PUNE, India, September 26, 2022 (GLOBE NEWSWIRE) — The Cognitive Computing Market Size is expected to gain momentum by showing a stellar CAGR of 26.6% between 2020 and 2027. This is due to the increasing adoption of advanced technologies such as artificial intelligence (AI), machine learning and the Internet of Things (IoT) in the healthcare industry across the world. This information is provided by Fortune Business Insights in its latest report titled “Cognitive Computing Market Size, Share & COVID-19 Impact Analysis, By Component (Platform, and Services), By Technology (Machine Learning (ML), Natural Language Processing) published (NLP), Automated Reasoning and others, by deployment (cloud-based and on-premises), by company size (small and medium-sized businesses (SMB) and large enterprises), by end-user (BFSI, healthcare, retail & e-commerce, IT & Telecom, Government & Defense and Others and Regional Forecast, 2020-2027.” The report further notes that the market was worth US$11.11 billion in 2019 and is expected to reach US$72.26 billion by 2027. dollars will reach.
Cognitive computing involves the adoption of computer-based models such as self-learning algorithms to simulate the human decision-making process. Through the use of pattern recognition, data mining, and natural language processing systems, cognitive services allow computers to accurately predict how a human brain will function in different situations. Additionally, these services are widely used in multiple business applications such as customer support bots, tutors, diagnostics, personal shopping bots, and consumer behavior analytics.
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Industry development:
May 2020: Udacity, an online educational tutor, announced the launch of its new AI health program. According to the online teacher, the new AI course will give students insights into the application of AI in electronic health records, medical imaging and others.
COVID-19 will positively impact cognitive computing services worldwide
The onslaught of the novel coronavirus, COVID-19, which has resulted in millions of human casualties and unprecedented economic losses, has created turbulent times around the world. However, the advent of digitization has resulted in a thriving cognitive computing platform around the world. Several companies are using cognitive solutions to improve productivity and safety in their operations.
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DRIVING FACTORS
Increased adoption of cognitive computing solutions in healthcare to fuel growth
The introduction of modern technologies has led to a tremendous improvement in healthcare, enabling doctors to perform better diagnoses and save numerous lives in recent times. Notable benefits of adopting these computing solutions include:
- Promote health patient behavior: The smarter algorithms aid in the early detection of chronic diseases, which help medical professionals advise patients on healthy habits to prevent disease severity in the future.
- Improves daily activity: Doctors can efficiently optimize their clinical and operational activities by analyzing patient information and providing them with the best medical assistance.
Due to their numerous advantages, the cognitive solutions are in high demand across the healthcare sector which is expected to drive the global cognitive computing market during the forecast period.
REGIONAL INSIGHTS
North America poised to remain dominant; Increasing adoption of core technologies to drive demand
Out of all regions, North America was valued at US$4.42 billion in 2019 and is expected to witness significant growth in the global market in the coming years. This is attributed to the increasing adoption of core technologies such as AI, Big Data and IoT by large companies such as Alphabet, Inc. and Microsoft in the region. The Asia-Pacific market is expected to grow significantly between 2020-2027 owing to the increasing investments by the major organizations in R&D activities.
What does the report include?
The market report provides a detailed assessment of various drivers and restraints, opportunities and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market impacting its growth over the forecast period. It contains information obtained by our research analysts based on advice from industry experts using various research methodologies. The competitive landscape provides further detailed insights into strategies such as new product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain their market positions between 2020 and 2027.
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COMPETITIVE LANDSCAPE
Product launches by large companies to strengthen the product portfolio
Fortune Business Insights observes that the global cognitive computing market is fragmented into small, medium and large companies striving to solidify their positions in the highly competitive global market. They do this by using strategies such as new product launches, collaborations, partnerships, and mergers and acquisitions to strengthen their product portfolio.
SEGMENTATION:
The platform segment held a 72.9% share in the US
The platform segment, based on components, had a 72.9% market share in the US in 2019 and is expected to show significant growth as companies increasingly adopt cognitive platforms such as the cloud.
List of Key Players Mentioned in the Report:
- Alphabet, Inc. (Google LCC) (USA)
- Microsoft Corporation (USA)
- IBM Corporation (USA)
- SparkCognition, Inc. (US)
- Tata Consulting Services (TCS) (India)
- Red Skios (Spain)
- Saffron Technology, Inc. (USA)
- Acuiti (Australia)
- Enterra Solutions (USA)
- Cognitive Scale, Inc. (US)
- Palantir Technologies (US)
- ColdLight Solutions, LLC (USA)
- Numenta (USA)
- Deputy (US)
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Main table of contents:
- introduction
- Definition, by segment
- Research methodology/approach
- data sources
- summary
- market dynamics
- Macro and microeconomic indicators
- Drivers, barriers, opportunities and trends
- Effects of COVID-19
- Short term effects
- long-term effect
- competitive landscape
- Business strategies adopted by key players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Cognitive Computing Market Share Analysis and Matrix, 2019
- Key insights and analysis of Cognitive Computing market by segment
- Global Cognitive Computing Market Size Estimates and Forecasts (Quantitative Data), by Segment, 2016-2027
- By Component (Value)
- By Technology (Value)
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Automated thinking
- Others (Computer Vision, Deep Learning, Robotics, etc.)
- After Deployment (Value)
- By company size (value)
- By End User (Value)
- BFSI
- healthcare
- Retail & Ecommerce
- IT & Telecom
- Government & Defense
- Other (Energy & Utilities, Transportation, etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
Table of contents continued…!!!
FAQs:
How big is the cognitive computing market?
The global cognitive computing market size was estimated at US$11.11 billion in 2019 and is projected to reach US$72.26 billion by 2027, growing at a CAGR of 26.6% over the forecast period.
How big is the cognitive computing market in North America?
The market in North America was worth $4.42 billion in 2019 and is expected to capture a large chunk of the market share in the coming years.
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