Cognitive Computing Market Size to Cross $35.7 Billion by 2023: P&S Market Research

NEW YORK, April 05, 2018 -- Cognitive computing market is set to cross $35.7 billion by 2023, growing at a CAGR of 34.2% between 2017-2023. Due to significant advancements in big data technologies such as analyzing volumes for structured and unstructured data, and data mining techniques, the adoption of cognitive computing in various industries has increased over the past few years. This has further led to increase in incorporation of advanced data analytics technology by business organizations for measuring the various risks associated with their strategic initiatives.

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As per the findings of the research, cloud deployment segment has been the larger revenue generator as compared to the on-premise deployment segment in the cognitive computing market. Further, among the various technologies, natural language processing technology leads the market. However, machine learning technology is expected to grow at the fastest rate during the forecast period. Among industry verticals, healthcare segment was the largest contributor to the global market for cognitive computing during 2013-2016. However, the IT & telecom sector is expected to witness the fastest growth in the market, during the forecast period.

The increasing popularity and adoption of artificial intelligence is one of the major trends observed in the cognitive computing market. With search becoming increasingly predictive, providing tailored recommendations of customer – product – interaction, throughout a customer journey is the need of the hour for big business organizations. Artificial intelligence with cognitive computing uses information or data set to power effective predictive search. This enhances the search results, helping major brands to better anticipate their customer needs and serve them with more relevant offerings and cross sell their products.

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GLOBAL COGNITIVE COMPUTING MARKET SEGMENTATION
By Technology

• Natural Language Processing
• Machine Learning
• Automated Reasoning
• Information Retrieval

By Deployment Model

• Cloud
• On-Premise

By End User

• Small & Medium Enterprise
• Large Enterprise

By Industry Vertical

• Healthcare
• Retail & Consumer Goods
• BFSI
• Security
• IT & Telecom
• Aerospace & Defense
• Others

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