Cognitive Computing Market is projected to rise at a spectacular CAGR of 49.9% from 2017 to 2025

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.

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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.

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. 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.

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While the market is forecast to witness strong demand across the world, its growth in Asia Pacific and the Middle East & Africa will be exemplary. In Asia Pacific, the cyber security application segment will emerge as one of the prime end users of cognitive computing. In the Middle East & Africa, the cognitive computing market will witness rise in deployment at a CAGR of 53.2% between 2017 and 2025. The use of cognitive computing in infrastructure management applications is aiding the market’s expansion in the Middle East and Africa.

The key market players profiled in this report are Cisco Systems, Inc., Hewlett Packard Enterprise, IBM Corporation, Flatiron Health, Inc., Accenture, Inc., Microsoft Corporation, SparkCognition, Google, Inc., Digital Reasoning Systems and Narrative Science.

Based on deployment type, the global cognitive computing market has been segmented into on-premise and cloud. The cloud segment held the largest share in 2016, contributing nearly 65.4% to revenue generated by the global market revenue share. The segment is also expected to report a higher CAGR, thus remaining the market lead through the forecast period. In terms of application, the market is classified into diagnostic API’s, robotics, cyber security, farm mechanization, social media monitoring, self-driving cars, gaming, video surveillance, E-learning, IT infrastructure management, supply chain management, and others.

By industry vertical, healthcare, BFSI, it & telecom, manufacturing, energy & utility, retail, aerospace & defense, government, transportation, agriculture, media & entertainment, education, HR, and marketing & PR have been exhibiting considerably high demand for cognitive computing. Of these, the healthcare industry held the dominant market share in 2016. Based on the end-user, the market is categorized as large enterprises, small & medium enterprises and public sector. Of these, holding a share of nearly 49.8% of the market, large enterprises emerged as the dominant segment in 2016. The segment is forecast to remain dominant through the course of the forecast period.

Researcher Tech Trends Up To Date. Market research is an important component of modern business strategy; the process of systematic gathering