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Global Cognitive Computing Market to
Witness 34.2% CAGR during 2017 – 2023

enquiry@psmarketresearch.com
www.psmarketresearch.com

Global Cognitive Computing Market

According to a new research report “Global Cognitive Computing Market Size, Share,
Development, Growth and Demand Forecast to 2023 - Industry Insights by Technology
(Natural Language Processing, Machine Learning, Automated Reasoning, Information
Retrieval), by Deployment Model (Cloud, On-Premise), by End User (Small & Medium
Enterprise, Large Enterprise), by Industry Vertical (Healthcare, Retail & Consumer
Goods, BFSI, Security, IT & Telecom, Aerospace & Defense, and Others)” published by
P&S Market Research, the global cognitive computing market is projected to reach
$35,781.7 million by 2023, growing at a CAGR of 34.2% during 2017 - 2023.
Browse Report Description at: https://www.psmarketresearch.com/market-

analysis/cognitive-computing-market

Global Cognitive Computing Market

Global cognitive computing market to reach
$35,781.7 million by 2023
Due to significant advancements in big data technologies such as analyzing
volumes for structured and unstructured data, and data mining techniques,
the adoption of cognitive computing in various industries has increased
over the past few years. This has further led to increase in incorporation of
advanced data analytics technology by business organizations for measuring
the various risks associated with their strategic initiatives.

Global Cognitive Computing Market

Insights on market segments
As per the findings of the research, cloud deployment segment has been the larger revenue
generator as compared to the on-premise deployment segment in the global cognitive
computing market. Further, among the various technologies, natural language processing
technology leads the global cognitive computing market. However, machine learning
technology is expected to grow at the fastest rate during the forecast period. Among industry
verticals, healthcare segment was the largest contributor to the global cognitive computing
market during 2013 - 2016. However, the IT & telecom sector is expected to witness the
fastest growth in the global cognitive computing market, during the forecast period.
Natural language processing technology has been the largest revenue contributor to the global
cognitive computing market. Natural language processing is used for processing human
language in such way that a computer can understand and interpret it easily. The market for
natural language processing technology is gaining significant interest among computing
experts as it automates the translation process between a computer and human, effectively
and efficiently, acting as a bridge between human communication and digital data. In addition,
one of the key features driving the demand for natural language processing technology is its
ability to input unstructured data such as images, paragraphs, and pages and produce
structured outcomes. This in turn helps technology leaders and industry experts in gathering
intelligence on factors such as changing market conditions, terrorist threats, research on
immediate social issues, and fighting spam.

Global Cognitive Computing Market

The market to witness fastest growth in AsiaPacific, during the forecast period
Geographically, North America has been the largest market for cognitive
computing, while, Asia-Pacific is expected to witness the fastest growth,
during the forecast period. The anticipated growth in the market can be
attributed to factors such as rapid adoption of big data technologies,
growth in industry digitalization, and advancement in data analytics
software industry in the region. Further, as business leaders are focusing
more on greater return on investment (RoI), through next generation
technologies such as human thinking ability systems, the region has high
tendency to witness potential growth in near future.
In Asia-Pacific, the investments in cognitive computing technology and
centers of excellence by major players such as IBM and Microsoft, to tap
the huge potential for business are further expected to bolster market
growth, across the globe.

Global Cognitive Computing Market

Increase in demand for machine learning escalates
the global market growth
Factors driving growth in the global cognitive computing market include
significant increase in large and complex data set, evolution in computing
platforms such as mobile and cloud, decreasing cost and availability of
cognitive computing services, and increased adoption of new analytics
based technologies for effective business transformations, globally.
With industries generating huge volume of unstructured data, new data
analytics solutions aim at generating valuable insights from such data by
converting it into a structured data set. This is achieved by machine learning
technology, which encompasses the study of conceptual learning and
pattern recognition theory of artificial intelligence. Further, machine
learning technology enables the computer programs to learn from the past
data and modify themselves, when exposed to new data.

Global Cognitive Computing Market

Apart from this, machine learning technology helps businesses in solving
enormous problems by predicting user behavior for organizational growth,
which is consequently driving the demand for machine learning technology
in the global cognitive computing market. The rapid increase in need for
computing power and cloud based technologies from web analytics, to
customer demographics, and use of purchase information, is expected to
propel market growth in the coming years.

Cognitive computing is now-a-days used in numerous applications,
however; the evolution of computing, featuring, natural language
processing, dynamic learning, hypothesis generation and evaluation are
further helping in improvement of information and communication system
in industries such as healthcare and retail, for better business outcomes.

Global Cognitive Computing Market

Moderate competition among key players
The research states that the global cognitive computing market is
moderately competitive, with players developing new cognitive computing
solutions. Some of the key players operating in the global cognitive
computing market are IBM, Google Inc., Hewlett Packard (HP), Microsoft
Corporation, Nuance Communication Inc., Oracle Corporation, SAP, Tibco
Software, and 3M.
Most of the major vendors in the global cognitive computing market are
actively focused on enhancing their offerings to meet the ongoing demand
for advanced computing solutions. This includes software development,
hardware integration, and big data analytics learning. IBM is currently the
market leader in the cognitive computing space. It offers a complete suite
of cognitive computing combined with sophisticated analytical software
and artificial intelligence.

Global Cognitive Computing Market

Download report sample at:

https://www.psmarketresearch.com/market-analysis/cognitivecomputing-market/report-sample


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