Global Cognitive Computing Market was valued US$ 9 Bn in 2019 and is expected to reach US$ 68 Bn by 2027, at a CAGR of 28.76 % during forecast period.

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Cognitive computing is helping to process volumes of composite data, so unintentionally enhancing the enterprise's productivity levels. Cognitive computing is considered as a next-generation system which is conversing in human language and helping experts to make better decisions by understanding the difficulties of big data. Currently, most of the data received is unstructured like images, videos, natural language, and symbols. Cognitive computing, with the help of various technologies like natural language processing, machine learning and automated reasoning, translates unstructured data to sense, and predict the best solution.

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Cognitive computing is mainly used in BFSI, healthcare, security, retail, e-commerce and other sectors. Rising volume of unstructured data and developments in technology are the major driving factors of the cognitive computing market. Cloud-based technological advancements, expansion of innovative hardware and software systems and cognitive experience interfaces will be rising the growth of the cognitive computing market.

Natural language processing is the most projecting technology used in the cognitive computing industry due to its inherent ability to process natural language interactions. Presently, automated reasoning and information recovering technologies have limited applications so, restricting the growth of natural language processing in the global cognitive computing market. Still, these technologies are looking for new trends in artificial intelligence, probabilistic logic, and query searching that will further accelerate the growth of cognitive computing industry during forecast period. Utilization of cognitive analytics in healthcare and BFSI contributing major share in the cognitive computing market size by value.

Value chain of cognitive computing market include six stages which contain data origin, data classification and storage, data analytics, commercial, and consumer. Each intermediary plays a significant role at their point of operation, which, in turn, contributes to the competitive value of the product. R&D activities, innovations, marketing strategies and aesthetics making significant value additions to the end-deliverables by each player.

Cognitive computing systems are self-learning systems which uses machine learning models to recognize the working of the brain. Cognitive computing technology is enabling the creation of automated IT models that are able to solve problems without human support.





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