As a result of various technological advancements in IT sector, the global cognitive market is experiencing a major growth recently finds a Transparency Market Research report. A number of small players and startups are making breakthrough innovations to establish themselves in the space owned by big fishes. Prominent players like Microsoft, Accenture, and Cisco Systems are developing smart and aware apps, and automated solutions for various end-user businesses. This allows these companies to hold their competitive edge over their competitors and strengthen their position as market leaders.
The global cognitive computing market reached US$29.67 billion in 2016.Further, this market is projected to rise substantially with a staggering 49.9% CAGR in the forecast period from 2017 to 2025. In terms of revenue, the cognitive computing market shall surpass the benchmark of $US1000.52 bn by the end of this forecast tenure.
The global cognitive computing market is categorized into various segments depending upon its deployment type, applications, and industry infrastructure. Each segment splits into various facets that impact the overall growth of the market. For instance, based on deployment, global cognitive computer is segmented in on-premise and cloud segments. Out of the two, cloud segment is likely to show maximum potential during the forecast period. The segment is likely to hold 65% share of the global revenue. . On the other hand, depending upon the industry vertical, the market is fragmented into healthcare, IT & telecom, manufacturing, and energy, and utility. Out of the above-mentioned industry verticals, the healthcare industry is estimated to grow with an impressive pace.
Regionally, the global cognitive computing market is spread across in Asia Pacific, North America, Europe, South America, and finally the Middle East and Africa. Among these regions, North America is expected to show maximum growth during the forecast period. This region shall be partnered by regions of the Middle East & Africa and the Asia Pacific. The regions are expected to show a remarkable growth in deployment of the technology with a CAGR of 53.2% in the forecast period.
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Growth Driving Factors of Global Cognitive Computing Market
The global cognitive computing market is majorly driven by the rising demand for artificial intelligence and machine learning technologies in various sectors. Industries like healthcare, manufacturing, and retail are major contributors to the growth of global cognitive computing market. Increasing trends of large data-set implementation in various industries shall also influence the growth of global cognitive computing market. Since these data-sets have tremendous information and cannot be processed by traditional data analytics systems, businesses are moving towards the application of cognitive computing systems. This shift of will also act as a major growth driving factor for global cognitive computing market.
Capital-Intensive Requirements to Stunt Growth
The major restraint hampering growth of the global cognitive computing market is the upfront requirement of investment for developing solutions. Also, the funds required to deploy these solutions is another bottleneck that cognitive computing market has to deal with across the globe. However, with the rising demand cognitive computing solutions in the healthcare market is expected to create promising market prospects for businesses to grow in global cognitive computing market in the forecast period.
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