Increasing Adoption of Artificial Intelligence Is a Major Trend in the Cognitive Computing Market

Cognitive computing market is set to cross $35.7 billion by 2023, growing at a CAGR of 34.2% between 2017-2023. Due to significant advancements in big data technologies such as analyzing 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.

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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.

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.

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The intensity of rivalry in the cognitive computing market is moderate. Most of the major vendors in the market are actively focusing on enhancing their offerings to meet the demand for advanced intelligent data computing solutions. This includes new software development, hardware integration, and advancement in artificial intelligence.

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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