The global cognitive computing market is influenced by several factors such as advancement in enabling technology, increase in volume of large complex data, and evolution in computing platforms. These factors positively impact the market at a significant rate.The notable factors affecting the growth of the cognitive computing market include big data analytics and increase in trend of cloud-based technology. Cognitive computing technologies have a positive impact on business applications, which are expected to act as an opportunity for the global market.
The major growth factors of the market include continuous evolution in the computing environment: cloud, mobile, and analytics; utilizing cognitive abilities to reduce excess operational costs; and increasing demand for intelligent business processes.
The cognitive computing market size was valued at $8.87 billion in 2018, and is projected to reach $87.39 billion by 2026, growing at a CAGR of 31.6% from 2019 to 2026.
Increased adoption of cognitive computing applications in large and small & medium enterprises boosts the growth of the market. In the prevailing business scenario, demand for unstructured data insights is witnessing a steady growth amongst the organizations. Increase in amount of unstructured data availability is one of the major growth factors for the cognitive computing market in various regions. Moreover, increase in trend of cloud-based services and big data analytics adds to the growth of cognitive computing. On the other hand, huge cost involved in the deployment of cognitive computing is anticipated to hinder the growth of the market.
The global cognitive computing market growth is in its evolving phase in most of the geographical regions. Natural language processing has driven larger portion of the market in present scenario owing to its dynamic features. It can respond in natural language, in turn inspiring its major use in the field of healthcare, banking, and financial sector.
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Cognitive computing refers to the development of computer systems model that simulates the human thought process as a human brain. These systems use natural language processing capability to tackle complex situations and learn from experience. Theyare capable of interacting with humans in a natural/human way, and help in making decisions based on the learning. Cognitive computing includes self-learning systems that use pattern recognition, data mining, and natural language processing to impersonate the way human brain works or takes decision. Moreover, cognitive computing is a sub-technology of artificial intelligence (AI) that includes almost the same underlying technologies to power its applications such as neural networks, expert systems, robotics, and virtual reality.
Some of the key market players profiled in the cognitive computing market analysis include 3M, Google LLC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Microsoft Corporation, Nuance Communications Inc., Oracle Corporation, SAP SE, SAS Institute Inc., and Tibco Software Inc. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap.
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1.2.KEY BENEFITS FOR STAKEHOLDERS
1.3.KEY MARKET SEGMENTS
1.4.KEY MARKET PLAYERS
1.5.3.Analyst tools & models
CHAPTER 2:EXECUTIVE SUMMARY
2.1.1.Top impacting factors
2.1.2.Top investment pockets
CHAPTER 3:MARKET OVERVIEW
3.1.MARKET DEFINITION AND SCOPE
3.2.KEY FORCES SHAPING THE GLOBAL COGNITIVE COMPUTING MARKET
3.2.1.Moderate -To-High bargaining power of suppliers
3.2.2.Low-To-High bargaining power of buyers
3.2.3.Low-To-High threat of substitutes
3.2.4.Low threat of new entrants
3.2.5.Low-to-high competitive rivalry
3.3.VALUE CHAIN ANALYSIS
3.3.2.Data classification and storage
3.3.4.Commercial (Small and Medium Enterprises and small & medium enterprises)
Pandemic disrupted the entire world and affected many industries.
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