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Cognitive Computing Market is Segmented by technology such as Natural Language Processing(NLP), Machine Learning and Automated Reasoning.
Advent of Internet of Things (IoT) is going to shape the future of many organizations over the next few years. This technology is used to interconnect embedded objects / devices such as sensors, actuators, etc., and enable communication between them without the need for any human intervention. Cognitive technologies such as machine learning and AI certainly have proven to be an important part of IoT, as they can help make products and services smarter, and therefore, more valuable.
Cognitive computing, in combination with IoT, will allow data-collection and data-interpreting machines to communicate with one another quickly and completely, opening the door for a surge of new business strategies. Cognitive solutions will help companies realize the full potential of IoT by delivering deeper insights. IoT and cognitive capabilities can help dramatically reduce efficiency costs, leapfrog the competition, and improve business models. Thus, the emergence of IoT technology in combination with cognitive computing solutions is expected to drive the expansion of the cognitive computing market size over the coming years, which is projected to expand tenfold over the next ten years.
The healthcare industry is rapidly increasing the utilization of cognitive computing technologies, particularly in the zones of research, diagnostics, treatment, and patient results. Healthcare professionals have started harnessing the power of cognitive computing in healthcare, due to the recent widespread use of electronic health records (EHR), which is boding well for the healthcare cognitive computing market.
The revolution of cognitive computing in the healthcare sector assists medical professionals in the better treatment of diseases, and improves patient outcomes. This technology enables doctors with context-based suggestions for treating individual patients. These solutions use data relating to a patient’s case, and give suggestions with a confidence level assigned to it, helping doctors diagnose and decide on the best treatment possible. Thus, rising adoption of cognitive solutions in the healthcare sector will drive the growth of the global cognitive computing market in the years to come.
In terms of value, North America led the global cognitive computing market share in 2019, mainly due to the presence of a number of key players in the region. The developing region of South Asia & Pacific is expected to record the highest growth rate in the global cognitive computing market over the forecast period of 2020 to 2030, owing to increasing demand for and adoption of technological advancements and rising adoption of AI and ML technologies for automating business processes.
Product launches, enhancement in existing products, acquisitions, and partnerships with niche players are key strategies being followed by leading players in the global cognitive computing market space. Some of the key players in the cognitive computing market are IBM Corporation, Microsoft Corporation, SAS, Amazon Web Services, Oracle Corporation, Google, and Cisco Systems, Inc., among others.
The spread of coronavirus is expected to have a lasting impact on the way of living, working, and socializing. The pandemic is having serious implications for businesses across the globe, as everyone is adapting to the 'new normal' of operating an organization remotely. The COVID-19 pandemic has accelerated digital transformation, and organizations are continuously transforming their business processes by adopting technologies such as cognitive computing, cloud, and analytics.
Organizations are leveraging the benefits of cognitive computing solutions to survive during the pandemic by putting bots to work on basic digital functions, freeing up workers, and ensuring that critical functions continue to operate seamlessly. Cognitive automation solutions have provided a significant boost in productivity and are speeding up important workflows amid the pandemic. According to the PMR study, demand for cognitive computing will increase by 5% - 7% by the end of 2020.
A comprehensive view of the global cognitive computing market has led our analysts to conclude that, the market is escalating at a significant rate. Regions such as North America and Europe are holding a large part of the cognitive computing market share, and will continue to do so through 2030. Alliances with other tech providers along with regional expansion are some of the strategies being opted for by key players in this space to fuel their sales growth over the coming years.