Increase in Demand for Machine Learning Escalates the Global Cognitive Computing Market Growth

The global cognitive computing market is projected to reach $35,781.7 million by 2023, growing at a CAGR of 34.2% during 2017 – 2023. Due to significant advancements in big data technologies such as analysing volumes for structured and unstructured data, and data mining techniques, the adoption of cognitive computing in various industries has increased over the past few years. This has further led to increase in incorporation of advanced data analytics technology by business organizations for measuring the various risks associated with their strategic initiatives.

As per the findings of the research, cloud deployment segment has been the larger revenue generator as compared to the on-premise deployment segment in the global cognitive computing market. Further, among the various technologies, natural language processing technology leads the global cognitive computing market. However, machine learning technology is expected to grow at the fastest rate during the forecast period. Among industry verticals, healthcare segment was the largest contributor to the global cognitive computing market during 2013 – 2016. However, the IT & telecom sector is expected to witness the fastest growth in the global cognitive computing market, during the forecast period.

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Geographically, North America has been the largest market for cognitive computing, while, Asia-Pacific is expected to witness the fastest growth, during the forecast period. The anticipated growth in the market can be attributed to factors such as rapid adoption of big data technologies, growth in industry digitalization, and advancement in data analytics software industry in the region. Further, as business leaders are focusing more on greater return on investment (RoI), through next generation technologies such as human thinking ability systems, the region has high tendency to witness potential growth in near future.

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In Asia-Pacific, the investments in cognitive computing technology and centers of excellence by major players such as IBM and Microsoft, to tap the huge potential for business are further expected to bolster market growth, across the globe. Factors driving growth in the global cognitive computing market include significant increase in large and complex data set, evolution in computing platforms such as mobile and cloud, decreasing cost and availability of cognitive computing services, and increased adoption of new analytics based technologies for effective business transformations, globally.

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With industries generating huge volume of unstructured data, new data analytics solutions aim at generating valuable insights from such data by converting it into a structured data set. This is achieved by machine learning technology, which encompasses the study of conceptual learning and pattern recognition theory of artificial intelligence. Further, machine learning technology enables the computer programs to learn from the past data and modify themselves, when exposed to new data.

The research states that the global cognitive computing market is moderately competitive, with players developing new cognitive computing solutions. Some of the key players operating in the global cognitive computing market are IBM, Google Inc., Hewlett Packard (HP), Microsoft Corporation, Nuance Communication Inc., Oracle Corporation, SAP, Tibco Software, and 3M.

 

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