WELLESLEY, Mass, July 09, 2018 (GLOBE NEWSWIRE) -- Data mining, machine learning and natural language processing are replacing conventional analytics and helping to drive a new era of powerful computing, according to a report by BCC Research.

The report Cognitive Computing: Applications and Global Markets projects the industry will see a compound annual growth rate (CAGR) of 32.1% through 2022, when it could be worth $24.1 billion.

Major players in the market include ABBYY, Amazon AWS, Baidu Minwa, C3 IOT, Databricks, Expert Systems, Google Deepmind AI Solution, Healthcare X.0, IBM Watson, Loop AI Labs, MedWhat, Numenta, Persado, Qualcomm, Spark Cognition and Wiretap.

Research Highlights

  • North America leads in market share at 40%, followed by Europe at 25% and the Asia-Pacific region at 15%.
  • Growth will be strongest in the Asia-Pacific region, which anticipates at CAGR through 2022 of 33.4%, followed by Europe at 33.2% and North America at 32.8%.
  • Machine learning will dominate the market by size and growth, with a CAGR of 41.3% through 2022 and a value of $12.4 billion. Natural language processing expects a CAGR of 32.0% and a 2022 value of $5.2 billion.

“As with the field of artificial intelligence in general, cognitive computing is now coming into practical application because of a convergence of underlying technologies,” said Michael Sullivan, BCC Research analyst and author of this report. “These include high performance processors and advanced algorithms, which combine to enable computing systems to leverage machine learning, natural language processing and expert systems to provide new value in dealing with consumer and business applications.”
Market Challenged by Value vs. Cost Considerations

Investment in cognitive technologies is complex and human input is still critical for the effort to develop, train and oversee cognitive systems. While the implementation of cognitive technologies is rife with potential, it is not ideal, in particular when it comes to generating company value over reducing costs. While the technology will likely improve work efficiency, it will not lead to huge reductions in workforce.

About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.