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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.
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