Cognitive Computing Market Expected to Reach USD 87.39 Billion by 2026 | Top Players such as – 3M, IBM & Tibco Software
Increasing demand of cognitive computing solutions for Internet of Things (IoT), information retrieval &Machine Learning (ML) is driving market revenue growth.
PORTLAND, PORTLAND, OR, UNITED STATE, February 28, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Cognitive Computing Market Expected to Reach USD 87.39 Billion by 2026 | Top Players such as – 3M, IBM and Tibco Software.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The Cognitive computing market size was valued at USD 8.87 billion in 2018, and is projected to reach USD 87.39 billion by 2026, growing at a CAGR of 31.6% from 2019 to 2026.
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Advancement in machine to machine technologies, surge in big data analytics, and increase in demand for better customer experience drive the global cognitive computing market. However, high cost associated with the deployment of the cognitive computing system restrains the market growth. On the other hand, surge in adoption of cognitive computing technologies in business applications across the developed countries creates new opportunities in the coming years.
The cognitive computing market is segmented on the basis of technology, deployment type, enterprise size, industry vertical, and region. By technology, it is categorized into natural language processing, machine learning, automated reasoning, and others. On the basis of deployment type, it is divided into on-premise and cloud. Further, on the basis of enterprise size, it is categorized into large enterprises and small and medium enterprises. Depending on industry vertical, it is categorized into healthcare, BFSI, retail, government & defense, IT & telecom, energy & power, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on industry verticals, the healthcare segment contributed to the highest market share, accounting for more than one-fourth of the global cognitive computing market share in 2018, and is estimated to maintain its leadership position during the forecast period. This is attributed to the development of medical imaging techniques such as “VuCOMP” with the help of machine learning, which helps the radiologists to identify cancer.
Based on technology, the natural language processing segment accounted for more than two-fifths of the total share of the global cognitive computing market in 2018, and is expected to maintain its leadership status in terms of revenue throughout the forecast period. This is attributed to increased usage of NLP IN various applications such as e-commerce and web, IT and telecommunication, healthcare to enhance the operational process and customer experience.
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Based on region, North America accounted for the highest share, holding for more than one-third of the global cognitive computing market in 2018, and is projected to maintain its dominant position throughout the forecast period. This is attributed to the presence of numerous large industries across the region and developed IT infrastructure. However, Asia-Pacific is estimated to portray the fastest CAGR of 36.1% from 2019 to 2026, owing to growing penetration of mobility in this region.
The market players operating in the cognitive computing market analysis include 3M, Google LLC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Microsoft Corporation, Nuance Communications Inc., Oracle Corporation, SAP SE, SAS Institute Inc., and Tibco Software Inc.
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Covid-19 Scenario:
✓ During the coronavirus pandemic, the revenue generated from the healthcare segment will be increased significantly as the usage of cognitive computing technology such as machine learning is likely to be used for screening of patients and diagnosing COVID-19.
✓ The demand for cognitive computing technologies would experience significant growth during the coronavirus pandemic due to its application in speeding up drug development. In addition, the technology finds application in developing biomedical knowledge graphs to find a link between the potential drug and the virus.
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