Cognitive Computing Market Size, COVID19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1861
Cognitive Computing Market size is set to witness robust growth with the rising trend for production and supply chain optimization to bolster RoI through operational efficiencies and cost reduction. Cognitive solutions and services will help businesses streamline supply chain management.
Cognitive computing consists of a myriad range of technologies that enable applications and information systems to comprehend, sense and make informed decisions. Cognitive AI solutions are contextual, interactive and adaptive. It is strongly emerging as a transformative technology that leverages organizations to gain a competitive edge.
Evolving technologies are augmenting the cognitive computing market value with applications, including face detection, fraud detection and risk assessment. The industry will mainly be driven by incorporation of technologies such as machine learning, natural language processing, robots and artificial intelligence that are providing business opportunities to gain better results from customer interactions. Cognitive solutions boost customer experience (CX) with less OPEX and streamline quality, speed.
The natural language processing technology segment will witness an upward trajectory with an increasing trend for big data analytics. The component of AI—NLP—can assess a user’s queries and mine insights from a heap of unstructured data. It can reduce the friction in customer interactions through virtual assistants and chatbots. Developments of NLP have made voice control a new standard for a range of products and driven the cognitive computing industry outlook.
A researcher at the University of California introduced a voice assistant in May 2021 that will focus on assessing and responding to medical queries from elderly users. The researcher will train NLP and AI systems to bolster the voice assistant for the elderly population.
Google is applying the NLP algorithm—BERT—to improve the rankings of results, with one in 10 queries offering a various set of results.
Public cloud providers such as Google, IBM, Amazon and Microsoft have upped cloud-based deployments. The cloud platform provides common language descriptions, case studies, demonstrations and starter kits. Cloud service providers are rendering solutions to use machine learning-based models. In a 2019 survey conducted by IBM, it was revealed that 94% of nearly 800 companies were using some sort of cloud computing. According to McAfee, a security service provider, around 52% of companies observe better security in the cloud as compared to on-premises. Cognitive computing market share will grow with the rising trend for AI across the business verticals.
The healthcare sector will be the major recipient of cognitive computing as it continues to cater to the demand for developments in diagnostics, patient outcomes, treatment and research. The headway in the global cognitive computing market will stem from the use of natural language and machine learning. Healthcare service providers are utilizing cognitive computing at various oncology centers to infer invaluable information. A federation of 30 healthcare, business and research institutions in the U.S. are using a new AI approach to detect brain tumors.
North America is championing the cognitive computing industry value with profound use of machine learning, NLP and cloud deployment model. Industry verticals such as the healthcare, BFSI and retail sectors will continue to exhibit traction for the cognitive computing systems. Some of the most popular smart assistants such as Google Assistant, Apple Siri and Amazon Alexa will spearhead the adoption of AI technologies, boosting the regional presence of cognitive computing solutions.
Major vendors in the cognitive computing market are IBM, Microsoft, Google, Oracle Corporation, SAP SE, Tibco Software, sArisGlobal, Palantir and Cognitive Scale, among others. Strategic moves such as product innovations, R&D activities and mergers & acquisitions will influence the global outlook. For instance, Microsoft is adding a slew of new AI-powered services to the Azure roster, while IBM is utilizing AI for new workflow automation and data migration tools.
Impact of COVID-19 on cognitive computing market trends
COVID-19 pandemic has ushered the need for automation solutions proliferating the global cognitive computing industry share. Organizations are increasingly using automation technologies such as NLP and machine learning worldwide. Companies are rethinking operations in the light of the pandemic as cognitive computing continues to provide a lifeline to bolster organizational resilience. Smart city infrastructure, autonomous vehicles and pandemic response planning are some of the domains where the impact of smarter algorithms rendered through cloud computing services will be witnessed. Machine learning will also play an invaluable role in the e-commerce industry, fueling cognitive computing industry forecast.
Spur in the trend for cloud computing and NLP will complement the demand for business decisions and better consumer experience. Early adopters of cognitive technologies will propel the strategic significance of cognitive systems, and in doing so, will augment the cognitive computing market outlook.
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