Cognitive Computing Technology Market Opportunities, Trends, Statistical Graph

According to the Market Research Future (MRFR) report, the global cognitive computing technology market is projected to rise to around USD 25 billion, with a CAGR of 35% between 2017 and 2023 (forecast period). The research report offers a brief overview of the influence of COVID-19 on current/future market situations. The report outlines some of the important market factors that will influence this sector’s growth, such as market share, major regions, and key players.

Cognitive computing is carried out using a computer-generated model that mimics the human process of thinking and cognitive ability in the form of simulation over a specialized platform. The process of transforming thought into simulation includes self-learning systems, the extraction of unstructured data and the development of insightful analytics, the recognition of patterns that cannot be seen by the human eye, and the processing and detection of language formation and structure behind it. A few of the working scenarios for cognitive computing is to solve intensive computational problems by building open automated IT systems. Systems are independent of human assistance, resulting in reliable outcomes with no possible human error.

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Market Segmentation

The global cognitive computing technology market has been segmented on the basis of technology, organization size, end-user, and deployment.

By technology, the global cognitive computing technology market has been segmented into natural language processing (NLP), machine learning, automated reasoning, and others.

By organization size, the global cognitive computing technology market has been segmented into small and medium enterprises and large enterprises.

By the end-user, the global cognitive computing technology market has been segmented into banking & financial service, energy & power, retail, aerospace & defense, IT & telecom, automotive & transportation, and others.

By deployment, the global cognitive computing technology market has been segmented into on-cloud and on-premise.

Regional Analysis

The regional analysis of the global cognitive computing technology market marks the study for regions like North America, Asia Pacific (APAC), Europe, and the rest of the world (including the Middle East, Africa, and South America). 

Among the regions listed above, the market is currently dominated by North America. The explanation behind North America’s high market share is the technical innovation and an increasing amount of unstructured data. In addition, substantial investment in research and development by leading vendors also leads to the market’s development.

Europe, on the other hand, ranks second in terms of market share in the cognitive computing technology market. Europe is a technologically advanced region with mature economies such as Germany, the United Kingdom, and France. Nevertheless, Asia Pacific is projected to have the highest growth rate during the forecast period.

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Techfuture Joined: October 1st, 2020