Cognitive Computing Market Insights by Technology, Deployment Model, End User, Growth and Demand Forecast to 2023 by Major Players- IBM, Google, HP, Microsoft, SAP and Oracle

According to a new research report “Global Cognitive Computing Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Technology (Natural Language Processing, Machine Learning, Automated Reasoning, Information Retrieval), by Deployment Model (Cloud, On-Premise), by End User (Small & Medium Enterprise, Large Enterprise), by Industry Vertical (Healthcare, Retail & Consumer Goods, BFSI, Security, IT & Telecom, Aerospace & Defense, and Others)” published by P&S Intelligence, the global cognitive computing market is projected to reach $35,781.7 million by 2023, growing at a CAGR of 34.2% during 2017 - 2023.

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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 global cognitive computing market. Further, among the various technologies, natural language processing technology leads the global cognitive computing market. However, machine learning technology is expected to grow at the fastest rate during the forecast period.

Geographically, North America has been the largest market for cognitive computing, while, Asia-Pacific 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

In Asia-Pacific, the investments in cognitive computing technology and centers of excellence by major players such as IBM and Microsoft, to tap the huge potential for business are further expected to bolster market growth, across the globe.

Cognitive computing is now-a-days used in numerous applications, however; the evolution of computing, featuring, natural language processing, dynamic learning, hypothesis generation and evaluation are further helping in improvement of information and communication system in industries such as healthcare and retail, for better business outcomes.

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Some of the key players operating in the global 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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