Increasing Demand for Cognitive Computing Market to Push Global Market Revenue Growth During 2016 – 2024
In the ever changing world of information technology, business organizations are left with humongous amount of data with them. This data includes very critical information for business use, but business organizations are only able to utilize 20% of whole data available with them with the use of traditional data analytics technology. To process and interpret the reaming 80% of the data that is in the form of videos, images, and human voice (also called as dark data), there is a need of cognitive computing systems.
Cognitive computing systems are typical combination of hardware and software that constitute natural language processing (NLP) and machine language, and have capability to collect, process, and interpret the dark data available with business organizations. Cognitive computing systems works exactly the phenomena of how a human brain works. These systems can process natural language, unstructured data, and can learn from experiences in similar way a human being do.
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In today’s distributed, dynamic, and disrupted business environment requires full awareness about information that is generated from past data set available with organizations. This immensely help business organizations to control the risk associated with their business. So, the main driver of global cognitive computing market is the need to process unstructured and complex dark data set. Cognitive computing systems process and interpret the data in probabilistic manner unlike conventional big data analytic tools. However, to cope with the continuously evolving technology and data safeguarding are two biggest challenges cognitive computing market is facing.
Segmentation of Cognitive Computing market on the basis of technology:
- Natural Language Processing (NLP):
Natural language processing is used to process the human language in such a manner that a computer system can understand and interpret it. Natural language processing automates the translation process between computer and human.
- Machine Learning:
Machine learning is subset of computer science that encompasses the study of pattern recognition and computational learning theory of artificial intelligence. Machine learning enables computer program to learn from past data and can teach themselves to do modification when exposed to new data.
- Automated Reasoning:
Automated reasoning is the sub-discipline of computer science and mathematical logic, which is used to understand the different aspects of reasoning. Automated reasoning assists in producing computer programs that facilitates computers to reason perfectly or near perfectly.
North America is expected to the largest market of global cognitive computing market. Majority of cognitive computing service providers such as IBM Corporation, Microsoft, and Google are based in North America region itself and they are also investing in the field of cognitive computing of local market. For instance, to accelerate the adoption of Watson cognitive computing system, IBM Corporation invested in Modernizing Medicine, a provider of cloud-based, specialty-specific electronic medical records (EMR) systems.
Establishment of several cognitive computing startups such as Cognitive Scale is taking place in Europe region. Asia-Pacific region is expected to have moderate growth rate for cognitive computing market as rapidly rising trend of cloud based services, in small and medium enterprises, is paving the way for growth of cognitive computing market in this region. Latin America and Middle East and Africa regions are yet match the pace of global cognitive computing market.
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IBM Corporation, Microsoft Corporation, Google, Palantir Technologies, Cognitive Scale, Enterra Solutions, and Numenta are some the leading players of global cognitive computing market.