New York, United States, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The Global Cognitive Computing Market Size is projected to grow from USD 21.6 billion in 2021 to USD 245.4 billion by 2030 at a CAGR of 31% during the forecast period. as per the latest research report published by Spherical Insights & Consulting. The Asia Pacific market is expected to grow at the fastest CAGR between 2021 and 2030. This market growth in the region can be attributed to helpful government programs promoting the use of Cognitive Computing.
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Cognitive computing is a technology that is based on the principles of Artificial intelligence, signal processing, machine learning, and natural language processing. It helps add intelligence similar to that of a human being to various business applications that use big data. A well-known cognitive computing technique is primarily designed for processing and analyzing huge, unstructured collections. Cognitive computing is considered the next-generation technology that helps understand the complexity of unstructured data with the help of human data and helps experts make better decisions. Technologies including natural language processing, automated reasoning, machine learning, and information retrieval are used to translate unstructured data into a sense, inference, and prediction of the optimum solution. Owing to cloud-based services, there is a growth in the demand for cognitive systems in large organizations, which is anticipated to grow in small and medium-sized firms. The overall demand for cloud-based services increases as cloud-based deployment lowers the cost of implementing cognitive computing within the enterprise. In the upcoming years, IBM Watson, a major player in the market for cognitive computing, plans to launch Watson Analytics. This cloud-based service will accelerate the adoption of cognitive computing through the cloud. In developed countries, the demand for cognitive computing is increasing rapidly and is expected to proliferate over the forecast period. However, the lack of awareness related to cognitive computing is expected to hamper the market’s growth over the forecast period.
Browse key industry insights spread across 196 pages with 140 market data tables and figures & charts from the report " Global cognitive computing Market Size, Share, and COVID-19 Impact Analysis, By Technology (Machine Learning, Automated Reasoning, Natural Language Processing, and Others), By Deployment Type (On-Premise and Cloud), and By Industry Vertical (Healthcare, BFSI, Retail, Government & Defense, IT & Telecom, Energy & Power, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030" in detail along with the table of contents
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This research report categorizes the market for cognitive computing based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the cognitive computing market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the cognitive computing market.
Based on technology, the cognitive computing market is categorized into machine learning, automated reasoning, natural language processing, and others. The natural language processing segment will account for the greatest revenue in the market owing to its inherent capacity to process interactions in natural language. The emergence of natural language processing has helped cognitive technology propel global IT infrastructure. Moreover, the increasing demand for smart assistants, such as Alexa and Siri, and predictive text has augmented the footprint of cognitive computing solutions for several applications. Moreover, the industry players expect natural language processing to provide better interpretation and translation tools.
Based on region, the cognitive computing Market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to be the largest market. This growth of the cognitive computing market is attributed to the emergence of new business models and the increasing adoption of integrated cloud platforms. The importance of data security is anticipated to be promoted by strong government policies in the United States and Canada, accelerating the implementation of these systems across the region. Furthermore, the increasing use of startups and internet-adopting cognitive computing solutions is expected to propel the market’s growth in the region. Organizations have begun adopting cognitive computing technologies, particularly in the US, to evaluate massive amounts of data and offer better solutions. The development of cognitive solutions in this field has also benefited from recent technical developments like 5G and IoT.
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The Asia Pacific market is expected to grow at the fastest CAGR between 2021 and 2030. This market growth in the region can be attributed to helpful government programs promoting the use of Cognitive Computing. Furthermore, the increasing penetration of the internet and startup culture in the Asia Pacific, such as China, India, Japan, and Australia, propels the market’s growth. In addition, developing the latest technologies, such as 5g and IoT, in the region adds impetus to the market’s growth over the forecast period.
Key Companies & Recent Developments: The report offers the appropriate analysis of the key organizations/companies involved within the global cognitive computing market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. Companies Covered: PTC, Google, Numenta, HP Development Company, L.P., IBM, Microsoft Corporation, Nuance Communications Inc., Saffron Technology, SAP, Oracle Corporation, Statistical Analysis System (SAS), Palantir, Tibco Software, Vicarious L.P, Enterra Solutions, CognitiveScale and Others.
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