iCrowd Newswire – Jul 22, 2020
The Global Cognitive Computing Market is estimated to grow at a CAGR of 31.6% during the forecast period 2019-2026. As per the detailed market study, the global cognitive computing industry was valued $8.87 billion in the year 2018 and is anticipated to reach $87.39 billion by the end of the year 2026.
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Cognitive computing is a next-generation technology that interacts in human language and helps to take better decisions by identifying the complexity of unstructured data. The cognitive computing industry deals in various technologies such as automated reasoning, information retrieval, machine learning, natural language processing and others.
The global cognitive computing market is driven by various growth factors such as harnessing the internet speed and growing trend of increasing big data analytics and cloud-based services. Increase in volume of large set of complex data plays a major role in boosting the growth of the cognitive computing industry. Moreover, the increasing adoption of cognitive computing in various business applications has led to significant improvements in the standard and productivity of operations in organizations. Whereas, lack of awareness related to benefits and usage of cognitive computing and high cost of using cognitive computing system are some major factors hindering the market growth over the forecast period. On the contrary, positive impact of using cognitive computing in various business applications offer lucrative opportunities for the market players operating in the global cognitive computing market.
Segmentation Overview of the Global Cognitive Computing Market
The global cognitive computing market is categorized into various segments. These major market segments are further categorized into various sub-segments to study the market in detail. The segmentation study offers detailed market study considering various growth determinants and geographical dynamics.
The Technology Segment of the Global Cognitive Computing Market is Sub-Segmented into:
- Natural Language Processing
- Machine Learning
- Automated Reasoning
The Deployment Type Segment of the Global Cognitive Computing Market is Sub-Segmented into:
The Enterprise Type Segment of the Global Cognitive Computing Market is Sub-Segmented into:
- Large Enterprises
- Small & Medium Enterprises
The Industry Vertical Segment of the Global Cognitive Computing Market is Sub-Segmented into:
- Government & Defence
- IT & Telecom
- Energy & Power
Key Players Insights of the Global Cognitive Computing Market
Tibco Software Inc., SAS Institute Inc., SAP SE, Oracle Corporation, Nuance Communications Inc., Microsoft Corporation, International Business Machines Corporation, Hewlett Packard Enterprise Development LP, Google LLC and 3M are some major players included in the research study of the global cognitive computing market. The companies included in the research report have been studied along with the key development strategies such as new product launches, business expansion and others.
Geographical Overview of the Global Cognitive Computing Market
The North America cognitive computing market dominated the global marketplace with largest revenue share in the year 2018; and is anticipated to witness a dominance over the forecast period 2019-2026. Whereas, the Asia-Pacific cognitive computing market is estimated to witness the fastest growth with a high CAGR during the forecast period. The regional market growth is attributed to rapid growth of cloud-based services in small and medium enterprises (SMEs) and other regional growth factors.
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Keywords: Cognitive Computing Market