Market
Analysis
The cognitive computing technology market is predicted to grow at a
healthy CAGR in the forecast period (2020- 2027), states the latest Market
Research Future (MRFR) report.
Drivers
Increasing
Adoption in Healthcare Sector to Boost Market Growth
The increasing
adoption of cognitive computing technology will boost market growth. The
adoption of modern technologies has resulted in tremendous improvement in healthcare
treatment services which are allowing the doctors in running better diagnostics
and saving scores of lives lately. Some of its perks include enhance daily
activity and foster health patient behavior.
Opportunities
Incorporation
of AI and IoT to offer Robust Opportunities
The
incorporation of internet of things and artificial intelligence which allows
integration between the consumer, hardware platform, and software platform will
offer robust opportunities for the market over the forecast period.
Restraints
High Cost to
act as Market Restraint
The high cost
included in the deployment of cognitive computing systems may act as a market
restraint over the forecast period.
Challenges
Issues with
Regulatory Compliances to act as a Market Challenge
Issues related
to regulatory and government compliances may act as market challenges over the
forecast period.
COVID-19
Analysis
The onslaught
of the COVID-19 pandemic has resulted in turbulent times across the world. The
advent of digitalization has accounted for a thriving cognitive computing
platform across the world. Various enterprises are adopting these solutions for
enhancing security and productivity in their operations which are adding market
growth.
Market
Segmentation
The global cognitive
computing technology market has been segmented based on technology,
organization, deployment, and end user.
By technology,
the natural language processing technology segment will lead the market over
the forecast period.
By
organization, the SMBs will dominate the market over the forecast period.
By deployment,
cloud based cognitive computing solution will spearhead the market over the
forecast period.
By end user,
the healthcare segment will have the lions share in the market over the
forecast period.
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Regional
Analysis
North America
to Have Lions Share in Cognitive Computing Technology Market
North America
will have lions share in the market over the forecast period. The high demand
for secured and faster storage devices across various sectors, increasing
adoption in the IT industry, increasing use of internet, increasing adoption of
cognitive computing solutions by startups, organizations in the US using such
solutions, the rising penetration of core technologies like big data, IoT, and
AI and others, and the growing number of cognitive projects are adding to the
global cognitive computing technology market growth in the region.
Key
Players
Eminent players
profiled in the global cognitive computing technology market report include Expert System S.p.A. (Italy), SparkCognition Inc
(U.S.), Microsoft Corporation (U.S.), Numenta (U.S.), International Business
Machines Corporation (U.S.), Cisco Systems, Inc (U.S.), DeepMind Technologies
Limited (U.K), CustomerMatrix Inc (U.S.), Planet labs (U.S.), Airware (U.S.),
Google, Inc (U.S.), CognitiveScale (U.S.), Saffron Technology, Inc (U.S.),
Enterra Solutions LLC (U.S.), ColdLight Solutions (U.S.), Palantir Technologies
(U.S.), Hewlett Packard Enterprise (U.S.), Orbital Insight (U.S.), Vicarious
(U.S.), DigitalGenius (U.K), DataRobot (U.S.), Cylance (U.S.), Vicarious
(U.S.), Darktrace (U.K), Ross Intelligence (U.S.), Indico (U.S.),
Cyberlytic (U.K), among others.
The cognitive
computing technology market is fragmented and also competitive for the presence
of different international & domestic key players. These players have
incorporated innovative strategies to remain at the vanguard and also suffice
the burgeoning demand of the customers , including collaborations, contracts,
partnerships, joint ventures, geographic expansions, & new product
launches, and more.
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