Cognitive Computing Market And Top Key Players are Google, Oracle Corporation, SAP
The key factors driving the growth of the industry are increasing volume of unstructured data and harness speed of internet. The incorporation of features, such as Artificial Intelligence and Internet of Things that enables automated integration between software, hardware platform, and the consumer, is energizing the industry growth prospects.
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Other factors contributing to the growth of the market include the development of innovative hardware and software systems and Cloud-based technological advancements. Higher investment by major players is also expected to boost the market substantially. Conversely, the major restraining factors are a lack of awareness regarding this technology
By technology, the market is segmented into Natural Language Processing, Machine Learning, Automated Reasoning and Others (Information Retrieval). The natural language processing segment generated the maximum revenue in 2014, accounting for over 40% of the total market revenue followed by machine learning which is the second highest segment, constituting around 30% of the total revenue.
The natural language processing segment is expected to continue its dominance through the forecast period. Based on the application the market is segmented into Healthcare, BFSI, Retail, Government, Military and Defense, Communication and Technology, and Others. On the basis of the end-user, the market is categorized as large enterprises, small & medium enterprises and public sector.
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Asia Pacific, South America, North America, Europe, and the Middle East & Africa constituted the key market segments. Among these North America accounts for most of the market shares in 2017 valuing US$11.29 billion, followed by Asia-Pacific region and Europe. Asia Pacific is expected to emerge as the fastest-growing region over the next nine years owing to the rise in small and medium enterprises in emerging countries, such as India and China.
Key vendors in the market are HP, IBM, Microsoft, SE. Some other prominent players dominating the market include Google, Oracle Corporation, SAP, Statistical Analysis System (SAS), Saffron Technology, Cognitive Scale, Numenta, Palantir, Tibco Software, and Vicarious.
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