Allied Market Research adds “Cognitive Computing Market” new report to its research database. The report provides a comprehensive analysis of current & future trends and emerging avenues for the growth of this market globally.
Cognitive Computing Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $13.7 billion by 2020, registering a CAGR of 33.1% during the period 2015 – 2020. The advent of cognitive computing has led to a major shift in the evolution of technology over the past decade. The growing trend of increasing cloud based services, big data analytics and harnessing the internet speed, has largely supplemented the growth of the cognitive computing market. Cognitive analytics have optimum capabilities in handling huge volumes of data and facilitate the quick transitioning of manufacturing footprints and technologies. Enterprises, today, incorporate newer technologies, both in hardware and software, in order to keep pace with the changing business requirements. The increasing adoption of cognitive computing in business applications has led to significant improvements in the productivity and standard of operations in numerous organizations.
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The global cognitive computing market is segmented into technology, applications, end users and deployment types. The technology segment is further categorized into natural language processing, machine learning, automated reasoning and information retrieval. The application segment includes healthcare, BFSI, IT and Telecom, security, research & education, defense and others. The end users segment comprises of large enterprises and small & medium enterprises, whilst the deployment types include on-premises and cloud based services.
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The natural language processing segment generated the maximum revenue in 2014, accounting for over 40% of the total market revenue. The technology would continue to dominate the market throughout the forecast period. Machine learning is the second highest segment, constituting around 30% of the total revenue. Automated reasoning technology, presently having a smaller market share, would grow at the fastest CAGR of 37% during 2015 – 2020. Automated reasoning reduces overloaded information and is seeking applications in computational biology that would accelerate the growth of the technology in the coming years.
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