Cognitive computing refers to the use of computerized models to simulate human thought process in complex situations where answers could be uncertain and ambiguous. The technology uses self-learning algorithms through pattern recognition, natural language processing, and data mining which enables computers to mimic the way human brain works. Cognitive computing serves as an assistant and gives human the power of faster and more accurate data analysis without worrying about wrong decisions taken by machine learning systems.
The significant factors boosting the growth of the Global Cognitive Computing market include the increasing number of complex and large dataset, rising demand of intelligent business process, continuous evolution in computing environment, and rise in customer engagement through social media platform across the globe. In present digital landscape, businesses are focusing on one-to-one interaction with customers on completely new level. Business-to-customer companies are adopting cognitive technology to enhance customer shopping experience and to learn about customer aspiration. Cognitive computing combines structured and unstructured data, which provides powerful new tools that can analyze and process assisted customer interactions at scale, in real time. Therefore, businesses derive powerful insights into customer thinking as customers can easily find the offering that suits them and exhibits superior loyalty and engagement towards the brand. For instance, Macy’s Inc, one of the department store retailers in the U.S. launched cognitive mobile web tool named Macy’s On Call, which helps shoppers to locate items and enhance in-store experience.
Based on the business function, the market is segmented into human resource, operation, finance, marketing & sales, and others. The operation segment is expected to grow at a higher CAGR over the forecast period. Cognitive computing solutions enables companies to enhance operational efficiencies and reduce overhead cost. Operations segment are adopting cognitive solutions and services as it aids them in catering real time use cases such as, supply chain and production optimization to obtain higher return on investment (ROI).
Based on deployment, the market is segmented into on-premises, cloud, and hybrid. The hybrid segment is anticipated to lead the market during the forecast period due to its feature to automate equipment maintenance process and maximize profits. Businesses are adopting hybrid solutions as it helps them overcome the drawbacks related to traditional IT methodologies by providing cost-efficiency, flexibility, agility, scalability and ease in data generation.
Based on the Organization size, the SMEs are projected to grow at a higher CAGR over the forecast period. The cognitive computing solutions supports workloads in the SMEs without increasing employee headcount. The technology provides automation which reduces the need of traditional IT infrastructure and provide real time data by eliminating manual errors.
Based on the industry, the market is segmented into BFSI, retail & e-commerce, telecommunication & IT, healthcare & life sciences, manufacturing, government & defense, media & entertainment, travel & hospitality, and others. The healthcare & life science segment is anticipated to lead the market during the forecast period. The cognitive computing solutions helps in expanding the knowledge of clinicians in designing customized treatment modules. Moreover, it makes the diagnosis process faster as cognitive computing technology is efficient in recognizing and understanding patterns and helps in understanding what the patient is suffering from and what actions are required to be taken.
Based on the region, the North America region is projected to grow at a higher CAGR over the forecast period due to the high usage of internet and increasing adoption of cognitive computing technology by start-ups. Moreover, technologies like IoT and 5G has boosted the growth of cognitive computing technology in North America. On Contrary, Asia-Pacific region is expected to grow at a high CAGR over the forecast period owing to the adoption of cloud-based services in SMEs across the region.
Various notable players of the Global Cognitive Computing Market include Microsoft Corporation, Google LLC, IBM Corporation, Numenta Inc, SAS Institute, AWS, Cisco Systems Inc, Spark Cognition, CognitiveScale, and Cognitive Software Group among others.
- In 2019, Microsoft Corporation, Schlumberger Limited, and Chevron Corporation collaborated to accelerate creation of innovative digital and petrotechnical technologies. As a part of collaboration, the three companies worked together to build Azure-native applications in DELFI* cognitive E&P environment. This enabled companies to visualize, process, interpret, and obtain meaningful insights from numerous data sources.
Global Cognitive Computing Market has been segmented based on Component, Business Function, Application, Technology, Deployment Mode, Organization Size, and Industry Vertical. Based on Component, the market is segmented into Platform and Services. Based on Business Function, the market is segmented into Human Resource, Operation, Finance, Marketing and Sales, and Others. Based on Application, the market is segmented into Automation, Intelligent Virtual Assistants and Chatbots, Behavioral Analysis, Biometrics, and Others. Based on technology, the market is segmented into Machine Learning, HMI/HCI, Natural Language Processing, and Deep Learning. Based on Deployment Mode, the market is segmented into On-Premises, Cloud, and Hybrid. Based on Organization Size, the market is segmented into SMEs, and Large Enterprises. Based on Industry Vertical, the market is segmented into BFSI, Retail & e-commerce, Travel & Hospitality, Government and Defense, IT & Telecommunications, Healthcare & Life Sciences, Manufacturing, Media & Entertainment, and Others.
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