Knowledgeable computer market
IMARC Group’s latest report, titled “Cognitive Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global cognitive computing market reached a value of US$ 25.30 billion in 2021 Looking forward to the Group, IMARC expects the market to reach a value of USD 110.66 billion by 2027, exhibiting a CAGR of 25.70% during 2022-2027.
Cognitive computing (CC) is a technology that relies on the scientific disciplines of artificial intelligence (AI) and signal processing. It includes machine learning (ML), speech and image recognition, distributed and high-performance computing systems, natural language understanding (NLU), and a conversational human interface. It simulates the human thought process in a computerized model to develop automated IT systems that can solve problems without human intervention. Because of its unique approach to extracting insights from structured and unstructured data, it is considered revolutionary in the technology sector. In addition, it improves problem solving and error detection, data collection and interpretation, and customer retention businesses that help in intelligent financial and informed and strategic decision-making processes in a cost-efficient manner.
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Competitive landscape with key players:
The competitive landscape of the industry has also been examined along with profiles of key players
• Acuity Group
• Cisco Systems Inc
• Enterra Solutions LLC
• Expert .AI
• e-Zest Solutions Ltd
• Google LLC (Alphabet Inc.)
• International Business Machines Corporation
• Marlabs LLC
• Microsoft Corporation
• Red Skios Ltd
• Sas Institute Inc
• Tata Consultancy Services Ltd
• Vantage Labs LLC
• Virtusa Corporation
Market demand for cognitive computing:
The increasing demand for cognitive computing from the industrial sector mainly drives the global market. This can be attributed to the widespread application of the platform in the telecommunications, banking, financial services and insurance (BFSI) and retail industries. In addition, growing concerns among all major business organizations regarding the risk associated with strategic initiatives is influencing the growth of the market. Along with this, the widespread adoption of cognitive computing in the healthcare industry to diagnose multiple diseases by rapidly processing big data and generating intelligent personalized recommendations is also significantly supporting the market. Additionally, the growing use of deep learning technology in artificial intelligence (AI) engine recommendation solutions is creating a positive market outlook. Some of the other factors further driving the market include rapid digitization and the emerging information technology (IT) industry.
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Main market segmentation:
Division by technology:
• Natural language processing
• Machine Learning
• Automated reasoning
• Others
Breakdown by placement type:
• On premises
• Cloud based
Division by company size:
• Small and medium enterprises
• Large Enterprises
Breakdown by Vertical Industry:
• Health care
• BFSI
• Retail sales
• Government
• IT and Telecom
• Energy and Power
• Others
Division by region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, others)
• Latin America (Brazil, Mexico, others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, others)
Key points of the report:
• Market Performance (2016-2021)
• Market outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market drivers and success factors
• SWOT analysis
• Value chain
• Comprehensive Competitive Landscape Mapping
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IMARC Group is a leading market research company providing management strategy and market research worldwide. We partner with clients across sectors and regions to identify their highest value opportunities, address their most critical challenges and transform their businesses.
IMARC’s information products include key market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-tech organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and new processing methods are at the forefront of the company’s expertise.
This version was published on openPR.
