natural language processing in the global cognitive computing market. However, these technologies are seeking new trends in artificial intelligence, probabilistic logic, and query searching that would further accelerate the growth of cognitive computing industry in the coming years. Adoption of cognitive analytics in healthcare and BFSI sector accounts for major share in the cognitive computing market.

Report Details @ https://www.marketresearchfuture.com/reports/cognitive-computing-technology-market-1533

Cognitive Computing Technology Market Global Market — Competitive Analysis The Market of cognitive computing technology market appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

Cognitive Computing Technology Market Global Market — Regional Analysis North America is dominating the global cognitive computing technology market with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2022. Due to heavy investment in R&D sector from the major players in this region is also helping the market to grow. Asia-Pacific has rich presence of manufacturing industry where cognitive computing technologies are being deployed.