Natural Language Processing
By Deployment Model
By End User
Small & Medium Enterprise
By Industry Vertical
Retail & Consumer Goods
IT & Telecom
Aerospace & Defense
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.
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.
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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.
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.
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.