Cognitive
Computing Market Analysis By Regions (North America, Europe, Asia-Pacific,
Latin America and Africa), Product, Size, Share, Trends, Growth Factors,
Revenue By Application And Segment Forecasts To 2027.
Global Cognitive Computing Market
is expected to reach USD 49.36 billion by 2025. Cognitive computing is a
technology that uses computerized models to stimulate human thought process.
The system could mimic the way human brain works like natural language
processing, self-learning algorithms using data mining, and pattern
recognition.
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Also, the term is used
interchangeably with artificial intelligence. The aim is to solve complex
issues that are only solved by human cognitive thought. It is exclusively used
in e-Commerce, BFSI, retail, healthcare, and security. The Cognitive Computing
Market is estimated to grow at a significant CAGR over the forecast period as
the scope and its applications are rising enormously across the globe.
The factors that are playing a
major role in the growth of Cognitive Computing are rising use of enhanced
cloud-based technology, growing volume of unstructured data, and developing
software and hardware systems. However, growing concern related to large volume
of data may restrain overall market growth in the years to come. Cognitive
Computing Market is segmented based on deployment type, technology, end user,
verticals, and region.
On-premises and cloud are the
deployment types that could be explored in Cognitive Computing in the forecast
period. The cloud sector accounted for the significant market share in 2015 and
is estimated to grow at a significant CAGR in the years to come; the reason
being, developing public and private cloud solutions and expansion of data
storage facilities. Also, on-premises storage sector is estimated to grow at
the fastest pace in the years to come.
The enhanced technology used in
Cognitive Computing comprises automated reasoning, natural language processing
(NLP), machine learning, and others that could be explored in the forecast
period. Natural language processing (NLP) sector accounted for the significant
market share of Cognitive Computing and is estimated to lead the overall market
in the years to come; the reason being, its capacity to develop natural
language interactions.
The market may be categorized
based on an end user like large enterprises, SMBs, and the others that could be
explored in the forecast period. Based on verticals market could be explored in
Education & Research, Healthcare, Media & Entertainment, BFSI, Travel
& Tourism, Consumer Goods & Retail, Travel & Tourism, Aerospace
& Defense, Energy & Power, Telecom & IT, and others could be
explored in Cognitive Computing in the forecast period.
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