Cognitive Computing Market Size, Share & Forecast 2019-2025

Cognitive computing market is in its initial phases. Cognitive computing system applies machine-learning, natural language processing models, automated reasoning, and others to process a large volume of complex data. These models operate in such a way that they understand and interpret the working of a human brain by combining human work with machines. In the current scenario, the digital data and its processing are continuously increasing, and organizations find it difficult to analyze the immense digital data. The cognitive computing systems assist in converting the information in the form of pictures and the human voice into digital form. These systems can predict sense and conclude a specific situation.

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Furthermore, cognitive computing enables the processing of unstructured data, natural language and can learn from experiences just like an individual. Cognitive computing is being increasingly used in the decision-making process in industries such as finance, healthcare, education, research and development, customer services and defense. This has significantly increased the demand for the cognitive computing market. Examples of cognitive computing software available in the market include Vantage Software, Café Well Concierge, Sofie, BrightMinded, WayBlazer, and Edge Up Sports.

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The global cognitive computing industry is being driven due to multiple factors that include increased demand for analysis of big data, rising application in the healthcare sector, and increasing demand for natural language processing technology. Furthermore, the growth of the market is being fueled due to the increasing adoption of cloud-based technology in different industries and the presence of numerous market players competing in this market. However, certain factors are expected to hinder the growth of cognitive computing market. These factors include complexity in the analysis of unstructured data, lack of accuracy in translating the human voice into digital form and challenging training process.

The key players in the global cognitive computing market include Cisco, Cognitive Scale, Expert system, Google, Inc., IBM Watson, Microsoft Corporation, Numenta, Palantir, Saffron Technology, SparkCognition, and Vicarious. The market players compete by introducing automated solutions and smart applications for various industries, collaborating or entering into a partnership with startups, and developing economical cognitive computing technologies to attract new customers. For instance, in June 2019, Thomson Reuters launched the Thomson Reuters Checkpoint Edge platform that provides the fastest answers to the most complex regulatory and tax law questions.

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Current Market Trends Covered in the Market Report:
Increased application of cloud-based services in industries
The enormous growth in big data fuels cognitive computing system
Increased application of cognitive computing in diversified industries

Global Cognitive Computing Market – Segmentation
By Technology
Natural Language Processing
Machine Learning
Automated Reasoning
Other (Information Retrieval)

By Deployment
Cloud
On-Premise

By Vertical
Aerospace and Defense
BFSI
Telecom and It
Consumer Goods and Retail
Energy and Power
Travel and Tourism
Media and Entertainment
Education and Research
Others

Global Cognitive Computing Market –Region
North America
Europe
Asia-Pacific
Rest of the World

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Source: https://www.omrglobal.com/press-release/global-cognitive-computing-market

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