This Is How Cognitive Computing Technology Industry Will Grow By 2023 (Technology, Market Size, Growth, Hidden Factors & players)
December 12, 2019 by Market-NewsFlash
Reporting on Cognitive Computing’s future with today’s facts
The global cognitive computing technology market is expected to register a CAGR of 35% over the forecast period, 2017–2023.
According to Market Research Future, the global cognitive computing technology market has been segmented into the technology, organization size, end-user, deployment, and region
By Technology, the market is segmented into natural language processing (NLP), machine learning, automated reasoning, and others. On the basis of organization size, the market is segmented into small and medium enterprise, and large enterprise. Among these, two organization categories, the large enterprises are expected to invest a huge amount in the cognitive computing market. However, due to extensive adoption of cloud services, small and medium enterprises also tend to indulge in the global cognitive computing market.
On the basis of end-user, the market is segmented into banking & financial service, retail, aerospace & defense, IT & telecommunication, energy & power, automotive & transportation, and others. In the area of IT & Telecommunication, cognitive solutions are built to expand, accelerate, and, increase expertise within the industry. The data flowing within the sector is increasing rapidly, causing the system to break down. Cognitive computing solution helps in maintaining the data loads thereby reducing the operation to a fraction of the time, and with much higher reliability.
The global cognitive computing technology market is estimated to grow at a significant rate during the forecast period due to higher demand for faster and secure storage devices. The geographical analysis of Cognitive Computing Technology market marks the study for regions like North America, Europe (including Russia), Asia Pacific (including Australia and New Zealand) and rest of the world (including the Middle East, Africa, and South America). Among the regions mentioned above, at present, the market is highly dominated by North America. The reason behind high market share of North America is the technological advancements and growing volume of unstructured data. Additionally, heavy investments in research & development from the leading vendors are also helping in the market to develop.
On the other hand, Europe ranks second in terms of market share in the cognitive computing market. Europe is a technologically matured region with mature economies like Germany, the U.K, and France. However, Asia Pacific is expected to show the highest growth rate during the forecast period.
Some of the major players in global cognitive computing technology market include SparkCognition Inc (U.S.), Expert System S.p.A. (Italy), Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), Numenta (U.S.), DeepMind Technologies Limited (U.K), Cisco Systems, Inc (U.S.), CustomerMatrix Inc (U.S.), CognitiveScale (U.S.), Hewlett Packard Enterprise (U.S.) among others.
Other vendors include Google, Inc (U.S.), Palantir Technologies (U.S.), Saffron Technology, Inc (U.S.), ColdLight Solutions (U.S.), Enterra Solutions LLC (U.S.), Vicarious (U.S.), Airware (U.S.), DigitalGenius (U.K), DataRobot (U.S.), Ross Intelligence (U.S.), Cylance (U.S.), Orbital Insight (U.S.), Planet labs (U.S.), Vicarious (U.S.), Darktrace (U.K), Cyberlytic (U.K), Indico (U.S.) among others.
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