Cognitive Computing Technology Market Segment Analysis By Key Players, Drivers
Posted by Sakshi Mishra on February 23rd, 2021
According to the Market Research Future (MRFR) report, the global cognitive computing technology market is projected to rise to around USD 25 billion, with a CAGR of 35% between 2017 and 2023 (forecast period). The research report offers a brief overview of the influence of COVID-19 on current/future market situations. The report outlines some of the important market factors that will influence this sector’s growth, such as market share, major regions, and key players.
Cognitive computing is carried out using a computer-generated model that mimics the human process of thinking and cognitive ability in the form of simulation over a specialized platform. The process of transforming thought into simulation includes self-learning systems, the extraction of unstructured data and the development of insightful analytics, the recognition of patterns that cannot be seen by the human eye, and the processing and detection of language formation and structure behind it. A few of the working scenarios for cognitive computing is to solve intensive computational problems by building open automated IT systems. Systems are independent of human assistance, resulting in reliable outcomes with no possible human error.
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The global cognitive computing technology market has been segmented on the basis of technology, organization size, end-user, and deployment.
By technology, the global cognitive computing technology market has been segmented into natural language processing (NLP), machine learning, automated reasoning, and others.
By organization size, the global cognitive computing technology market has been segmented into small and medium enterprises and large enterprises.
By the end-user, the global cognitive computing technology market has been segmented into banking & financial service, energy & power, retail, aerospace & defense, IT & telecom, automotive & transportation, and others.
By deployment, the global cognitive computing technology market has been segmented into on-cloud and on-premise.
The regional analysis of the global cognitive computing technology market marks the study for regions like North America, Asia Pacific (APAC), Europe, and the rest of the world (including the Middle East, Africa, and South America).
Among the regions listed above, the market is currently dominated by North America. The explanation behind North America’s high market share is the technical innovation and an increasing amount of unstructured data. In addition, substantial investment in research and development by leading vendors also leads to the market’s development.
Europe, on the other hand, ranks second in terms of market share in the cognitive computing technology market. Europe is a technologically advanced region with mature economies such as Germany, the United Kingdom, and France. Nevertheless, Asia Pacific is projected to have the highest growth rate during the forecast period.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
About the AuthorSakshi Mishra
Joined: September 30th, 2020
Articles Posted: 512
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