Cognitive Computing Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1861
Cognitive Computing Market size is projected to experience a significant growth during the forecast time frame owing to the high demand for predictive analytics and workplace performance enhancements. Predictive analytics is largely adopted by various industries such as BFSI, healthcare, pharmaceuticals, retail, and others. This technology offers machine learning capabilities and natural language query processing for real-time computing applications and decision-making. The organizational shift toward big data can lead to issues regarding inadequate sources to mine useful data from large datasets.
Vendors operating in the cognitive computing market provide self-learning systems that can effectively manage and analyze large resources within short time durations. The high reliance on the availability of the internet for functioning mandates the need for a high internet speed. Infrastructural development across the world due to the high emphasis on the provision of high-speed internet is a major factor driving the growth of the cognitive computing market.
The high cost of developing, deploying, and maintaining this technology is a major factor hindering the growth of the cognitive computing market. As the world is continuously changing, the software needs to be constantly updated and connected to the internet to function efficiently. The excessive cost can severely prohibit its adoption by SMEs having limited financial resources. The growing prominence of cloud technology in the cognitive computing market is posing a threat to the market’s growth in the short-term and can leave it vulnerable to third-party attacks of information theft and hacking attempts. Low awareness amongst businesses about the benefits and applications of the technology can decrease the pace of the industry growth.
The fast-growing trend of IoT is creating new avenues for the cognitive computing market. Data acquired by IoT devices is massive and unstructured and the technology helps in managing volume, unpredictability, and complexity of this information. Moreover, this will allow businesses that were earlier unable to recognize insights and patterns from disparate sources to aid in improved decision-making. Growing instances of cybercrime and hacking attacks are motivating vendors in the cognitive computing market to develop their technology to tackle this issue. IBM initialized the Watson for Cyber Security project to aid professionals in identifying threats, detecting malware, and send alerts on the level of threat imposed on the user. The technology aids organizations to identify suspicious behavior by application of behavioral biometrics and pattern analysis.
Segmentation of the cognitive computing market based on deployment is bifurcated into cloud and on-premise. Large organizations with high financial resources are more inclined to invest in premise systems as they offer complete control and protection of the critical organizational data. The cloud deployment segment of cognitive computing is anticipated to exhibit high growth during the forecast time span. Integration on cloud platform reduces the need to constantly upgrade the software and reduces the overall financial and maintenance costs. Furthermore, cloud-based deployment in the cognitive computing market decreases the ownership cost, need for investments in the infrastructural development of the software, and the requirement of dedicated resources such as a specialized team of data scientists managing the system.
Cognitive computing market segmentation on industry verticals include BFSI, healthcare, construction and engineering, oil and gas, retail, education, government and defense, transportation, and others. The healthcare industry is anticipated to experience a high growth during the forecast time period as it allows doctors and specialists to have access to the data collected from disparate and exogenous sources, take informed decisions, and examine critical attributes of a patient case. The BFSI application of this technology is anticipated to keep a track of the various compliances and regulatory mandates influencing the industry. Businesses in the cognitive computing market provide service that can aid financial institutions to identify risks and security threats while effectively managing copious amounts of customer data.
Segmentation of cognitive computing market by technology comprises natural language processing, automated reasoning, machine learning, and semantic analysis. Machine learning is anticipated to have the highest CAGR as it is widely used across various applications of cognitive computing and artificial intelligence. Machine learning is deployed by various industries in their operations. For instance, in the automotive sector, machine learning algorithms can enhance predictive maintenance capabilities that allow diagnoses of existing or historical events to prevent vehicle failures. Natural language processing segment in the cognitive computing market accounts for the highest revenue during the forecast time span as it allows organizations to better understand the requirements of the customer and can greatly aid the e-commerce sector.
Adoption of integrated cloud platforms and the growing application of big data analytics are the key factors promoting the domination of North America cognitive computing market. Additionally, the high focus on data security and cyber breach instances have led to the increase in regulations and mandates favoring the growth of this software. Asia Pacific cognitive computing market is anticipated to have a high CAGR during the forecast time span owing to the growth of e-commerce sector, which relies heavily on understanding the customer to aid in the organization’s decision-making process.
Players operating in the cognitive computing market include Palantir, Tibco Software, IBM, Cognitive Scale, Microsoft Corporation, Saffron Technology, Google, ArisGlobal, Oracle Corporation, and SAP SE. In June 2017, ArisGlobal announced the launch of cloud-based ArisGlobal LifeSphere to support an entire product lifecycle of an organization from clinical development to the marketing and commercialization.
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