Cognitive computing is rapidly emerging as a transformative expertise that enables organizations to gain business advantage. The organizations are unable to make sense out of the available data due to its complex nature and large volumes. Organizations around the globe are using only 20% of the available data for analysis and forecast. Cognitive computing assists to process volumes of complex data, thereby inadvertently optimizing the enterprises productivity levels. Cognitive computing is made using natural language processing (NLP) and machine learning algorithms to predict, sense, and conclude a particular situation.
Increasing complexity and volume of data is the prime driver for growth of global cognitive computing market. Further, evolution in Big Data Analytics computing platform and efficient use of internet speed would further boost the market. According to IBM Corporation, 66% of advance IT users are using cognitive systems. However, high cost of deploying cognitive computing system, and lack of awareness among users might restrain the market growth. Enhanced impact over business application is projected to offer lucrative opportunities for the market.
The market is identified by stiff competition with presence of numerous vendors. The market would experience a significant amount of new entrants to harness the growth potential of the market. The market leaders are constantly providing new production to gain a competitive edge. New product launch is key technique adopted by vendors to improve their foothold within market. For instance, ArisGlobal LLC launched its Cognitive Computing Platform to transforms all core functions of the product lifecycle management on June 2017.
GLOBAL COGNITIVE COMPUTING MARKET SEGMENTATION
â¢ Natural Language Processing
â¢ Machine Learning
â¢ Automated Reasoning
â¢ Others (Information Retrieval)
â¢ Government (Defense)
â¢ IT & Telecom
â¢ Large Enterprises
â¢ Small and Medium Businesses (SMBs)
By Deployment Type
â¢ On-Premises Software
â¢ Cloud-Based Services
â¢ North America
â¢ Rest of the World