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Increasing Adoption of Artificial Intelligence Is a Major Trend in the Cognitive Computing Market
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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 cognitive computing market. Further, among the various technologies, natural language processing technology leads the 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 market for cognitive computing during 2013 – 2016. However, the IT & telecom sector is expected to witness the fastest growth in the market, during the forecast period.
The increasing popularity and adoption of artificial intelligence is one of the major trends observed in the cognitive computing market. With search becoming increasingly predictive, providing tailored recommendations of customer – product – interaction, throughout a customer journey is the need of the hour for big business organizations. Artificial intelligence with cognitive computing uses information or data set to power effective predictive search. This is enhances the search results, helping major brands to better anticipate their customer needs and serve them with more relevant offerings and cross sell their products.
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Geographically, Asia-Pacific cognitive computing market 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.
Some of the key players operating in the 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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