PORTLAND, Oregon, June 2, 2015 /PRNewswire/ --
According to a new report by Allied Market Research titled, "Global Cognitive Computing Market Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014 - 2020", the cognitive computing market is expected to generate revenue of $13.7 billion by 2020, registering a CAGR of 33.1% during the forecast period of 2015 - 2020. The advent of cognitive computing has led to a major shift in the evolution of technology over the past decade. The growing trend of increasing cloud based services, big data analytics and harnessing the internet speed, has largely supplemented the growth of the cognitive computing market. Cognitive analytics have optimum capabilities in handling huge volumes of data and facilitate the quick transitioning of manufacturing footprints and technologies. Enterprises, today, incorporate newer technologies, both in hardware and software, in order to keep pace with the changing business requirements. The increasing adoption of cognitive computing in business applications has led to significant improvements in the productivity and standard of operations in numerous organizations.
The global cognitive computing market is segmented into technology, applications, end users and deployment types. The technology segment is further categorised into natural language processing, machine learning, automated reasoning and information retrieval. The application segment includes healthcare, BFSI, IT and Telecom, security, research & education, defence and others. The end users segment comprises of large enterprises and small & medium enterprises, whilst the deployment types include on-premises and cloud based services.
The natural language processing segment generated the maximum revenue in 2014, accounting for over 40% of the total market revenue. The technology would continue to dominate the market throughout the forecast period. Machine learning is the second highest segment, constituting around 30% of the total revenue. Automated reasoning technology, presently having a smaller market share, would grow at the fastest CAGR of 37% during 2015-2020. Automated reasoning reduces overloaded information and is seeking applications in computational biology that would accelerate the growth of the technology in the coming years.
From applications perspective, healthcare is the largest user, followed by BFSI. In 2014, the healthcare segment generated revenue of $745.1million, accounting for about 30% of the total market. The growth in the segment is driven by medical imaging technology and the ability of cognitive analytics to help physicians and nurses in analysing mammogram images and detecting suspicious areas that indicate potential abnormalities.
North America accounts for the highest adoption of cognitive computing applications and holds the largest revenue share in the global market, followed by Europe. The North American region generated a revenue of $1.06 billion in 2014 and would dominate the market during the forecast period 2015 - 2020. Asia-Pacific is expected to become a lucrative market for cognitive computing. The rapidly rising trend of cloud based services, in small and medium enterprises, exhibits a high growth rate in the Asia-Pacific countries.
Companies such as Deloitte, PwC, Accenture and other prominent players largely utilize cognitive computing in training their staff and improving their productivity.
Watson, the cognitive computing system of IBM exhibits a phenomenal performance in the company's work processes. Watson is largely used in the healthcare sector to dramatically improve the abilities of doctors, researchers and insurers by gauging newer surface insights from medical records.
Key findings of the study
- The growth of the global cognitive computing market would be supplemented by the increasing volume of large unstructured data across various verticals such as healthcare, banking and financial, security and IT & Telecom
- Natural language processing is the highest revenue generating technology of cognitive computing
- Increased adoption would be witnessed across key sectors such as healthcare, retail, banking and finance, over the forecast period (2015 - 2020)
- North America accounted for the maximum adoption of cognitive computing applications with 41.6% market share in the overall global revenue in 2014
- Asia-Pacific and LAMEA are expected to be the most lucrative markets in terms of growth, owing to the developments in the healthcare and the insurance sector along with the growing adoption of advanced technologies
The report also outlines the competitive environment of the cognitive computing market, providing a comprehensive study of the key organic and inorganic strategies adopted by market leaders. The companies are adopting product launch and technological advancements as a key strategy to maintain their leading positions. Prominent companies profiled in the report include IBM Corporation, Google Incorporation, Microsoft Corporation, Nuance Communications Inc., 3M, HP, Statistical Analysis System (SAS), sap, Tibco Software and Oracle Corporation.
To request more information about the report, visit the website at https://www.alliedmarketresearch.com/cognitive-computing-market
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research