Cognitive Computing Market To Cross USD 49Bn By 2025: Study
The global cognitive computing market size is expected to reach USD 49.36 billion by 2025, according to a new study conducted by Grand View Research. The surge in demand for the cognitive computing technology across North America and Europe is anticipated to drive the industry growth over the next nine years. It enables business organizations to incorporate advanced data analytics technology in their business processes to measure the risk associated with the strategic initiatives, the study said.
Industry players are progressively investing a significant amount to adopt the modern cognitive solution by profound research and development. Since 2010, several mergers and acquisitions have taken place by large enterprises to utilize this inherent technological platform into the organization. The incorporation of features, such as Artificial Intelligence and Internet of Things that enables automated integration between software, hardware platform, and the consumer, is energizing the industry growth prospects. These features subsequently influence the market dynamics and accelerate the growth momentum to rise to its optimal level.
“The natural language processing technology segment dominated the industry, accounting for over 40% of the overall volume due to the surging demand for pattern recognition,” the report said.
The increasing consumer preference toward profound data analysis is a favorable trend observed in the market. The continuous development of cloud computing platform and on-premises hardware equipment for the safe and secure data storage is instrumental to the widespread adoption of cognitive solution across diverse industrial verticals.
The report said that the cognitive computing solution has the potential to perform analysis and support business decision making against a huge amount of data generated daily across various industries. It also has the potential to identify anomalous behavior in the data by inspecting usage patterns to block the cyber-attacks.
The Asia Pacific region is predicted to emerge as the fastest growing market owing to the rise in small and medium enterprises in emerging countries, such as India and China. Prominent vendors operating in the market include Google, IBM, Microsoft Corporation, Oracle Corporation, SAP, Statistical Analysis System (SAS), and Saffron Technology.
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