Global Cognitive Computing Market is expected to reach USD 49.36 billion by 2025. Cognitive computing is a technology that uses computerized models to stimulate human thought process. The system could mimic the way human brain works like natural language processing, self-learning algorithms using data mining, and pattern recognition.
Also, the term is used interchangeably with artificial intelligence. The aim is to solve complex issues that are only solved by human cognitive thought. It is exclusively used in e-Commerce, BFSI, retail, healthcare, and security. The Cognitive Computing Market is estimated to grow at a significant CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
The factors that are playing a major role in the growth of Cognitive Computing are rising use of enhanced cloud-based technology, growing volume of unstructured data, and developing software and hardware systems. However, growing concern related to large volume of data may restrain overall market growth in the years to come. Cognitive Computing Market is segmented based on deployment type, technology, end user, verticals, and region.
On-premises and cloud are the deployment types that could be explored in Cognitive Computing in the forecast period. The cloud sector accounted for the significant market share in 2015 and is estimated to grow at a significant CAGR in the years to come; the reason being, developing public and private cloud solutions and expansion of data storage facilities. Also, on-premises storage sector is estimated to grow at the fastest pace in the years to come.
The enhanced technology used in Cognitive Computing comprises automated reasoning, natural language processing (NLP), machine learning, and others that could be explored in the forecast period. Natural language processing (NLP) sector accounted for the significant market share of Cognitive Computing and is estimated to lead the overall market in the years to come; the reason being, its capacity to develop natural language interactions.
The market may be categorized based on an end user like large enterprises, SMBs, and the others that could be explored in the forecast period. Based on verticals market could be explored in Education & Research, Healthcare, Media & Entertainment, BFSI, Travel & Tourism, Consumer Goods & Retail, Travel & Tourism, Aerospace & Defense, Energy & Power, Telecom & IT, and others could be explored in Cognitive Computing in the forecast period.
Globally, North America accounted for the significant market share of Cognitive Computing and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be developing new business models and rising acceptance of united cloud platform. The United States and Canada are the major consumers of Cognitive Computing in this region, due to the growing importance of data security in the region.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The developing countries like India and China are the major consumers of Cognitive Computing in this region.
The key players of Cognitive Computing Market are Vicarious, Google, Tibco Software, IBM, Palantir, Microsoft Corporation, Numenta, Oracle Corporation, Cognitive Scale, SAP, Saffron Technology, and Statistical Analysis System (SAS). These market players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
Technology Outlook (Revenue, USD Million; 2014 - 2025)
• Natural Language Processing
• Machine Learning
• Automated Reasoning
• Information Retrieval
Deployment Outlook (Revenue, USD Million; 2014 - 2025)
Application Outlook (Revenue, USD Million; 2014 - 2025)
• IT & Telecom
• Aerospace & Defense
Cognitive Computing Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Research Support Specialist, USA