The rising use of cloud-based applications is identified as one of the chief drivers of the global cognitive computing market. Cognitive computing has delivered exceptional business and societal benefits by automating tabulation and harnessing computational processing and processing. These developments have in turn helped businesses deliver enterprise and personal productivity. Cognitive systems enable people interact with other computing systems and extend their expertise across any domain of knowledge. Thus is supports making complex decisions involving extraordinary volumes of fast moving big data. Cognitive system uses natural language processing and machine learning to enable people and machines interact more easily. These systems learn and interact to provide expert assistance to scientists, engineers, lawyers, and other professionals in a fraction of the time.
In 2016, the global cognitive computing market was valued at US$29.67 bn and is expected to reach US$1,000.52 bn by 2025, expanding at a CAGR of 49.9% during the forecast period.
Though high upfront investment for the companies may act as a restrain for cognitive computing market as it is difficult for many cognitive technology companies to draw pilot stage funds for R&D. Nonetheless, the increasing demand from Healthcare sector due to rising amount of unstructured data serves as an opportunity for the market. Moreover, increasing demand for next generation cognitive data centers also act as an opportunity for the global cognitive computing market.
Healthcare Industry and Large Enterprises to Exhibit High Demand for Cognitive Computing
Based on deployment type, the global cognitive computing market has been segmented into on-premise and cloud. The cloud segment held the largest share in 2016, contributing nearly 65.4% to revenue generated by the global market revenue share. The segment is also expected to report a higher CAGR, thus remaining the market lead through the forecast period. In terms of application, the market is classified into diagnostic API’s, robotics, cyber security, farm mechanization, social media monitoring, self-driving cars, gaming, video surveillance, E-learning, IT infrastructure management, supply chain management, and others.
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By industry vertical, healthcare, BFSI, it & telecom, manufacturing, energy & utility, retail, aerospace & defense, government, transportation, agriculture, media & entertainment, education, HR, and marketing & PR have been exhibiting considerably high demand for cognitive computing. Of these, the healthcare industry held the dominant market share in 2016. Based on the end-user, the market is categorized as large enterprises, small & medium enterprises and public sector. Of these, holding a share of nearly 49.8% of the market, large enterprises emerged as the dominant segment in 2016. The segment is forecast to remain dominant through the course of the forecast period.
Middle East & Africa Exhibits Strongest Growth Potential
Regionally, Asia Pacific, South America, North America, Europe, and the Middle East & Africa constituted the key market segments. Among these regions, North America held dominance in 2016. However, during the course of the forecast period, the Middle East & Africa market is likely to offer more lucrative prospects. In North America, the market is gaining from the high deployment of cognitive computing across educational institutions and various small & medium enterprises. As the technology reduces the burden of hardware installation and maintenance for organization, it is expected to continue witnessing rising demand through the forecast period.
While the market is forecast to witness strong demand across the world, its growth in Asia Pacific and the Middle East & Africa will be exemplary. In Asia Pacific, the cyber security application segment will emerge as one of the prime end users of cognitive computing. In the Middle East & Africa, the cognitive computing market will witness rise in deployment at a CAGR of 53.2% between 2017 and 2025. The use of cognitive computing in infrastructure management applications is aiding the market’s expansion in the Middle East and Africa.
The key market players profiled in this report are Cisco Systems, Inc., Hewlett Packard Enterprise, IBM Corporation, Flatiron Health, Inc., Accenture, Inc., Microsoft Corporation, SparkCognition, Google, Inc., Digital Reasoning Systems and Narrative Science.