Cognitive Computing Technology Market Trends To Expand At A 35 % CAGR In The Forecast Period (SARS-CoV-2, Covid-19 Analysis)
Cognitive Computing Technology Market Trends
The emphasis on ensuring a human level thinking and cognition in computers is furthering the growth of cognitive computing technologies. Market reports associated to the information and communication technology industry have been put forward by Market Research Future which generates reports on other industry verticals that target the study of recent market scenarios better. The market projection reveals that the market is estimated to earn revenues worth USD 25 billion while expanding at a 35 % CAGR in the forecast period.
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As the amount of research carried out in various domains rises, the need to carry out huge volumes of calculations and processing is expected to motivate the growth of the cognitive computing technology market. Moreover, the high levels of investment being concentrated on cognitive computing technology by major market players are anticipated to propel the market. The higher adoption rates and the progress in computing platforms such as mobile, cloud, and data analytics will drive the market for cognitive computing technology.
Segmental Analysis
The segmentation analysis of the cognitive computing technology market is carried out on the basis of technology, organization size, end user, deployment and region. By the technology, the cognitive computing technology market is segmented into machine learning, natural language processing (NLP), automated reasoning and others. Based on organization size, the cognitive computing technology market is segmented into large enterprise and small and medium enterprise. The segmentation on the basis of end-user segments the cognitive computing technology market retail, aerospace & defense, into banking & financial service, IT & telecom, automotive & transportation, energy & power, and others. Based on deployment, the cognitive computing technology market is segmented into on-premise and on cloud. On the basis of region, the cognitive computing technology market is segmented into Europe, North America, Asia Pacific, and the rest of the world.
Detailed Regional Analysis
The regional study of the cognitive computing technology market includes regions such as Europe, North America, Asia Pacific, and the rest of the world. The assessment of the regions in the cognitive computing technology market reveals that the market will grow at a substantial rate through the forecast period owing to the advanced demand for secure and faster storage devices. The North American region highly dominates the cognitive computing technology market. The North American region is primarily driven by the technological developments and intensifying volume of unstructured data. Moreover, substantial investments in research & development from the principal vendors is also helping in the market to progress. The European region ranks second in terms of the market portion in the cognitive computing market. The European region is a technologically matured region with developed economies in countries such as the U.K, Germany, and France. Though, the Asia Pacific region is anticipated to display the highest development rate through the forecast period.
Competitive Analysis
The noteworthy contenders in the cognitive computing technology market comprise of Expert System S.p.A. (Italy), Microsoft Corporation (U.S.), Spark Cognition Inc (U.S.), Numenta (U.S.), Cisco Systems, Inc (U.S.), CustomerMatrix Inc (U.S.), International Business Machines Corporation (U.S.), Hewlett Packard Enterprise (U.S.), DeepMind Technologies Limited (U.K), CognitiveScale (U.S.), among others.
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