The global cognitive computing market size is expected to reach USD 49.36 billion by 2025, according to a new study conducted by Grand View Research, Inc. The surge in demand for the cognitive computing technology across North America and Europe is anticipated to drive the industry growth over the next nine years. It enables business organizations to incorporate advanced data analytics technology in their business processes to measure the risk associated with the strategic initiatives.
Industry players are progressively investing a significant amount to adopt the modern cognitive solution by profound research and development. Since 2010, several mergers and acquisitions have taken place by large enterprises to utilize this inherent technological platform into the organization.
The incorporation of features, such as Artificial Intelligence and Internet of Things that enables automated integration between software, hardware platform, and the consumer, is energizing the industry growth prospects. These features subsequently influence the market dynamics and accelerate the growth momentum to rise to its optimal level.
The increasing consumer preference toward profound data analysis is a favorable trend observed in the market. The continuous development of cloud computing platform and on-premises hardware equipment for the safe and secure data storage is instrumental to the widespread adoption of cognitive solution across diverse industrial verticals.
The cognitive computing solution has the potential to perform analysis and support business decision making against a huge amount of data generated daily across various industries. It also has the potential to identify anomalous behavior in the data by inspecting usage patterns to block the cyber-attacks.
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Further key findings from the study suggest:
- The natural language processing technology segment dominated the industry, accounting for over 40% of the overall volume due to the surging demand for pattern recognition
- Cloud systems are expected to gain momentum as they facilitate secure and integrated data storage solution according to the business requirements
- The Asia Pacific region is predicted to emerge as the fastest growing market owing to the rise in small and medium enterprises in emerging countries, such as India and China
- Prominent vendors operating in the market include Google, IBM, Microsoft Corporation, Oracle Corporation, SAP, Statistical Analysis System (SAS), and Saffron Technology
- Increased focus on research and development activities and adoption of artificial intelligence are being observed in the industry
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Grand View Research has segmented the global cognitive computing market on the basis of technology, deployment, application, and region:
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
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
For more information visit – http://www.grandviewresearch.com/