Cognitive computing is rapidly emerging as a transformative expertise that enables organizations to gain business advantage. The organizations are unable to make sense out of the available data due to its complex nature and large volumes. Organizations around the globe are using only 20% of the available data for analysis and forecast. Cognitive computing assists to process volumes of complex data, thereby inadvertently optimizing the enterprises productivity levels. Cognitive computing is made using natural language processing (NLP) and machine learning algorithms to predict, sense, and conclude a particular situation.
Market Determinants
Increasing complexity and volume of data is the prime driver for growth of global cognitive computing market. Further, evolution in Big Data Analytics computing platform and efficient use of internet speed would further boost the market. According to IBM Corporation, 66% of advance IT users are using cognitive systems. However, high cost of deploying cognitive computing system, and lack of awareness among users might restrain the market growth. Enhanced impact over business application is projected to offer lucrative opportunities for the market.
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Market Determinants – Impact Analysis, 2016-2024
market determinants impact analysisSegment Analysis
The global cognitive computing market is segmented by technology, by application, by end user, by deployment type, and by region. By technology global cognitive computing market is segmented as Natural Language Processing, Machine Learning, Automated Reasoning, and Others (Information Retrieval). By Application it is further divided as Healthcare, BFSI, Retail, Government (Defense), IT & Telecom, Security, and Others. By end user global cognitive computing market is bifurcated as Large Enterprises and Small and Medium Businesses (SMBS). Deployment type is further bifurcated as on premise software and cloud-based deployment. Geographically, global cognitive computing market is segmented as North America, Europe, Asia-Pacific, and Rest of the world. Asia-Pacific is expected to be one of the largest market for cognitive computing and large investment made by market leaders is anticipated to fuel the market further. For instance, IBM has invested a significant amount money within Asia-Pacific to set up two centers of excellence for its supercomputer Watson in October 2015. IBM Watson is one of the key provider of cognitive solutions within market.
The market is identified by stiff competition with presence of numerous vendors. The market would experience a significant amount of new entrants to harness the growth potential of the market. The market leaders are constantly providing new production to gain a competitive edge. New product launch is key technique adopted by vendors to improve their foothold within market. For instance, ArisGlobal LLC launched its Cognitive Computing Platform to transforms all core functions of the product lifecycle management on June 2017.
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GLOBAL COGNITIVE COMPUTING MARKET SEGMENTATION
By Technology
• Natural Language Processing
• Machine Learning
• Automated Reasoning
• Others (Information Retrieval)
By Application
• Healthcare
• FSI
• Retail
• Government (Defense)
• IT & Telecom
• Security
• Others
By End-User
• Large Enterprises
• Small and Medium Businesses (SMBs)
By Geography
• North America
• Europe
• Asia-Pacific
• Rest of the World
Key Market Players
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