Cognitive Computing Market 2021: Segmentation Analysis, Business Opportunities, Top Players, Prominent Regions and Forecast to 2027

- Cognitive computing processes extraordinary volumes of complex data and dramatically enhances the productivity levels in enterprises. Cognitive computing is considered as a next-generation system that interacts in human language and helps human experts to make better decisions by understanding the complexity of big data.

Cognitive computing can process human language, unstructured data and can even self-learn by experience and perform tasks similar to the ones done by humans. In the current scenario, big data is increasing due to digitalization and most of the data is received in unstructured form such as images, videos, natural language and symbols.

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Cognitive computing, with the help of different technologies such as natural language processing, machine learning and automated reasoning, translates unstructured data to sense, and infers and predicts the best solution. Cognitive computing is majorly used in BFSI, healthcare, security, and retail applications. Increasing volume of unstructured data and advancements in technology largely drive the cognitive computing market. Cloud based technological advancements, development of innovative hardware and software systems and cognitive experience interfaces would further create opportunities for the cognitive computing market.

The Cognitive computing market for cognitive computing is segmented on the basis of technology, applications, end user, deployment type and geography. Natural language processing technology accounted for the maximum revenue share in 2014 and this segment would continue to dominate during the forecast period (2015 – 2020). Natural language processing and machine learning have generated nearly 44% and 30% of the revenue respectively, in 2014. Retail and security would be the fastest growing application segments registering CAGR of 35.8% and 36.5% respectively, during the forecast period.

The key players in the market are acquiring specialized technology companies to gain technical expertise in order to develop innovative solutions. In March 2015, IBM acquired AlchemyAPI, one of the leading providers of scalable API services and deep learning technology, which would aid the development of IBMaEURs next generation cognitive computing applications. In Jan 2014, Google acquired the cognitive computing start-up DeepMind with the aim to integrate DeepMindaEURs NLP technology into its core search product for better understanding the queries written in a natural language.

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Key players of the cognitive computing market are IBM Corporation, Google Incorporation, Microsoft Corporation, Nuance Communications Inc., 3M, Hewlett Packard (HP), Statistical Analysis System (SAS), SAP, Tibco Software and Oracle Corporation.

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According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.

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This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).

MARKET SEGMENTATION

The market is segmented on the basis of technology, application, end user, deployment type and geography.

Global Market – By Technology Type

Natural Language Processing
Machine Learning
Automated Reasoning
Others (Information Retrieval)

Global Market – By Applications

Healthcare
BFSI
Retail
Government (Defense)
IT & Telecom
Security
Others (Travel & Tourism, Media and Entertainment, Energy & Power, Research & Education)

Global Market – By End User
Large Enterprises
Small and medium businesses (SMBs)
Global Market – By Deployment Type
On-Premise Software
Cloud-based Services

Global Market – By Geography
North America
Europe
Asia-Pacific
LAMEA

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The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.

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