Cognitive Computing Market to be Dominated by Natural Language Processing (NLP) Through 2028
Growing evolution in computing environments, including cloud,
mobile & analytics, is expected to drive the implementation of the
cognitive computing market across the globe during the forecast period.
According to
TechSci Research report, “Cognitive Computing Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028” The global cognitive
computing market is growing owing to the rise in the penetration of artificial
intelligence and integrated cloud platforms. It is expected to bolster the
growth of cognitive computing solutions. This factor is expected to fuel the market's
growth during the forecast period. The growing concern among all major business
organizations about analyzing a large volume of data to estimate the risk
associated with any strategic initiative is also aiding in the acceleration of
industry growth. The requirement for industries such as healthcare, retail, and
financial institutions to analyze large volumes of data optimally in real-time
is expected to benefit the industry. As technology advances, innovative
techniques such as machine learning and automated reasoning are being
implemented in dispensing systems.
Cognitive computing is a
technological platform based on signal processing and artificial intelligence
scientific premises. Natural Language Processing (NLP) is the most widely used
technology because of its ability to process natural language interactions. The
increased demand for automated reasoning, big data, and machine learning
technology, as well as artificial intelligence and probabilistic logic, has
paved the way for more remarkable data science development. With its diverse
applications in developing interactive software platforms, the evolution of the
Internet of Things (IoT) has also accelerated the market's growth rate.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Cognitive Computing Market"
The spread of coronavirus is
expected to have a lasting impact on living, working, and socializing. The
pandemic is having profound implications for businesses across the globe as
everyone is adapting to the new normal of operating an organization remotely.
The COVID-19 pandemic has accelerated digital transformation, and organizations
are continuously transforming their business processes by adopting technologies
such as cognitive computing, cloud, and analytics. Organizations are leveraging
the benefits of cognitive computing solutions to survive the pandemic by
putting bots to work on essential digital functions, freeing up workers, and
ensuring critical operations continue seamlessly. Cognitive automation
solutions have provided a significant boost in productivity and are speeding up
critical workflows amid the pandemic.
On the basis of component,
the market is further bifurcated into platform and services. Based on technology,
the market is fragmented into natural language processing, machine learning,
deep learning, human computer technology, automated reasoning, and information
retrieval. Based on deployment mode, the market is divided into on-premises and
cloud. Based on organization size, the market is split up into small &
medium enterprises and large enterprises. Based on industry vertical, the
market is divided into healthcare & life sciences, retail & e-commerce,
BFSI, security, IT & Telecom, media & entertainment, aerospace &
defense, manufacturing. On the basis of region, the market is divided into North
America, Europe, Asia-Pacific, South America, and Middle East & Africa.
During the forecast period,
the natural language processing segment is expected to account for a
substantial market share. Natural Language Processing (NLP) has aided cognitive
technology in propelling IT infrastructure worldwide. The adoption of cognitive
computing solutions in the BFSI domain is phenomenal. Adopting cognitive
solutions necessitates effective and efficient data analytics capabilities that
are tailored to the needs of the business. The recent advancement of data
storage facilities, such as integrated cloud storage facilities, as well as the
evolution of customized cloud solutions, such as private and public clouds,
have fueled market growth. Furthermore, the proliferation of an exponential
amount of data has compelled enterprises and organizations to rely on cloud
solutions. Industry players are increasingly focusing on adopting AI platforms
by acquiring relatively more minor industry participants and other ecosystem
players.
Key market players in the Global
Cognitive Computing Market include:
- IBM Corporation
- Microsoft
Corporation
- Oracle
Corporation
- Google LLC
- SparkCognition,
Inc.
- Expert System
- Cisco Systems,
Inc.
- SAP SE
- Hewlett Packard
Enterprise Development LP
- Enterra Solutions
Recent Advancements
- Schlumberger, Chevron, and
Microsoft announced an alliance in September 2019 to accelerate new
technologies around the world. The collaboration began with the adoption of the
Petro technical Suite in the DELFI environment, followed by the intensification
of cloud-native applications on Azure, and finally with the co-innovation of a
suite for cognitive computer processing native abilities.
- In April 2018, IBM corporation
formed a partnership with Media Math. The collaboration combines Watson’s
cognitive abilities with Media Math’s maximum capability, enabling companies to
create millions of customizable ads that attain a consumer on the suitable
device at the perfect time to persuade.
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“The North America region has
significant growth prospects for cognitive computing, owing to the rapid
adoption of integrated cloud platforms and the emergence of new business
models. Strong government policies in the United States and Canada are likely
to emphasize the importance of data security, hastening the deployment of these
systems across the region. During the forecast period, Asia Pacific is expected
to be the fastest-growing region. Some positive factors, such as rising
internet penetration and a growing number of startups in India, China,
Australia, and Japan, are driving Asia-Pacific growth in the forecast period.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Global Cognitive Computing Market Segmented By Component
(Platform, Services), By Technology (Natural Language Processing, Machine
Learning, Deep Learning, Human Computer Technology, Automated Reasoning,
Information Retrieval), By Deployment Mode (On-Premises, Cloud), By
Organization Size (Small & Medium Enterprises, Large Enterprises), By
Industry Vertical (Healthcare & Lifesciences, Retail & E-Commerce,
BFSI, Security, IT & Telecom, Media & Entertainment, Aerospace &
Defense, Manufacturing), By Region, Competition Forecast & Opportunities,
2018-2028”, has evaluated the future growth potential of Cognitive
Computing and provides statistics and information on
market structure, size, share, and future growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in the Global Cognitive
Computing Market.
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