According to a new study published by Polaris Market Research the global cognitive computing market is anticipated to reach USD 53.73 billion by 2026. The growth of the industry is highly attributed to the constantly increasing concern of many enterprises to analyze the huge amount of date generated for evaluating the risks related with their strategic initiatives. Further, currently the cognitive computing industry is growing through several technological advancements resulting in offering remarkable features to several end-user industries including, healthcare, retail, BFSI and others.
This system is emerging as a booming solution to eradicate the complexities related to analysis of huge data volumes generated by these enterprises and provide experts with netter understanding to take decisions. Moreover, the demand is anticipated to further increase with the rapid improvements in internet speed worldwide. Since, internet plays a major role in collecting enormous volume of dark data in several forms including, images, text, and videos. Thus, a better internet speed would enable easy and prompt collection of such data from different locations.
On the basis of technology, the natural language processing segment of cognitive computing technology accounted maximum revenue of the total global Cognitive Computing Market share. Further, this technology is anticipated to continue its dominance during the forecast period. Machine learning technology, on the other hand, accounted for the second largest share. Other technologies such as automated reasoning is still at emerging stage and is growing at a highest CAGR during the forecast period owing to its increasing applications in various applications in computational biology.
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Currently, North America dominates the global Cognitive computing market with the presence of key providers operating in the cognitive computing market place such as Microsoft, IBM, and Google. Also, these companies are investing heavily in the development of cognitive computing technology in the local as well a global Cognitive Computing Market. For example, in 2015, Watson cognitive computing system by IBM has made considerable investments in Modernizing Medicine, a software company which provides EMR systems to specialty medical practices. The investment was made to increase the adoption of Watson cognitive computing by the healthcare industry.
Major companies profiled in the Cognitive Computing Market report include Google, Inc., IBM Corporation, Microsoft Corporation, Palantir, Saffron Technology, Cold Light, Cognitive Scale, Enterra Solutions, 3M and Oracle Corporation among others.
Key Findings from the study suggest North America Cognitive Computing Market is expected to dominate the market during the forecast period. APAC is presumed to be the fastest growing market, developing at a CAGR of more than XX% over the forecast period. The cognitive computing market is presumed to develop at a CAGR of over XX% from 2018 to 2026. The cognitive computing technology is finding its extensive application in several industries including, security, healthcare, BFSI, retail, and other sectors. With the rapid inflow of unstructured data and constant technological advancements the demand for cognitive technology is propelling globally. Furthermore, cloud based technological developments, advancement of new hardware and software systems as well as innovative cognitive experience interfaces will increase the adoption of cognitive computing technology by several industry verticals.