Market Highlights

The cognitive computing technology market is predicted to grow at a healthy CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.

Drivers

Increasing Adoption in Healthcare Sector to Boost Market Growth

The increasing adoption of cognitive computing technology will boost market growth. The adoption of modern technologies has resulted in tremendous improvement in healthcare treatment services which are allowing the doctors in running better diagnostics and saving scores of lives lately. Some of its perks include enhance daily activity and foster health patient behavior.

Opportunities

Incorporation of AI and IoT to offer Robust Opportunities

The incorporation of internet of things and artificial intelligence which allows integration between the consumer, hardware platform, and software platform will offer robust opportunities for the market over the forecast period.

Restraints

High Cost to act as Market Restraint

The high cost included in the deployment of cognitive computing systems may act as a market restraint over the forecast period.

Challenges

Issues with Regulatory Compliances to act as a Market Challenge

Issues related to regulatory and government compliances may act as market challenges over the forecast period.

COVID-19 Analysis

The onslaught of the COVID-19 pandemic has resulted in turbulent times across the world. The advent of digitalization has accounted for a thriving cognitive computing platform across the world. Various enterprises are adopting these solutions for enhancing security and productivity in their operations which are adding market growth.

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Segmentation:

The global cognitive computing technology market has been segmented based on technology, organization, deployment, and end user.

By technology, the natural language processing technology segment will lead the market over the forecast period.

By organization, the SMBs will dominate the market over the forecast period.

By deployment, cloud based cognitive computing solution will spearhead the market over the forecast period.

By end user, the healthcare segment will have the lions share in the market over the forecast period.

Regional Analysis

North America to Have Lions Share in Cognitive Computing Technology Market

North America will have lions share in the market over the forecast period. The high demand for secured and faster storage devices across various sectors, increasing adoption in the IT industry, increasing use of internet, increasing adoption of cognitive computing solutions by startups, organizations in the US using such solutions, the rising penetration of core technologies like big data, IoT, and AI and others, and the growing number of cognitive projects are adding to the global cognitive computing technology market growth in the region.

Key Players

Eminent players profiled in the global cognitive computing technology market report include Expert System S.p.A. (Italy), SparkCognition Inc (U.S.), Microsoft Corporation (U.S.), Numenta (U.S.), International Business Machines Corporation (U.S.), Cisco Systems, Inc (U.S.), DeepMind Technologies Limited (U.K), CustomerMatrix Inc (U.S.), Planet labs (U.S.), Airware (U.S.), Google, Inc (U.S.), CognitiveScale (U.S.), Saffron Technology, Inc (U.S.), Enterra Solutions LLC (U.S.), ColdLight Solutions (U.S.), Palantir Technologies (U.S.), Hewlett Packard Enterprise (U.S.), Orbital Insight (U.S.), Vicarious (U.S.), DigitalGenius (U.K), DataRobot (U.S.), Cylance (U.S.), Vicarious (U.S.), Darktrace (U.K), Ross Intelligence (U.S.), Indico (U.S.), Cyberlytic (U.K), among others.

The cognitive computing technology market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.

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Global Cognitive Computing Technology Market: Technology (NLP, Machine Learning, Automated Reasoning), Deployment (Cloud, On-Premise), Organization Size (SME, Large Enterprise), End-User (BFSI, Retail, Aerospace & Defense) – Forecast till 2027

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