Cognitive Computing Technology Global Market Overview:
Cognitive computing technology market is growing at the rapid pace. Increasing volume of unstructured data and advancements in technology are the major driving forces of the cognitive computing market. Other factors such as cloud based technological advancements, development of innovative hardware and software systems and cognitive experience interfaces is expected to boost the growth of the cognitive computing market. According to a recent study report published by the Market Research Future, the global market of Cognitive Computing Technology Market is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
The study indicates that by technology segment, natural language processing is the most prominent technology used in the cognitive computing industry owing to its integral capacity to process natural language interactions. At present, automated reasoning and information recovery technologies have limited applications thereby, restricting the growth of natural language processing in the global cognitive computing market. However, these technologies are seeking new trends in artificial intelligence, probabilistic logic, and query searching that would further accelerate the growth of cognitive computing industry in the coming years. Adoption of cognitive analytics in healthcare and BFSI sector accounts for major share in the cognitive computing market.
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Major Key Players:
IBM (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Microsoft (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), SAS Institute Inc. (U.S.), Numenta (U.S.), Enterra Solutions LLC (U.S.), PTC (U.S.), Palantir (U.S.) are some of the prominent players at the forefront of competition in the Global Cognitive Computing Technology Market and are profiled in MRFR Analysis.
Industry News:
29 Mar 2017 – IBM a prominent player in Cognitive Technology Market has published an article, how cognitive technology to impact key human resources function. Cognitive technology has far reaching implications in Human Resources – from hiring through on boarding to HR operations, employee engagement and performance. According to an IBM (NYSE:IBM) report, HR executives are already recognizing the impact of cognitive and there are several key areas where cognitive capabilities can be leveraged in the new HR era.
December 14, 2017 – Microsoft India showcased several projects that make use of the company’s cloud-based artificial intelligence, cognitive services and Internet of Things (IoT) technologies that can change the way citizens, enterprises and governments engage in healthcare services, agricultural practices, education and everyday work. Many of these applications are being tested out or used in the Indian states of Andhra Pradesh, Karnataka, Telangana, Punjab, Tamil Nadu and Haryana among others. The company also put the spotlight on use of artificial intelligence in Indian language computing.
September 2016: IBM announced the partnership with MIT for the development of cognitive computing.
May 2015: PTC announced the acquisition of Cold Light a leader in the big data analytics and big data learning.
Cognitive Computing Technology Market Global Market Competitive Analysis:
The Market of cognitive computing technology market appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Cognitive Computing Technology Market Global Market Segmentation:
The Cognitive Computing Technology Market can be segmented in to 5 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Technology: Comprises Natural Language Processing (NLP), Machine Learning, Automated Reasoning and Others.
Segmentation by Organization Size: Comprises SMBs, Large Enterprises.
Segmentation by Deployment:Comprises Cloud, On-Premises
Segmentation by End-User: Comprises healthcare, BFSI, consumer goods & retail, aerospace & defence, telecom & it, energy & power, travel & tourism, media & entertainment, education & research and other.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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Cognitive Computing Technology Market Global Market Regional Analysis:
North America is dominating the global cognitive computing technology market with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2022. Due to heavy investment in R&D sector from the major players in this region is also helping the market to grow.
Asia-Pacific has rich presence of manufacturing industry where cognitive computing technologies are being deployed. Increase cloud services is one of key factor which is supporting the market in this region. The increasing trend of dark data and harness speed of internet is driving the growth of the market.
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