Cognitive Computing Market 2020: Expected to Deliver Dynamic Progression until 2026 | Major Players - IBM Corporation, Google Incorporation, Microsoft Corporation, Nuance Communications Inc.

The global cognitive computing market is segmented into technology, applications, end users and deployment types. The technology segment is further categorized into natural language processing, machine learning, automated reasoning and information retrieval. The application segment includes healthcare, BFSI, IT and Telecom, security, research & education, defense and others. The end users segment comprises of large enterprises and small & medium enterprises, whilst the deployment types include on-premises and cloud based services.

The report also outlines the competitive environment of the cognitive computing market, providing a comprehensive study of the key organic and inorganic strategies adopted by market leaders. The companies are adopting product launch and technological advancements as a key strategy to maintain their leading positions. Prominent companies profiled in the report include IBM Corporation, Google Incorporation, Microsoft Corporation, Nuance Communications Inc., 3M, HP, Statistical Analysis System (SAS), sap, Tibco Software and Oracle Corporation.

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The cognitive computing market is expected to generate revenue of $13.7 billion by 2020, registering a CAGR of 33.1% during the forecast period of 2015 - 2020.

North America accounts for the highest adoption of cognitive computing applications and holds the largest revenue share in the global market, followed by Europe. The North American region generated a revenue of$1.06 billion in 2014 and would dominate the market during the forecast period 2015 - 2020.Asia-Pacificis expected to become a lucrative market for cognitive computing. The rapidly rising trend of cloud based services, in small and medium enterprises, exhibits a high growth rate in the Asia-Pacific countries.

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The natural language processing segment generated the maximum revenue in 2014, accounting for over 40% of the total market revenue. The technology would continue to dominate the market throughout the forecast period. Machine learning is the second highest segment, constituting around 30% of the total revenue. Automated reasoning technology, presently having a smaller market share, would grow at the fastest CAGR of 37% during 2015-2020. Automated reasoning reduces overloaded information and is seeking applications in computational biology that would accelerate the growth of the technology in the coming years.

From applications perspective, healthcare is the largest user, followed by BFSI. In 2014, the healthcare segment generated revenue of $745.1million, accounting for about 30% of the total market. The growth in the segment is driven by medical imaging technology and the ability of cognitive analytics to help physicians and nurses in analyzing mammogram images and detecting suspicious areas that indicate potential abnormalities.

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Companies such as Deloitte, PwC, Accenture and other prominent players largely utilize cognitive computing in training their staff and improving their productivity.

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