Cognitive Computing Market

Cognitive Computing Market : Revolutionizing the World Cloud-based Applications
The competition in the global cognitive computing market is markedly low, despite a
burgeoning number of small players and start-ups making a foray into this space, finds
Transparency Market Research (TMR). This can be attributed primarily to a deluge of consumer
demands and the presence of relatively less number of players with an established presence in
the market. Prominent players are constantly developing smart applications and automated
solutions for several end-use industries, in order to gain a gain a competitive edge over others.
A number of players are developing low-cost cognitive computing technologies for modern
business applications to gain better foothold in the market.
Some of the top players holding a sustained share in the market are Google, Inc., Accenture,
Inc., IBM Corporation, Microsoft Corporation, and Cisco Systems, Inc., observes TMR . Several
leading players are leveraging the potential of artificial and machine learning technologies to
develop innovative solutions in the market.
The global cognitive computing market stood at US$29.67 bn in 2016 and is projected to rise at
a spectacular CAGR of 49.9% from 2017 to 2025. Expanding at this impressive pace, the global
cognitive computing market is estimated to reach a valuation of US$1000.52 bn by the end of
the forecast period.
The various industry verticals for substantial demand for cognitive computing solutions and
services are healthcare, BFSI, IT and telecom, energy and utility, retail, aerospace and defense,
government, manufacturing, transportation, media and entertainment, agriculture, education,
and business functions such as HR, marketing, and PR. Of these, the healthcare industry hold
the dominant market share in 2016 and is anticipated to rise at an impressive pace. Of the
various regional markets for cognitive computing, presently, North America leads as it
accounted for a leading share of the global market in 2016. The growth of the regional market
is attributed to the vastly rising demand for deployment of cognitive computing in educational
institutions and a wide demand from a growing number of small- and medium-scale
enterprises.
Burgeoning Demand for Big Data Analytics among Enterprises to boost Market
The vastly rising demand for big data analytics technologies to make sense of the enormous
amount of data in various areas of business that defies natural human comprehension is a
defining factor bolstering the need for cognitive computing technologies. The proliferation of
unstructured data enterprise data in businesses in various regions and the need for machine
learning technologies for turn these to drive profitability across the business are crucial factors
boosting the market. The vastly rising demand for cloud-based applications is a prominent
trend bolstering the demand for cloud computing solutions. The paradigmatic shift among
enterprises for moving critical business systems onto cloud infrastructure is a notable factor
fortifying the demand for cognitive computing market.
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Development of Innovative AI Technologies for Healthcare to Unlock Exciting Opportunities
The vastly rising demand for artificial intelligence (AI) and machine learning technologies in
various industries, especially in healthcare, BSFI, manufacturing, retail, government, agriculture,
media and entertainment, is a notable factor accentuating the market. The substantial demand
for these technologies in the healthcare industry is expected to provide a robust impetus to the
growth of the market.
In recent years, the advent of disruptive technologies, supported by AI, for the retail sector
worldwide has opened up a host of lucrative avenues for market players to capitalize on.
However, the high upfront investment requited for the development of cognitive computing
technologies and vast funds required to deploy the solutions at an enterprise-scale are notable
factors likely to hamper the growth of the market in various regions. Be that as it may, the
enormously rising demand for cognitive computing solutions from the healthcare industry in
developing regions is a key factor expected to create promising prospects in the market during
the forecast period. The emerging demand for cyber security applications for cognitive
computing applications for managing infrastructural solutions is a noteworthy trend expected
to open up lucrative avenues for players in the years to come.
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