The global cognitive computing market was valued at USD 21.5 Bn in 2020 and is expected to reach USD 79.1 Bn in 2027, growing at a CAGR of 31.50% during the forecast period. Cognitive computing is an emerging technology that enables organizations to gain business advantage.Increasing volume of complex data and evolution in computing platforms such as mobile, cloud, and big data analytics are expected to drive the growth of the cognitive computing market.
Cognitive technology can be an added advantage to human expertise to reveal new intelligence from large quantities of data, for building predictive insights at a larger scale. As cognitive computing plays an important role in the growth of a business, those who have already implemented the technology are now realizing its value and they believe that it will be a “must-have" technology in the future to remain in the competitive landscape. Major AI-driven businesses have begun to implement their cognitive initiatives for a better customer experience.
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Undertaking a transformational initiative can be expensive, which can be a major challenge for a business. There is also a skill-set gap present for implementing cognitive computing technology. Industries usually face a shortage of skill sets, which is particularly evident for cognitive skills. Early adopters of cognitive computing technology feel a shortage of skilled software developers with adequate experience in implementing cognitive applications.
Cognitive computing can help develop a digital policing environment that can help public safety personnel immensely. Citizens will be able to give updates to police from any time and from any device. The major benefit of using cognitive computing over traditional predictive and big data analytics is that those datasets do not need to be pre-tagged, which in turn, helps to reduce the effort of indexing or matching of desired data. For instance, in the UK, by using historic data, the Cambridge Police Department’s crime analytics unit can detect patterns in robberies over a decade in a particular place.
Based on technology, Natural Language Processing (NLP) accounted for the largest share in the global cognitive computing market in 2018.
Based on deployment, the cloud segment is projected to grow at the highest CAGR of xx% over the forecast period.
Based on the end-use Industry, the BFSI segment is projected to grow at a significant CAGR during the forecast period.
North America accounted for the largest share in the global cognitive computing market in 2018.
In March 2016, IBM Inc. developed its cognitive cooking for diabetics with the help of IBM Watson. This newly developed solution is a result of the increasing demand for cognitive services across the globe. This solution will create opportunities for cognitive health & wellness services by providing personalized information to people with diabetes and other chronic diseases.
In May 2016, IBM Inc. developed a robot with the help of Watson which is hired by a US law firm named BakerHostetler. This artificial intelligence (AI)-enabled lawyer will assist the US-based law firm in their legal research.