Cognitive Computing Technology Market is expected to reach a USD 25 Billion by Forecast to 2023

Market Synopsis:
Cognitive computing is executed through a computer-generated model mimicking the human process of thinking and cognitive ability in the form of simulation over a specialized platform. The process of transforming thoughts into simulation involves systems for self-learning, to extract unstructured data and churn out insightful analytics, to recognize patterns unable to be spotted by the human eye, and to process and identify language formation and structure behind it. One of the working scenarios for cognitive computing is to solve intensive computational problems by making open automated IT systems. The systems are independent of human assistance, which results in accurate outcomes with no potential human error.

The major factors that help in the growth of Cognitive Computing Market are the advancement in cognitive computing resulting in its higher adoption, growing number of unstructured, large and complex sets of data, advancement in computing platforms such as cloud, mobile, and data analytics. The cognitive computing process acquires data from the unstructured source, using machine learning algorithms. However, the market is hampered by the high cost of deployment of cognitive computing systems, and issues relating to government and regulatory compliance. Also, the market is experiencing certain challenges due to impact of cognitive computing on traditional business applications, and lack of awareness among small and medium enterprises in the developing countries.

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Major Key Players:
• SparkCognition Inc (U.S.)
• Expert System S.p.A. (Italy)
• Microsoft Corporation (U.S.)
• International Business Machines Corporation (U.S.)
• Numenta (U.S.)
• DeepMind Technologies Limited (U.K)
• Cisco Systems, Inc (U.S.)
• CustomerMatrix Inc (U.S.)
• CognitiveScale (U.S.)
• Hewlett Packard Enterprise (U.S.)

Other vendors include Google, Inc (U.S.), Palantir Technologies (U.S.), Saffron Technology, Inc (U.S.), ColdLight Solutions (U.S.), Enterra Solutions LLC (U.S.), Vicarious (U.S.), Airware (U.S.), DigitalGenius (U.K), DataRobot (U.S.), Ross Intelligence (U.S.), Cylance (U.S.), Orbital Insight (U.S.), Planet labs (U.S.), Vicarious (U.S.), Darktrace (U.K), Cyberlytic (U.K), Indico (U.S.) among others.

Segmentation:
• By the Technology, the market is segmented into natural language processing (NLP), machine learning, automated reasoning, and others.
• On the basis of organization size, the market is segmented into small and medium enterprise, and large enterprise.
• On the basis of end-user, the market is segmented into banking & financial service, retail, aerospace & defense, IT & telecom, energy & power, automotive & transportation, and others
• On the basis of deployment, the market is segmented into on cloud and on-premise.
• On the basis of region, the market is segmented into North America, Europe, Asia Pacific, and rest of the world.

Regional Analysis
The global cognitive computing technology market is estimated to grow at a significant rate during the forecast period due to higher demand for faster and secure storage devices. The geographical analysis of Cognitive Computing Technology market marks the study for regions like North America, Europe (including Russia), Asia Pacific (including Australia and New Zealand) and rest of the world (including the Middle East, Africa, and South America).

Among the regions mentioned above, at present, the market is highly dominated by North America. The reason behind high market share of North America is the technological advancements and growing volume of unstructured data. Additionally, heavy investments in research & development from the leading vendors are also helping in the market to develop.

On the other hand, Europe ranks second in terms of market share in the cognitive computing market. Europe is a technologically matured region with mature economies like Germany, the U.K, and France. However, Asia Pacific is expected to show the highest growth rate during the forecast period.

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Intended Audience:
• Games Manufacturers
• Distribution Centers
• Software Developers
• Manufacturing Companies
• Healthcare Service provider

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This release was published on openPR.