What are the applications of Cognitive Computing Market?

Cognitive computing is a technology platform, which is based on the scientific disciplines of signal processing and artificial intelligence. These platforms are comprised of natural language processing (NLP), reasoning, speech recognition and vision, machine learning, human-computer interaction, and narrative generation. In other words, cognitive computing simulates the human thought process in the computerized model, in order to create automated IT systems that can solve problems without human intervention. Cognitive computing has been considered as revolutionary as it uses a unique approach of acquiring knowledge from structured and unstructured data and learns from it instead of being programed with strict linear or logical rules or responses. Various organizations have started adopting cognitive technology due to recent advancements in digital technology.

The global cognitive computing market is estimated to account for US$ 76.46 Bn in 2019 is expected to exhibit a CAGR of 53.0% during the forecast period.

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Increasing investment in big data analytics is expected to drive growth of the global cognitive computing market during the forecast period
The use of big data analytics has increased significantly in the recent past, a majority of the data received by companies is in the form of unstructured data including images, audio files, videos, texts, etc. This makes organizations adopt the cognitive computing model to organize the data and provide meaningful interference. Furthermore, high growth of the global big data and analytics market has increased the demand for cognitive computing systems in the industry. Companies in the market are focused on making significant investments in big data is expected to support the global cognitive computing market growth during the forecast period.

Growing use of cloud-based applications is expected to propel the global cognitive computing market growth over the forecast period
Cloud-based applications are typically used due to their diverse characteristics such as less consumption of memory, high flexibility, lesser cost, and increased flexibility. Since the organizations of different sizes are focused on moving their critical business systems onto cloud platforms, the demand for a cognitive cloud platform is expected to increase making it possible to create and bring cognitive computing applications to masses. Therefore, growing cloud-based applications is expected to boost the market growth over the forecast period.

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