Cognitive Computing Market - Global Industry Analysis, Growth, Trends, Forecast 2024

Global Cognitive Computing Market: Overview

Cognitive computing is a technology platform based on the scientific premises of signal processing and artificial intelligence. It refers to replicating the human thought process in a computerized model. Cognitive computing also comprises self-learning systems that use pattern recognition, natural language processing, and data mining to mimic the way in which a human brain works.

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Cognitive computing processes are expected to emerge as next-generation systems as artificial intelligence slowly becomes a mainstream technology. The application of cognitive computing processes is therefore touted as the next-generation systems. Their application has increased in continually acquiring information based on data fed into them, subsequently processing the complex information. These systems are therefore marketed as a means to help companies make better decisions by deciphering complex and unstructured data.

As business leaders focus more on their return on investment, the global cognitive computing market is expected to gain a major boost. According to industry experts, cognitive computing and artificial intelligence are expected to emerge as the biggest trends to look out for in 2016. The report has been compiled to present key insights into various trends encouraging the rise of the global cognitive computing market. It examines the influence of various growth drivers and restraints on the market to present a refined outlook for its growth.

Global Cognitive Computing Market: Opportunities and Threats

According to experts, over time, various cognitive computing technologies will be built to provide customized IT solutions. The technology is expected to provide human-designed systems and imbue into them a “thinking ability,” helping organizations to accomplish tasks that they were unable to before.

The advances in various enabling technologies, increasingly complex datasets, and the advent of third computing platforms such as cloud, mobile, analytics, big data, and social network are expected to drive the global cognitive computing market. However, challenges such as the lack of knowledge about enabling technologies and the impact of new technologies on business applications will threaten the market’s growth.

Big data is increasing in volume at a rapid pace owing to the massive digitization of business operations worldwide. A major chunk of information received by businesses is in the form of unstructured data such as images, videos, podcasts, natural language, and symbols. This in turn necessitates the implementation of a cognitive model to collate data and provide structured output.

Retail, healthcare, BFSI, and security industries constitute the major application segments of cognitive computing. Among these, the market is expected to witness increasing demand from the healthcare sector. Recent developments in medical imaging technologies that incorporate cognitive analytics to help healthcare workers analyze mammogram images will also augment demand for cognitive computing from the healthcare sector.

Global Cognitive Computing Market: Regional Outlook

Regionally, North America held the largest share of the market in 2014, followed by Europe. The market is also expected to see attractive opportunities in Asia Pacific. The increasing adoption of cloud-based services in the region, especially across small and medium-scale companies will translate into increasing demand for cognitive computing from Asia Pacific.

Global Cognitive Computing Market: Competitive Insight

To study the prevailing competition in the market, the report has also profiled companies such as Microsoft Corporation, IBM Corporation, Nuance Communications Inc, Google Incorporation, 3M, Statistical Analysis System (SAS), Tibco Software, Hewlett Packard (HP), SAP, and Oracle Corporation. Using industry-leading analytical tools, the report weighs out the strengths and weaknesses of these companies. The latest strategies adopted by them and their product portfolios are also studied in the report in detail.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

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