Huge Demand of Global Cognitive Computing Market during 2021-2026
New Study Reports ” Cognitive Computing Market 2021: Global Key Players, Trends, Share, Industry Size, Segmentation, Opportunities, Forecast To 2026″ has been Added on MarketResearchFuture.
Report Overview
The report on the Cognitive Computing Market provided based on the recent developments and data that has been collated from the previous year’s looks to provide a thorough understanding. The market overview provided in the initial section looks to provide the reader with adequate information regarding the product and services. It focuses on the market definition along with the product applications and end-user industries. The report covers a period spanning from 2021 to 2026. Competitive analysis and prominent industry trends have been included in the in-depth study provided in the main section of the report.
As per the findings of a new market research report by Persistence Market Research, the worldwide cognitive computing market reached US$ 14.8 Bn in 2019, and is anticipated to exhibit a high CAGR of 23% over the forecast period of 2020 to 2030.
Cognitive computing solutions utilize a combination of Artificial Intelligence (AI), neural networks, Machine Learning (ML), Natural Language Processing (NLP), and analytic models to solve day-to-day problems. These solutions have the ability to analyze emerging patterns, spot business opportunities, and take care of critical process-centric issues in real time. They examine large amounts of data, help simplify business processes, reduce risk, and pivot according to changing circumstances. Rising demand for cognitive solutions in both, large and small enterprises for better customer experience, is propelling the growth of the global cognitive computing market.
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Key Players:
The report has profiled some of the Important players prevalent in the global like – IBM Corporation, Microsoft Corporation, Oracle Corporation, Google, SparkCognition, Inc., Expert System, Cisco Systems, Inc., SAP, HPE, Marlabs, oppScience (CustomerMatrix), Numenta, CognitiveScale, e-Zest Solutions, Enterra Solutions and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Cognitive Computing.
Key Takeaways from Cognitive Computing Market Study
- Organizations are heavily investing in cognitive computing solutions to reduce operational costs and improve customer experience.
- Among the applications, the speech recognition segment is expected to witness high growth, owing to wide adoption in automated devices to provide voice assistance services.
- Among the regions, South Asia & Pacific is exhibiting a high growth rate, owing to growing digitalization and adoption of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML).
- Large enterprises will continue being the primary contributors to the growth of the cognitive computing market on a global scale.
- The COVID-19 pandemic has compelled organizations to work remotely, and cognitive computing is helping critical functions to continue to operate seamlessly.
“Organizations are significantly investing in cognitive computing technologies to enhance their business processes and internal operations, so as to make their services more efficient and also optimize productivity,” says a PMR analyst.
Increasing Demand for Business Process Automation to Drive Market Growth
Over the past few decades, business architecture has evolved and helped companies shape the future of organizations. Organizations are continuously incorporating data capture technologies into their business processes. When this captured data is digitalized and automated, it eliminates the human error factor, and increases data quality and accuracy. It also saves a huge amount of time, increases efficiency and productivity, and lowers organizational and storage costs. It improves business processes and increases transparency internally. Cognitive computing solutions make use of AI techniques such as machine learning, cognitive computing, speech recognition, and natural language processing to automate business processes that are normally performed by humans. These solutions help companies transform their business networks, enhancing performance, delivering a superior user experience, and boosting service availability.
Key Stakeholders
Cognitive Computing Market Manufacturers
Cognitive Computing Market Distributors/Traders/Wholesalers
Cognitive Computing Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
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Major Highlights of the Cognitive Computing Market Report:
- The Cognitive Computing Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
- The report dives deeper into the market and explains the dynamic factors bolstering market growth.
- The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
- The report analyzes the Cognitive Computing Market presence across major regions of the world.
- It determines the production & consumption capacities and demand & supply dynamics of each regional market.
- The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
- It provides company overview and SWOT analysis of each of the market players.
Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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