Cognitive Computing Market: Lucrative Opportunity by 2025
This report on the global market for cognitive computing has been developed using proven research methodologies and aspires to serve as a credible business document for the stakeholders of this market. It provides an in-depth analysis of all the factors that may influence the demand in cognitive computing market and estimates the future scenario until 2025. Several leading vendors operating in this market have also been profiled in order to represent the competitive landscape and opportunities available for new entrants.
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Application-wise, the global cognitive computing market has been segmented into diagnostic application programing interface (API), farm mechanization, cyber security, robots, gaming, video surveillance, social media monitoring, self-driving cars, eLearning, IT Infrastructure, supply chain management, and others. On the basis of deployment type, the market for cognitive computing is categorized into on-premise and cloud. By end-use industry, the report bifurcates the market into banking, financial service and insurance (BFSI), healthcare, energy and utility, IT and telecom, aerospace and defense, retail, agriculture, government, transportation, education, media and entertainment, and others such as human resources (HR) and marketing and PR. End-user of cognitive computing market are large enterprises, small and medium enterprises (SMEs), and public sector. Geographically, the report studies the potential of cognitive computing market in the regions of North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
Increasing volume of complex data that is essential for the proper functioning of an organization is the primary driver of this market. Organizations now depend on data such as human language, pictures, and videos to make more informed business decisions and cognitive analytic technologies such as machine learning and NLP aids them in achieving the desired results. The report also expected the increasing internet speed will further escalate the demand for cognitive computing in order to manage the explosion of data in the form of text, images, videos, and others.
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In terms of deployment type, the cloud segment served the maximum demand in 2016 and is expected to remain maximum revenue generator throughout the forecast period, which is attributed to rising level of digitization and growing adoption of cloud computing technologies. Application-wise, healthcare industry presents maximum demand for cognitive computing, although the sectors of retail and BFSI are consistently incrementing the demand.
North America currently serves the maximum demand for cognitive computing, owing to high adoption rate of new technology and financial strength of developed countries such as the U.S. and Canada. The automotive sector drives the demand from North America. Europe and Asia Pacific are other two lucrative regions that are expected to increment the demand substantially during the forecast period.
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