DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Cognitive Computing Market - Forecasts from 2016 to 2021" report to their offering.
Cognitive Computing Market is projected to expand at a CAGR of 30.56% over the forecast period to reach US$21.440 billion by 2021, increasing from US$5.651 billion in 2016.
Currently, Americas region dominated the Cognitive Computing Market in 2016, while Asia pacific region is expected to grow at the fastest pace, due to increasing adoption of these solutions by SMBs and higher deployment of cloud-based services.
Cognitive Computing enables the processing of huge volumes of complex data and enhances the enterprise's productivity levels. With the help of natural language processing, machine learning, and automated reasoning; Cognitive Computing translates unstructured data such as images, videos, natural language and symbols to infer and predict the best solution. The major application industries of Cognitive Computing Market includes BFSI, healthcare, and military and defense among others.
The key factors driving the growth of the industry are harness speed of internet and increasing volume of unstructured data. Other factors contributing to the growth of the market include the development of innovative hardware and software systems and Cloud-based technological advancements. Natural Language Processing segment is the highest revenue generating technology of cognitive computing. Higher investment by major players is also expected to boost the market substantially. Conversely, the major restraining factors are a lack of awareness regarding this technology.
Key industry players profiled as part of this section are International Business Machines Corporation (IBM), Google, Microsoft Corporation, Nuance Communications, 3M, and Hewlett Packard (HP) among others.
- Natural Language Processing (NLP)
- Machine Learning
- Automated Reasoning
- Others (Information Retrieval)
By End User:
- By Deployment Type
- Cloud Based
- Military and Defense
- Communication and Technology
- Hewlett Packard (HP)
- International Business Machines Corporation (IBM)
- Nuance Communications
- Oracle Corporation
- Tibco Software
For more information about this report visit http://www.researchandmarkets.com/research/2hv2rk/cognitive