Cognitive computing is a technology platform based on the
scientific premises of signal processing and artificial intelligence. It refers
to replicating the human thought process in a computerized model. Cognitive
computing also comprises self-learning systems that use pattern recognition,
natural language processing, and data mining to mimic the way in which a human
brain works.
Cognitive computing processes are expected to emerge as
next-generation systems as artificial intelligence slowly becomes a mainstream
technology. The application of cognitive computing processes is therefore
touted as the next-generation systems. Their application has increased in
continually acquiring information based on data fed into them, subsequently processing
the complex information. These systems are therefore marketed as a means to
help companies make better decisions by deciphering complex and unstructured
data.
As business leaders focus more on their return on investment,
the global cognitive computing market is expected to gain a major boost.
According to industry experts, cognitive computing and artificial intelligence
are expected to emerge as the biggest trends to look out for in 2016. The
report has been compiled to present key insights into various trends
encouraging the rise of the global cognitive computing market. It examines the
influence of various growth drivers and restraints on the market to present a
refined outlook for its growth.
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Global Cognitive Computing Market:
Opportunities and Threats
According to experts, over time, various cognitive computing
technologies will be built to provide customized IT solutions. The technology
is expected to provide human-designed systems and imbue into them a “thinking
ability,” helping organizations to accomplish tasks that they were unable to
before.
The advances in various enabling technologies, increasingly
complex datasets, and the advent of third computing platforms such as cloud,
mobile, analytics, big data, and social network are expected to drive the
global cognitive computing market. However, challenges such as the lack of
knowledge about enabling technologies and the impact of new technologies on
business applications will threaten the market’s growth.
Big data is increasing in volume at a rapid pace owing to the
massive digitization of business operations worldwide. A major chunk of
information received by businesses is in the form of unstructured data such as
images, videos, podcasts, natural language, and symbols. This in turn
necessitates the implementation of a cognitive model to collate data and
provide structured output.
Retail, healthcare, BFSI, and security industries constitute the
major application segments of cognitive computing. Among these, the market is
expected to witness increasing demand from the healthcare sector. Recent
developments in medical imaging technologies that incorporate cognitive
analytics to help healthcare workers analyze mammogram images will also augment
demand for cognitive computing from the healthcare sector.
Global Cognitive Computing Market: Regional
Outlook
Regionally, North America held the largest share of the market
in 2014, followed by Europe. The market is also expected to see attractive
opportunities in Asia Pacific. The increasing adoption of cloud-based services
in the region, especially across small and medium-scale companies will
translate into increasing demand for cognitive computing from Asia Pacific.
Global Cognitive Computing Market:
Competitive Insight
To study the prevailing competition in the market, the report
has also profiled companies such as Microsoft Corporation, IBM Corporation,
Nuance Communications Inc, Google Incorporation, 3M, Statistical Analysis
System (SAS), Tibco Software, Hewlett Packard (HP), SAP, and Oracle
Corporation. Using industry-leading analytical tools, the report weighs out the
strengths and weaknesses of these companies. The latest strategies adopted by
them and their product portfolios are also studied in the report in detail.
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