Information and Communication Technology Cognitive Computing Market is projected to grow up to 33% CAGR during the forecasting peri...

Cognitive Computing Market is projected to grow up to 33% CAGR during the forecasting period 2021-2027.

Computing has advanced to the point where computers have gained the ability to recognise human actions and perform them appropriately. This has been accomplished through the development of stimulus algorithms that make use of specialised algorithms and artificial intelligence generated from unstructured data. It can operate on raw, unstructured data without the need for specific algorithms or human involvement, and it can connect comparable data in the form of papers or video in a computer comprehensible format. This is one of the most significant advantages of the Cognitive Computing Technology Market. When it comes to the Cognitive Computing Technology Market, it is concerned with the human interaction method of addressing computing issues by comprehending and analysing patterns that cannot be changed by conventional human calculations.

The widespread use of big data, natural language processing, artificial intelligence, logistic understanding, and cloud computing has prepared the path for Cognitive Computing Technology to succeed in today's data-driven society. With more than 80 billion user's data uploaded to the cloud in the last 5 years, different sectors such as retail, business, healthcare, media, and others are benefiting from cloud computing.The growing need for sophisticated data analytics for scheduling and planning automated procedures is anticipated to accelerate the spread of cognitive computing across the world. For example, the integration of cognitive computing technologies with the Mars rover vehicle or the Hubble space observatory may aid in the generation of patterns that can be used by intelligent systems to execute processes successfully in dynamic settings.

The advent of the Internet of Things (IoT) will have a significant impact on the future of many businesses. Technology such as this is used to link embedded objects and devices, such as sensors, actuators, and other similar devices, and to allow communication between them without the need for human involvement. Cognitive technologies, such as machine learning and artificial intelligence, have unquestionably proved to be essential components of the Internet of Things, since they may assist in making goods and services smarter and, as a result, more useful.

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Key Driving Factors: An increase in the amount of big complicated data being produced.

Global market growth has been driven by the rise in cognitive computing industry trends such as the adoption of large data sets across a wide range of sectors, among others. Because these data-sets include a large amount of information and conventional data-analytic methods are incompatible with processing this information, companies all over the world are turning their attention to the use of cognitive computing systems to solve their problems. During the forecast period, this change is also expected to be a significant element in the development of the worldwide market as a whole.

Key Driving Factors: NLP and Machine Learning are being integrated with artificial intelligence (AI).

In a wide range of applications, including retail, healthcare, and other fields, the combination of natural language processing and machine learning with artificial intelligence is becoming more popular. By accelerating decision-making, the integration of these technologies improves the existing level of efficiency in the organisation. By collecting information from the actual world, the sudden use of these technologies may increase the level of performance significantly. In the healthcare industry, the immersive application of machine learning and natural language processing (NLP) allows the deep learning of each patient's data. Artificial intelligence is being used to solve big data analytics issues right now, and the development of digital transformation in different sectors will fuel the growth of the cognitive computing industry.

Key Driving Factors: Growth of Cognitive Computing in Healthcare

The use of advanced technologies has resulted in a significant increase in the quality of healthcare treatment services, allowing physicians to perform better diagnoses and save a significant number of lives in recent years.

  • Improve Patient Health Behavior: Smarter algorithms assist in the early identification of chronic illnesses, allowing medical practitioners to counsel patients to adopt healthy behaviours in order to reduce the severity of the condition in the future. This helps to prevent the disease from becoming more severe.

  • Increases Efficiency in Daily Operations: By evaluating patient information and providing them with the finest medical assistance, medical practitioners may effectively optimise their clinical and operational activities, thus increasing their productivity.

This report offers the major market player’s profiles, such as Microsoft (US), Teradata (US), IBM (US), SAS (US), Google (US), AWS (US), CognitiveScale (US), SparkCognition (US),TCS (India), Expert System (US), Cisco (US), Virtusa (US), Acuiti (Australia), E-Zest(India), Vantage Labs (US), Red Skios (Spain), BurstIQ (US). 

Based on End-users:

The increasing number of technical advances, such as the integration of machine learning, artificial intelligence, the Internet of Things, and so on, are greatly improving the IT industry, which is further resulting in the growth of cognitive computing. The development of smart and automated solutions and applications is also a major driver of the cognitive computing industry. The introduction of new business models has prompted the development of machine learning technology, which is now being combined with artificial intelligence-based technologies to change corporate operations. Furthermore, IT solutions provider firms such as BMC Software Inc. have recently launched Helix Cognitive Service Management (CSM) for integrating cognitive technologies such as artificial intelligence (AI) and machine learning (ML) into conventional IT service management. Additionally, the increasing use of AI-based technologies, as well as natural language processing (NLP) and machine learning (ML) in the IT industry, will predict the expansion of the cognitive computing market.

The Cognitive Computing Market report has been categorized as below

By Technology

  • Machine Learning (ML)

  • Human Computer Interaction

    • Computer Vision

    • Machine Vision

    • Robotics

  • Natural Language Processing (NLP)

  • Deep Learning

    • Prescriptive and Predictive Modeling

    • Decision Making

By application

  • Automation

  • Intelligent Virtual Assistants

  • Behavioral Analysis

  • Biometrics

  • Others

By deployment mode

  • On-premise

  • Cloud

  • Hybrid

By organization size

  • Large Enterprises

  • Small and Medium-Sized Enterprises (SMEs)

By business functions

  • Human Resources (HR)

  • Legal

  • Finance

  • Marketing and Advertising

By industry vertical

  • BFSI

  • Retail and eCommerce

  • Telecommunication and IT

  • Healthcare and Life Sciences

  • Manufacturing

  • Government and Defense

  • Media and Entertainment

  • Travel and Hospitality

  • Others

By Region

       North America

●     Europe

●     Asia Pacific

●     Rest of World

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Published Date : October-2021