Global Cognitive Computing Market
Global Cognitive Computing Market was valued at USD 7.68 billion in 2019 which is expected to reach at USD 75.88 billion by 2027 at a CAGR 33.56%.
Cognitive Computing is the combination of hardware and software that constitute Natural Language of Processing (NLP) and machine language. Cognitive Computing have capacity to collect, process, and interpret data of organization. These systems are works like human brains. Cognitive computing is based on various technologies such as Automated Reasoning, Machine Learning, Natural Language Processing, and Others.
Information and communication technologies will go through a continuous evolution due to dependence on hi-speed Internet and availability of smartphones and other smart devices. The information and communication technology (ICT) sector is likely to forge ahead due to continuous investments for developing networking technologies and software. Large rate of employment, as well as its role in hiking up the GDP of countries, is an indicator of its success. The high rate of chip manufacturing combined with the presence of branches of software conglomerates in various countries, can augur favorably for the sector.
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Increase in demand for cognitive system in large enterprises expected to boost the global cognitive and computing market growth. Furthermore, increase in technological advancement and innovations will have the positive impact on global cognitive computing market growth. Moreover, rise in usage of big data, automated reasoning, and machine learning is expected to fuel the global cognitive computing market growth. In addition to that, evolution of Internet of Things (IoT) will propel the global cognitive computing industry.
However, lack of awareness among small and medium organizations in developed countries is expected to hamper the global cognitive computing market growth. Also, COVID 19 Pandemic will affect the global cognitive computing market growth. COVID 19 is the global crisis, thus increase in number of COVID 19 patients is expected hinder the various market growth including ICT.
Global Cognitive Computing Market is segmented into technology such as Automated Reasoning, Machine Learning, Natural Language Processing, and Others, by deployment size such as Small and medium Enterprises, and Large Enterprises, by deployment such as On-Premise, and Cloud. Further, Global Cognitive Computing Market is segmented into industry vertical such as BFSI, Healthcare, Retail, Government, IT & Telecommunication, Energy & Power, and Others.
Also, Global Cognitive Computing Market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
The report has presented a synopsis of the market players leading the global Cognitive Computing Market. Porter’s five forces model has been used here to analyze the performance of each key player under different parameters.
Various key players are discussed in this report such as Tibco Software Inc, SAS Institute Inc., SAP SE, Oracle Corporation, Nuance Communications Inc., Microsoft Corporation, International Business Machines Corporation, Hewlett Packard Enterprise Development LP, Google LLC, and 3M Company.
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