The global cognitive computing market size is set to surpass USD 53.73 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The progress of the cognitive computing market has been highly credited to the consistently burgeoning concerns of several enterprises to assess the bulk amount of data produced for evaluating the risks pertaining to their strategic initiatives.
The technological breakthroughs across a slew of industry verticals including retail, healthcare, BFSI, Telecom, etc. are further adding a significant impetus to the cognitive computing market share, cites the report.
Market analysts claim that this system is developing as a budding solution to eliminate the intricacies pertaining to analysis of huge volumes of data produced by these business enterprises and offers experts with greater understanding to make informed decisions. Furthermore, the demand is projected to escalate even more on account of rapid advancements in internet pace across the globe, which is a critical parameter in collecting, handling, and assessing humongous data volume worldwide.
In terms of technology, natural language processing vertical accounted for the highest revenue across the global cognitive computing market landscape. This technology is further projected to continue its authority during the projected timeline.
Machine learning technology established itself as the second largest market share holder. Other cognitive computing technologies like automated reasoning are still in their emerging stage and are projected to grow at a significant CAGR during the estimated period, on account of growing usage across a plethora of applications in computational biology.
The cognitive computing technology finds enormous applications in a slew of industries including healthcare, retail, security, BFSI, and other sectors. Attributed to the rapid influx of unstructured data and continuous technological developments, the demand for cognitive technology is surging on the global scale.
Speaking of the geographical landscape, North America dominates the worldwide cognitive computing market owing to the presence of market majors such as Google, IBM, and Microsoft. Large scale investments are one of the prominent strategies characterizing the competitive landscape of cognitive computing market. For instance, in the year 2015, Watson cognitive computing system owned by IBM infused substantial investments in Modernizing Medicine, a software firm which offers EMR systems to specialized medical practices. The financial infusions were made to increase the implementation of Watson cognitive computing across the healthcare domain.
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Some of the key findings of the report with reference to the regional spectrum include:
- North America Cognitive Computing Market is anticipated to dominate the global landscape during the forecast timeline.
- In terms of geographical penetration, APAC is alleged to be the fastest growing global market, escalating at a decent CAGR over the forecast period.
Key enterprises profiled in the global Cognitive Computing Market study include IBM Corporation, Google, Inc., Microsoft Corporation, Saffron Technology, Palantir, Cold Light, Enterra Solutions, Cognitive Scale, Oracle Corporation, 3M, etc.
The report also provides an exhaustive analysis of the cognitive computing market restraints, drivers, and opportunities over the assessment duration. An elaborate analysis of the report pertaining to regional landscape, industry trends, competitive spectrum, end-users, and ecosystem analysis has also been included in the report.