As per a detailed analysis by Market Research Future (MRFR), the cognitive computing technology market is likely to garner a CAGR of 35% during the forecast period (2017-2023). Cognitive computing is generally executed with the help of a computer-generated model which can mimic the human procedure of cognitive ability and thinking in the form of simulation over a specialized platform. These systems are independent of human assistance and result in accurate outcomes and zero human error.
Market Potential and Pitfalls
The cognitive computing technology market is gaining huge attention in the global market due to the advancements in cognitive computing, which has resulted in its higher adoption. The rising number of large, unstructured, and complex sets of data, and advancements in the computing platforms like mobile, cloud, and data analytics are some of the major factors contributing to the growth of the cognitive computing technology market. Top players are focusing on R&D investments in order to embrace advanced cognitive solutions. Companies are also indulging into mergers and acquisitions to make the most use of technology. Such factors trigger the demand for cognitive computing technology across the globe. Moreover, the implementation of IoT and AI that enables automated integration between hardware platform, software, and the consumer, further accelerates the market growth. The demand for cognitive systems in the computing technology market is expanding by leaps and bounds. Huge data present, along with the business organizations, is generally in the form of videos, human language, and pictures consisting of valuable information. To process the data, there is a strong requirement for cognitive analytic technologies like machine learning and NLP. It is anticipated that the volume of data will boost considerably, thereby spurring the market growth in terms of revenue.
On the contrary, the high cost of deployment and concerns associated with the regulatory and government compliance is likely to hamper the growth of the market. The impact of cognitive computing on traditional business applications along with the dearth of awareness among the SMEs, especially in the developing economies are certain factors curbing the growth of the market across the globe.
Healthcare, travel and hospitality are major vendee of cognitive computing technology. Finance, sports and entertainment, and business are other well-known end-users of the emerging technology. Welltok, a US-based SaaS company providing consumer health, offers Concierge. A cognitive tool that stages rapid processing of vast information of medical data to deliver appropriate answers and recommendations. Welltek, a Ukrainian software company, developed CafeWell, a trending healthcare cognitive system. LifeLearn, a veterinary healthcare institution in Canada, offer a cognitive ability powered clinical decision support. Among fitness-conscious people, cognitive computing solutions are gaining popularity due to the demand for customized fitness plans.
Edge Up Sports, a US sport utility provider, are adopting cognitive computing technology that delivers performance insights of athletes to coaches. This not only aid coach to monitor trainee’s progress but also make required changes in training programs. GF Consulting’s, an Australian engineering firm, AskGordy, a cognitive tool that aid to resolve the process to extract actionable information in document management systems. Documentation is a crucial element in business. Thus, the contribution of cognitive computing technology in general business is immense. These have powerful impact on the expansion of the cognitive computing technology market.
The need to expedite research, especially in the healthcare field has increased than ever. For instance, the cure for coronavirus needs to be spilled immediately to stop the spread of COVID-19 infection and especially the paranoia induced by it. Big data technology plays a pivotal role to speed-up investigations in medicine. IBM’s cognitive analytics is observed to bestow the efficacy of big data technology in medicine design. For example, Watson, the cognitive computing technology developed by IBM can address rising issues with large set database on life science.
May 15, 2019: Tom Wilde, the Indico CEO, will be joining an executive panel at the 2019 Cognitive Computing and AI Summit, which will take place in Boston. Wilde will be joined by the executives from the Synthexis, Cognitive Computing Consortium, and Basis Technology to discuss the ethical use of cognitive computing and AI.
The top players dominating the global cognitive computing technology market comprises Expert System S.p.A. (Italy), SparkCognition Inc (U.S.), International Business Machines Corporation (U.S.), Microsoft Corporation (U.S.), DeepMind Technologies Limited (U.K), Numenta (U.S.), CustomerMatrix Inc (U.S.), Cisco Systems, Inc (U.S.), Hewlett Packard Enterprise (U.S.), CognitiveScale (U.S.), Google, Inc (U.S.), Saffron Technology, Inc (U.S.), Palantir Technologies (U.S.), Enterra Solutions LLC (U.S.), ColdLight Solutions (U.S.), Airware (U.S.), Vicarious (U.S.), DataRobot (U.S.), DigitalGenius (U.K), Cylance (U.S.), Ross Intelligence (U.S.), Planet Labs (U.S.), Orbital Insight (U.S.), Darktrace (U.K), Vicarious (U.S.), Indico (U.S.), and Cyberlytic (U.K).
Cognitive Computing Technology Market has 35% CAGR forecast period 2017-2023, Cognitive Computing…
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