Press release
With 25.70% CAGR, Cognitive Computing Market Size US$ 110.66 Billion by 2027
Cognitive Computing Market
Cognitive computing (CC) is a technology that relies on the scientific disciplines of artificial intelligence (AI) and signals processing. It comprises machine learning (ML), speech and image recognition, distributed and high-performance computing systems, natural language understanding (NLU) and a conversational human interface. It simulates the human thought process in a computerized model to develop automated IT systems that can solve problems without human intervention. Due to its unique approach to acquiring knowledge from structured and unstructured data, it is considered revolutionary in the technology sector. Besides this, it enhances troubleshooting and error detection, data collection and interpretation, and customer retention businesses that assist in smart financial and informed and strategic decision-making processes in a cost-efficient manner.
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Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
• Acuiti Group
• Cisco Systems Inc
• Enterra Solutions LLC
• Expert .AI
• e-Zest Solutions Ltd
• Google LLC (Alphabet Inc.)
• International Business Machines Corporation
• Marlabs LLC
• Microsoft Corporation
• Red Skios Ltd
• Sas Institute Inc
• Tata Consultancy Services Ltd
• Vantage Labs LLC
• Virtusa Corporation
Cognitive Computing Market Demand:
The growing demand for cognitive computing from the industrial sector majorly drives the global market. This can be attributed to the extensive application of the platform across telecommunications, banking, financial services and insurance (BFSI) and retail industries. Apart from this, the rising concerns among all the major business organizations regarding the risk associated with strategic initiatives are impacting the market growth. Along with this, the widespread adoption of cognitive computing in the healthcare industry to diagnose numerous diseases by rapidly processing enormous data and generating customized smart recommendations is also significantly supporting the market. Furthermore, the escalating utilization of deep learning technology in artificial intelligence (AI) recommendation engine solutions is creating a positive market outlook. Some of the other factors driving the market further include rapid digitization and the emerging information technology (IT) industry.
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Key Market Segmentation:
Breakup by Technology:
• Natural Language Processing
• Machine Learning
• Automated Reasoning
• Others
Breakup by Deployment Type:
• On-premises
• Cloud-based
Breakup by Enterprise Size:
• Small and Medium-sized Enterprises
• Large Enterprises
Breakup by Industry Vertical:
• Healthcare
• BFSI
• Retail
• Government
• IT and Telecom
• Energy and Power
• Others
Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
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IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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