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Cognitive Computing Market: Trends, Opportunities and Forecasts 2025

05-20-2017 12:43 AM CET | IT, New Media & Software

Press release from: TMR - Research Reports

Cognitive Computing Market

Cognitive Computing Market

The rising use of cloud-based applications is identified as one of the chief drivers of the global cognitive computing market. Cognitive computing has delivered exceptional business and societal benefits by automating tabulation and harnessing computational processing and processing. These developments have in turn helped businesses deliver enterprise and personal productivity. Cognitive systems enable people interact with other computing systems and extend their expertise across any domain of knowledge.

Thus is supports making complex decisions involving extraordinary volumes of fast moving big data. Cognitive system uses natural language processing and machine learning to enable people and machines interact more easily. These systems learn and interact to provide expert assistance to scientists, engineers, lawyers, and other professionals in a fraction of the time.

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In 2016, the global cognitive computing market was valued at US$29.67 bn and is expected to reach US$1,000.52 bn by 2025, expanding at a CAGR of 49.9% during the forecast period. Though high upfront investment for the companies may act as a restrain for cognitive computing market as it is difficult for many cognitive technology companies to draw pilot stage funds for R&D.

Nonetheless, the increasing demand from Healthcare sector due to rising amount of unstructured data serves as an opportunity for the market. Moreover, increasing demand for next generation cognitive data centers also act as an opportunity for the global cognitive computing market.

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Based on deployment type, the global cognitive computing market has been segmented into on-premise and cloud. The cloud segment held the largest share in 2016, contributing nearly 65.4% to revenue generated by the global market revenue share. The segment is also expected to report a higher CAGR, thus remaining the market lead through the forecast period. In terms of application, the market is classified into diagnostic API’s, robotics, cyber security, farm mechanization, social media monitoring, self-driving cars, gaming, video surveillance, E-learning, IT infrastructure management, supply chain management, and others.

By industry vertical, healthcare, BFSI, it & telecom, manufacturing, energy & utility, retail, aerospace & defense, government, transportation, agriculture, media & entertainment, education, HR, and marketing & PR have been exhibiting considerably high demand for cognitive computing. Of these, the healthcare industry held the dominant market share in 2016. Based on the end-user, the market is categorized as large enterprises, small & medium enterprises and public sector. Of these, holding a share of nearly 49.8% of the market, large enterprises emerged as the dominant segment in 2016. The segment is forecast to remain dominant through the course of the forecast period.

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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