The competition in the global cognitive computing market is markedly low, despite a burgeoning number of small players and start-ups making a foray into this space, finds Transparency Market Research (TMR). This can be attributed primarily to a deluge of consumer demands and the presence of relatively less number of players with an established presence in the market. Prominent players are constantly developing smart applications and automated solutions for several end-use industries, in order to gain a gain a competitive edge over others. A number of players are developing low-cost cognitive computing technologies for modern business applications to gain better foothold in the market.
Some of the top players holding a sustained share in the market are Google, Inc., Accenture, Inc., IBM Corporation, Microsoft Corporation, and Cisco Systems, Inc., observes TMR . Several leading players are leveraging the potential of artificial and machine learning technologies to develop innovative solutions in the market.
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The global cognitive computing market stood at US$29.67 bn in 2016 and is projected to rise at a spectacular CAGR of 49.9% from 2017 to 2025. Expanding at this impressive pace, the global cognitive computing market is estimated to reach a valuation of US$1000.52 bn by the end of the forecast period.
The various industry verticals for substantial demand for cognitive computing solutions and services are healthcare, BFSI, IT and telecom, energy and utility, retail, aerospace and defense, government, manufacturing, transportation, media and entertainment, agriculture, education, and business functions such as HR, marketing, and PR.
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Of these, the healthcare industry hold the dominant market share in 2016 and is anticipated to rise at an impressive pace. Of the various regional markets for cognitive computing, presently, North America leads as it accounted for a leading share of the global market in 2016. The growth of the regional market is attributed to the vastly rising demand for deployment of cognitive computing in educational institutions and a wide demand from a growing number of small- and medium-scale enterprises.
Burgeoning Demand for Big Data Analytics among Enterprises to boost Market
The vastly rising demand for big data analytics technologies to make sense of the enormous amount of data in various areas of business that defies natural human comprehension is a defining factor bolstering the need for cognitive computing technologies. The proliferation of unstructured data enterprise data in businesses in various regions and the need for machine learning technologies for turn these to drive profitability across the business are crucial factors boosting the market. The vastly rising demand for cloud-based applications is a prominent trend bolstering the demand for cloud computing solutions. The paradigmatic shift among enterprises for moving critical business systems onto cloud infrastructure is a notable factor fortifying the demand for cognitive computing market.
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Development of Innovative AI Technologies for Healthcare to Unlock Exciting Opportunities
The vastly rising demand for artificial intelligence (AI) and machine learning technologies in various industries, especially in healthcare, BSFI, manufacturing, retail, government, agriculture, media and entertainment, is a notable factor accentuating the market. The substantial demand for these technologies in the healthcare industry is expected to provide a robust impetus to the growth of the market.
In recent years, the advent of disruptive technologies, supported by AI, for the retail sector worldwide has opened up a host of lucrative avenues for market players to capitalize on. However, the high upfront investment requited for the development of cognitive computing technologies and vast funds required to deploy the solutions at an enterprise-scale are notable factors likely to hamper the growth of the market in various regions. Be that as it may, the enormously rising demand for cognitive computing solutions from the healthcare industry in developing regions is a key factor expected to create promising prospects in the market during the forecast period. The emerging demand for cyber security applications for cognitive computing applications for managing infrastructural solutions is a noteworthy trend expected to open up lucrative avenues for players in the years to come.