Cognitive Systems Market set to reach US$ 13003.8 Mn revenues by 2024

Natural language processing (NLP) is a major element of artificial intelligence (AI) for advanced communicating with intelligent systems with the help of natural language. It aids computers in responding and reading by mimicking the human capability to recognise the day-to-day language that they adopt to communicate. Today, without natural language processing, AI can only answer simple questions and understand the meaning of language, but will not able to recognise the significance of words in framework. Natural language processing applications permits users to connect with a computer in their own words.

Drivers

With increasing usage of internet, computers, smart phones and many other personal devices, the requirement for machine and human level communication has increased. Everybody from enterprise to individual users nowadays need machines that can respond to their questions, support them in their daily basis operations and also make their life organized and easier. This demand has given rise to increased demand for natural language processing technology which is now being quickly commercialized. Natural language processing technology is the most adoptable technology for cognitive systems due to its easy and advanced language conversation process and which boosts the growth of Cognitive Systems Spending. Increasing technology advancement in cognitive systems will help to track both external and internal threats. Complex data hacking due to internal users mistakably revealing the corporate systems data to threats are increasing the importance of Cognitive systems. These abilities will open a new world of insights and data analytics for companies and assist them to report cyber security and security issues threats. Cognitive security tools with such advanced capabilities will help organizations address cyber security threats and compliance issues. The tools offered by cognitive systems will help security teams to make more informed decisions, quickly seal security breaches at all levels and thus in turn increase the demand of overall Cognitive Systems Spending.

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Trends

An emerging Trend which is boosting cognitive systems spending growth is the rising demand for predictive analytics. Cognitive system integration permits communicative relocation of real-time data between machineries and networks. The growing need to strategically monitor information and analyse will eventually influence the overall cognitive systems spending that is projected to grow at a significant rate during the forecast period. Moreover, large businesses have recognized that they can use big data to deliver better services, optimize costs, and boost revenues. Therefore, large industries have benefited from advances in big data techniques via examination of customer buying behaviour and buying patterns. On the basis of data points, predictive modelling techniques are customized to a group or an individual customer. This can leads to improving the overall efficacy of the production while reducing costs and efficient and accurate solutions. Hence, the increasing demand of predictive analytics in North America is fuelling the growth of overall Cognitive Systems Spending.

Natural Language Processing Technology Analysis, by product type

Natural language processing technology segment is expected to be valued at US$ 13003.8 Mn by 2026 and is projected to register a CAGR of 16.6% over the forecast period. Natural language processing technology segment will only grow as the exponential increase in information ads to the continued pressure to improve knowledge worker performance and decision making. Knowledge workers are facing an ever-increasing amount of information to deal with.

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Natural Language Processing Technology Analysis, by deployment

Natural language processing technology segment to account for the significant market share of 60.6% in the North America market by 2026 end. Natural language processing technology segment is the most adoptable technology for cognitive systems due to its easy and advanced language conversation process which will thereby boost the growth of cognitive systems spending.

Natural Language Processing Technology Analysis, by application

In terms of value, natural language processing technology segment is anticipated to register a CAGR of 16.6% over the forecast period. Natural language processing technology segment finds its end-users in healthcare, education, manufacturing, and banking. Approximately 60% of cognitive systems with natural language processing technology are used by large and medium manufacturing industries, banking sector and others.

Natural Language Processing Technology Analysis, by Region

On the basis of region, North America region is projected to remain dominant throughout the forecast period. Natural language processing technology segment is estimated to account for the significant market share of 64.8% in the North America market by 2016 end. The presence of several natural language processing technology service provider companies in North America is expected to play an important role in revenue growth of the natural language processing technology segment in the North America market. Natural language processing technology segment is expected to witness robust growth in Western Europe and APEJ market driven by increasing cloud based solution demand in the region, as natural language processing technology is highly used by end-user such as healthcare, education, manufacturing, and banking in these regions.

Key Players:

Microsoft Corporation, IBM Corporation, Google Inc., Symantec Corporation, Palantir Technologies, Inc., Recommind, Inc.and OpenText Corporation etc.

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This release was published on openPR.