Cognitive Computing Market Future-Proofing Your Business with Market Size A Comprehensive Guide

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. 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.

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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.

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. 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).

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 highlights of the report include

Market Size and Growth Analysis:

Detailed examination of the market size and growth trajectory during the forecast period.
In-depth insights into the factors driving market expansion and the challenges restraining growth.

Accurate revenue projections and trends shaping the market landscape.
Strategic Analysis:

Identification of key drivers influencing market growth and strategic recommendations to leverage emerging opportunities.
Exploration of market trends and future prospects to aid in informed decision-making.
Strategies for market players to capitalize on growth areas and navigate challenges effectively.

Competitive Landscape Evaluation:

Comprehensive profiles of industry leaders, offering a thorough understanding of their market presence and influence.
Analysis of market share held by key companies and their impact on the overall market dynamics.
Assessment of the product portfolios of major players, highlighting key offerings and innovations.

Recent Developments and Innovations:

Coverage of the latest advancements and innovations within the industry.
Insightful examination of recent developments by key market players, including product launches, partnerships, and acquisitions.
Evaluation of the impact of these developments on the overall market landscape.

Competitive Strategies:

Examination of the competitive strategies employed by leading companies to gain a competitive edge.
Analysis of successful tactics utilized in the market, providing valuable insights for other players.
Benchmarking of competitive strategies to help businesses formulate effective plans for sustainable growth.

KEY BENEFITS

The report provides an in depth analysis of the market and offers current and future trends to identify lucrative investment pockets in the market

The report identifies the key drivers, opportunities and restraints along with their impact analysis

Porters five forces analysis provides a clear idea regarding the potency of the buyers and suppliers participating in this market. This would further lend competitive advantage to the stakeholders in making profitable business decisions

Current and future trends are outlined to determine the overall attractiveness and figure out profitable trends in order to gain a stronger foothold in the market

A detailed qualitative and quantitative analysis of the market through 2014 - 2020 is provided to highlight the market potential

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)

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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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