Cognitive Computing Market to Expand due to Growing Adoption of the Connected Devices
January 29, 2019 | PRNewswireEstimated reading time: 2 minutes
Transparency Market Research (TMR) observers the global cognitive computing market has a highly competitive landscape. Some of the key players operating in the global cognitive computing market are Google, Inc., IBM Corporation, Accenture, Inc., Cisco Systems, Inc., and Microsoft Corporation. These prominent players are increasingly trying to develop low-cost cognitive computing technologies. These players are identifying the potential growth of cognitive computing by machine learning and the development of innovative solutions in the market.
According to TMR, the global cognitive computing market achieved the revenue of the $29.67 billion in 2016, is expected to expand with the CAGR of the 49.9% for attaining a value of $1.0 trillion by the end of the year 2025.
Based on the raw material, the healthcare segment accounting for the leading share in the global cognitive computing market in the year 2016 and is expected to expand with the fast pace. On the basis of deployment type, the cloud segment is accounting for the largest share in 2016 of about 65.4% share in the overall market. Based on the region, North America dominated the global cognitive computing market in the year 2016 and is expected to remain dominant over the forecast period.
Rising Adoption of the Connected Devices to Propel Growth of the Market
Rising usage of cloud-based applications is a key factor driving the growth of the global cognitive computing market. Cognitive computing has exceptional benefits such as automation, tabulation, and processing which is fuelling adoption of the cognitive computing and driving growth of the global cognitive computing market. Additionally, development in the all-sized business and growing productivity is boosting the growth of the global cognitive computing market.
The cognitive computing supports complex decisions involving volumes of fast-moving data coupled with the uptake of natural language processing and machine learning, which interact easily. This advancement is propelling adoption of cognitive computing and likely to drive the growth of the global cognitive computing market. In addition, rising adoption of the artificial intelligence (AI) and machine learning technologies in the numerous industries is boosting adoption of the cognitive computing and likely to fuel growth of the global cognitive computing market.
Widening Application of Cognitive Computing to Propel Growth of Market
Additionally, widening adoption of cognitive computing in the numerous end-use industries such as healthcare, manufacturing, BSFI, retail, and government institutions are boosting the growth of the global cognitive computing market.
The advent of troublesome technologies based on AI technologies especially in the retail sector is expected to offer lucrative opportunities for players to grow at a fast pace. However, the high initial investment for the development of cognitive computing technologies is hampering the growth of the global cognitive computing market. Additionally, this requirement of vast funds for deploying and setup of the solutions at enterprise-scale are hampering the growth of the market.
Suggested Items
IDC Forecasts Slower Growth for Global Telecommunications Services Market: Could AI Help Telcos to Maintain Healthy Margins?
05/08/2024 | IDCWorldwide spending on Telecom Services and Pay TV Services reached $1,509 billion in 2023, an increase of 2.1% over 2022, according to the International Data Corporation (IDC) Worldwide Semiannual Telecom Services Tracker.
Simbe Partners with Plexus to Scale Manufacturing and Meet Global Retail Demand
05/08/2024 | Globe NewswireSimbe, the leading provider of Store Intelligence™ solutions that increase retailer performance through unprecedented visibility and insights, today announced a partnership with Plexus Corp. to bring its best-in-class retail robotics-as-a-service to market quickly and at global scale.
IDTechEx Discusses Low-Loss Materials: The Enabler of Future Connected Vehicles?
05/06/2024 | IDTechExFuture connected vehicles will offer future drivers a safer, smoother, and more convenient driving experience. Not only will drivers get access to more navigation and entertainment options, but they will also gain access to safety technologies that will potentially reduce accidents, improve congestion, and reduce emissions globally by allowing vehicle safety systems to communicate with each other and with city traffic infrastructure.
HBM Prices to Increase by 5–10% in 2025, Accounting for Over 30% of Total DRAM Value
05/06/2024 | TrendForceAvril Wu, TrendForce Senior Research Vice President, reports that the HBM market is poised for robust growth, driven by significant pricing premiums and increased capacity needs for AI chips.
Tablet Shipments Show Signs of Recovery in Q1 2024
05/06/2024 | IDCAfter more than two years of decline, worldwide tablet shipments posted modest year-over-year growth of 0.5% in the first quarter of 2024 (1Q24), totaling 30.8 million units, according to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker.