Cognitive computing refers to the development of computer systems model that simulates the human thought process as a human brain. These systems use natural language processing capability to tackle complex situations and learn from experience. Theyare capable of interacting with humans in a natural/human way, and help in making decisions based on the learning. Cognitive computing includes self-learning systems that use pattern recognition, data mining, and natural language processing to impersonate the way human brain works or takes decision. Moreover, cognitive computing is a sub-technology of artificial intelligence (AI) that includes almost the same underlying technologies to power its applications such as neural networks, expert systems, robotics, and virtual reality.
The cognitive computing market size was valued at $8.87 billion in 2018, and is projected to reach $87.39 billion by 2026, growing at a CAGR of 31.6% from 2019 to 2026.
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Increased adoption of cognitive computing applications in large and small & medium enterprises boosts the growth of the market. In the prevailing business scenario, demand for unstructured data insights is witnessing a steady growth amongst the organizations. Increase in amount of unstructured data availability is one of the major growth factors for the cognitive computing market in various regions. Moreover, increase in trend of cloud-based services and big data analytics adds to the growth of cognitive computing. On the other hand, huge cost involved in the deployment of cognitive computing is anticipated to hinder the growth of the market.
Some of the key market players profiled in the cognitive computing market analysis include 3M, Google LLC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Microsoft Corporation, Nuance Communications Inc., Oracle Corporation, SAP SE, SAS Institute Inc., and Tibco Software Inc. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in artificial intelligence R&D initiatives across the globe, major players have integrated their product portfolio to provide differentiated and innovative products. This study includes marketanalysis, trends, and future estimations to determine the imminent investment pockets.
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The global cognitive computing market growth is in its evolving phase in most of the geographical regions. Natural language processing has driven larger portion of the market in present scenario owing to its dynamic features. It can respond in natural language, in turn inspiring its major use in the field of healthcare, banking, and financial sector.
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1.2.KEY BENEFITS FOR STAKEHOLDERS
1.3.KEY MARKET SEGMENTS
1.4.KEY MARKET PLAYERS
1.5.3.Analyst tools & models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.1.Top impacting factors
2.1.2.Top investment pockets
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