The Global Cognitive Computing Materials Market, By Deployment Type (On-premise and Cloud-based Software), By End-user (Small Scale Enterprises, Large Scale Enterprise and Public Sector) , By Application (Diagnostic APIs, Robots, Cyber Security, Farm Mechanization, eLearning, Supply Chain management, Social Media Monitoring, Self-driving cars, Gaming, Video ,IT infrastructure management and Others), By Industry (Healthcare, BFSI,IT & Telecom, Energy & Utilities, Agriculture, Retail, Aerospace & defense, Government, Transportation, Media & Entertainment, Education and Others (HR, Marketing & PR, etc.)), and by Region (North America, Latin America, Europe, APAC and Middle East & Africa) - Global Forecast to 2027”, is expected to be valued at US$ 2,247.31 billion by 2027, exhibiting a CAGR of 53.0 % during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Cognitive computing is the use of computerized models to simulate the human thought process in complicated circumstances. The entire process of transforming thoughts to simulation includes systems to perform self-learning, obtain unstructured data, and extract insightful analytics. Instead of programing with a stringent set of liner or logical responses and rules, cognitive computing utilizes an approach of acquiring knowledge from structured and unstructured data and learns from it as it evolves. One of the most common scenarios for cognitive computing is to sole intensive computational problems by making open automated IT systems. These systems do not require human interventions, which thereby result in precise outcomes with no human error.
The global cognitive computing market is estimated to account for US$ 76.46 Bn in 2019 is expected to exhibit a CAGR of 53.0% during the forecast period.
Growing development of integrated cloud platform and machine learning is expected to drive the global cognitive computing market growth over the forecast period
Cloud-based applications are used in diverse sectors, owing to their numerous benefits including high flexibility, low cost, less consumption of memory, increased reliability, etc. Moreover, adoption of machine learning technology has proven to be beneficial, providing several advantages such as easy identification of patterns and trends, no need for human intervention, constant improvement, and handling of multi-dimensional and multi-variety data. Moreover, the implantation of artificial intelligence provides incredible speed, precision, accuracy. Cognitive computing enables organizations to adopt these cutting-edge technologies, which in turn, is expected to drive growth of the global cognitive computing market over the forecast period.
Emergence of cognitive energy intelligence can provide major business opportunities for key players
Currently, oil & gas companies are facing major challenges related to reserve replenishment and exploration, energy price collapse, high resource development costs, and ever-increasing health, safety, security, and environment (HSSE) considerations. These challenges can be overcome by improving their agility and asset productivity by adopting cognitive platforms. Cognitive energy intelligence platform provides the optimal base to harmonize and integrate all resources. Furthermore, cognitive intelligence helps to reduce human confusion and improve decision-making by providing evidence-based options. These factors can offer lucrative growth opportunities for market players.
Stringent issues regarding government policies and regulatory compliance are expected to restrain growth of the global cognitive computing market during the forecast period
Certain countries have strict regulatory policies and government norms, which makes it challenging to adopt cognitive computing. These norms warrant strict adherence to privacy policies of organizations and customers, which may affect services provided by key players. This, in turn, hinders the adoption of cognitive computing and thereby restrain growth of the global cognitive computing market in the near future.
Growing technological development in automaton industry
North America automation industry has witnessed significant growth in the recent past, owing to technological advancements in vehicle designs and high manufacturing rate of vehicles in the region. The companies in the region are focused on launching innovative hi-tech cars, in order to expand their product portfolio. For instance, in January 2017, Panasonic Automotive Systems Company introduced cognitive platform designed to provide fleet providers and OEM’s with a set of cognitive solutions for vehicles partnering with IBM’s cloud and Watson technology. The platform also provides e-commerce capabilities for convenient in-vehicle purchases as well as for the future cognitive driving solutions which monitor the condition of vehicle safer driving.
Growing mergers and acquisitions in the region
Key players in the region are focused on merger and acquisition activities, in order to enhance their market presence and gain competitive advantage. For instance, in 2016, Microsoft Corporation acquired Swiftkey, a leading predictive keyboard app maker, to enhance its cognitive computing capabilities.
Increasing government investments in cognitive technologies
The European government is focused on investing cognitive technologies, in order to help small and medium-sized businesses to accelerate the introduction and development of new innovative cognitive technologies. For instance, in 2015, the Government of the U.K. collaborated with IBM Corporation to invest an amount of US$ 329.96 Mn for big data research and further cognitive computing innovations.
High growth of retail industry
Increasing number of consumers and growing demand for seamless shopping experience are major factors driving growth of the regional retail industry. High growth in the use of several sales channels by consumers has compelled retailers to deploy cognitive computing technologies. Retailers can utilize cognitive technologies to search their intent, understand shoppers’ behavior and guide them with accurate product recommendations and personalized advice. According to the U.K. Trade & Investment, The UK retail industry is a significant contributor to its economy by employing more than three million people and generating US$ 316.25 billion for the economy. It accounts for more than five percent of the value generated by the U.K. economy.
Key players operating in the global cognitive computing market are Accenture Inc., SparkCognition Inc., Cisco Systems, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Google Inc., Microsoft Corporation, Narrative Science Inc., Flatiron Health, Inc., and Digital Reasoning Systems, Inc.