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2020
Cognitive Computing Market

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
Update Available On-Demand

Report Code: A00555
Pages: 287
Apr 2020 | 24929 Views
Author(s) : Sneha K, Vineet K
Tables: 137
Charts: 84
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The Cognitive computing market size was valued at $8.87 billion in 2018, and is projected to reach $87.39 billion by 2026, growing at a CAGR of 31.6% from 2019 to 2026.  Cognitive computing is a next-generation system that interacts in human language and helps experts to make better decisions by understanding the complexity of unstructured data. The global cognitive computing market encompasses technologies such as natural language processing, machine learning, automated reasoning, and information retrieval, which are used in translating unstructured data to sense, infer, and predict the best solution. 

Cognitive-Computing-Market,-2019-2026

There is an increase in the demand for cognitive systems in large organizations and this is expected to increase in SMBs owing to cloud-based services. As cloud-based deployment decreases the cost of deploying cognitive computing in the organization, there is a subsequent increase in the overall demand for cloud-based services. IBM Watson, a leading player operating within the cognitive computing market, is planning to introduce Watson Analytics cloud-based service in the coming years that would boost the adoption of cognitive computing through cloud. Cognitive computing is gaining momentum in the developed countries. This competent factor of cloud-based services is anticipated to act as an opportunity for growth in global cognitive computing market size.

Major factors driving the growth of natural language processing technology segment include increase in big data analytics, developments of machine to machine technologies, and rise in demand for better customer experience. In addition, industries such as BFSI, healthcare, social websites, and e-commerce have witnessed a rapid rise in transaction information and customer data. Aforementioned are factors expected to drive the growth of the market in the coming years. Moreover, NLP technology helps in analyzing unstructured data for improving customer needs, their expectations, and better customer experience. Hence, with help of NLP, organizations get better insights into optimization of business processes, reduction in operational cost and customer perception which in turn is boost growth of the segment in the global cognitive computing market.

In North America, cognitive computing is being extensively implemented across the healthcare sector. U.S. hospitals are working with Watson to facilitate proper treatment of cancer patients as well as to help doctors. This is done by analyzing/studying the past medical records of the patients. Watson is capable of answering questions in natural language thereby contributing in providing best course of treatment to the patients. Aforementioned is trends that boost the adoption of cognitive computing in its cognitive computing market forecast.

The report focuses on the growth prospects, restraints, and market analysis. The study provides Porter’s five forces analysis of the cognitive computing industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market.

Cognitive Computing Market
By Technology

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Natural Language Processing (NLP) is projected as one of the most lucrative segments.

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Segment review

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 categorized intolarge 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 analysis 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.

Cognitive Computing Market
By Deployment

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On-premise is projected as one of the most significant segments.

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Top impacting factors

The global cognitive computing market is influenced by several factors such as advancement in enabling technology, increase in volume of large complex data, and evolutions in computing platforms. These factors positively impact the market at a significant rate. Moreover, factors that propel the market also includes rise in adoption of big data analytics, need for high-speed computing services, reduced cost of deploying cognitive computing, and increase in trend of cloud-based technology. Cognitive computing technologies has positive impact on business applications, which is expected to be an opportunistic factor of the global market. However, lack of awareness associated with cognitive computing is one of the major factors that is expected to hamper the market growth to a certain extent.

Cognitive Computing Market
By Enterprise Size

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Small and Medium Enterprises is projected as one of the most significant segments.

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Increase in volume of large complex data

Rise in cognitive computing market trends such as big data-set implementation among various industries has influenced the growth of the global market. As these data-sets comprise of huge information and traditional data analytic systems are not compatible to compute this information, businesses across the globe are shifting its focus toward the application of cognitive computing systems. This shift also acts as a major factor driving the growth of the global market during the forecast period.

Cognitive Computing Market
By Industry Vertical

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Healthcare is projected as one of the most significant segments.

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Evolution in computing platforms

Big data technologies have realized the boundaries between batch and real time processing, which in turn has proliferated the adoption of enterprise cognitive computing as it empowers organizations to deploy data and processes where they reside, based on data governance, financial, and data gravity criteria. As cognitive computing addresses diverse nature and scale of data, it is expected to surge the requirement to support multitemperature data management, also known as data tiering. This facilitates adherence to government policies for storing real-time data on faster, more accessible media, with cooler data tiered to more economical storage. This is expected to boost the adoption of cognitive computing platforms among real-time streaming analytics organizations which in turn is expected to drive market growth in coming years.

Cognitive Computing Market
By Region

2026
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 17.2% during 2019-2026.

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Key Benefits For Stakeholders

  • This study includes the cognitive computing market opportunity, trends, analysis, and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities of the cognitive computingindustry.
  • The cognitive computing market shareis quantitatively analyzed from 2018 to 2026 to highlight the financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of the buyers & suppliers in thecognitive computing market.

Cognitive Computing Market Report Highlights

Aspects Details
By Technology
  • Natural Language Processing
  • Machine Learning
  • Automated Reasoning
  • Others
BY DEPLOYMENT TYPE
  • ON-PREMISE
  • CLOUD
By Enterprise Size
  • Large Enterprises
  • Small and Medium Enterprises
By Industry Vertical
  • Healthcare
  • BFSI
  • Retail
  • Government
  • IT & Telecom
  • Energy & Power
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe  (Germany, France, UK, Rest of Europe)
  • Asia-Pacific  (Japan, China, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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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According to the market estimates issued by CXOs of the leading companies, the current business scenario, has exhibited an upsurge in the usage of cognitive computing across various applications such as healthcare, banking & financial, research & education, defense, IT& telecom, energy & power, research & education, and travel & tourism. This market is gaining significant acceptance from commercial users and large enterprises for improvising business performance and meeting customers’ expectations by analyzing unstructured data. The increased use of cognitive computing in healthcare and other applications in North America and Europe drivesits adoption in the Asia-Pacific and LAMEA regions. The cognitive computing market is expected to grow at a faster pace with an overall rise in big data analytics, and impact on business applications and cloud-based services. 

At present, the increase in trend of cloud-based services in small and medium enterprises, is expected to exhibit a high growth potential for the developing nations owing to its cost effectiveness. Natural language processing and machine learning are expected to continue to dominate the technology market for cognitive computing in years to come. Natural language processing is the most prominent technology used in the cognitive system owing to its inherent capacity to process natural language interactions. At present, automated reasoning and information retrieval technologies have limited applications; thereby, restricting the growth of the technologies. However, these technologies are seeking new trends in artificial intelligence, probabilistic logic, and query searching that would further accelerate the growth in the coming years. Use of cognitive computing systems in healthcare and BFSI constitutes major market size by value.

Increase in trend for large volumes of unstructured data, rise in usage of cloud-based services, big data analytics, and impact of cognitive computing on the business applications are some of the key factors expected to boost the growth of the global market. This is anticipated to allow the emerging markets to evolve as the largest revenue generators during the forecast period, both from the demand and the supply end.

The key players operating in the global cognitive computing market include IBM Corporation, Google Incorporation, Microsoft Corporation, Nuance Communications Inc., 3M, HP, SAS Institute Inc., SAP, TIBCO Software, and Oracle Corporation.Major players have adopted various revenue and business growth strategies to enhance and develop their product portfolio, strengthen their cognitive computing market share, and increase their market penetration.
 

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