Cognitive Computing Market by Technology (Natural Language Processing, Machine Learning, Automated Reasoning, and Others), Deployment Type(On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises), and Industry Vertical (Healthcare, BFSI, Retail, Government & Defense, IT & Telecom, Energy & Power, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026
Cognitive computing helps to process volumes of complex data, thereby inadvertently enhancing the enterprises productivity levels. Cognitive computing is considered as next generation system that converses in human language and helps experts to make better decisions by understanding the complexities of big data. In the current scenario, most of the data received is unstructured such as images, videos, natural language, and symbols. Cognitive computing, with the help of different technologies such as natural language processing, machine learning, and automated reasoning, translates unstructured data to sense, infer, and predict the best solution.
Cognitive computing is majorly used in BFSI, healthcare, energy & power, retail, e-commerce, and other sectors. Increase in volume of unstructured data and advancements in technology are the major driving forces of the cognitive computing market. Cloud-based technological advancements, development of innovative hardware & software systems and cognitive experience interfaces are the factors expected to foster the growth of the cognitive computing market. Recently, in March 2015, IBM acquired AlchemyAPI, one of the leading providers of scalable API services and deep learning technology, which helps in the development of IBM’s next generation cognitive computing applications. Google acquired cognitive computing start-up DeepMind focusing on integrating DeepMind’s NLP technology into its core search product for better understanding of the queries written in a natural language.
The cognitive computing market is segmented on the basis of technology, deployment type, enterprise size, industry vertical, and region. By technology, it is categorized into natural language processing, machine learning, automated reasoning, and others. On the basis of deployment type, it is divided into on-premise and cloud. Further, on the basis of enterprise size, it is classified into large enterprises and small and medium enterprises. Depending on industry vertical, it is categorized into healthcare, BFSI, retail, government & defense, IT & telecom, energy & power, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the cognitive computing market include 3M, Google LLC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Microsoft Corporation, Nuance Communications Inc., Oracle Corporation, SAP SE, SAS Institute Inc., and Tibco Software Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and others, which help drive the growth of the global cognitive computing market.
KEY BENEFITS FOR STAKEHOLDERS • The study provides an in-depth analysis of the current & future trends of the market to elucidate the imminent investment pockets.
• Information about key drivers, restraints, and opportunities and their impact analysis on the global cognitive computing market share is provided.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the cognitive computing industry.
• The quantitative analysis of the market from 2018 to 2026 is provided to determine the global cognitive computing market potential.
KEY MARKET SEGMENTS
By Technology • Natural Language Processing
• Machine Learning
• Automated Reasoning
By Deployment Type • On-Premise
By Enterprise Size • Large Enterprises
• Small & Medium Enterprises
By Industry Vertical • Healthcare
• Government & Defense
• IT & Telecom
• Energy & Power
By Region • North America
o Rest of Europe
o Rest of Asia-Pacific
o Latin America
o Middle East
KEY MARKET PLAYERS • 3M
• Google LLC
• Hewlett Packard Enterprise Development LP
• International Business Machines Corporation
• Microsoft Corporation
• Nuance Communications Inc.
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
• Tibco Software Inc.
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