LONDON--(BUSINESS WIRE)--The global cognitive solution market is expected to grow at a CAGR of close to 50% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global cognitive solution market by deployment (cloud-based and on-premises) and by end-user (BFSI, healthcare, retail, and manufacturing). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing demand for AI-powered smart solutions
The future of AI is expected to flourish due to billions of investments pouring into the AI vertical. There is a general focus toward smartening of business processes and driving competitive advantage in the highly-competitive modern business environment, as most businesses are going online. This increase in demand for AI solutions across verticals is a direct outcome of the digitization and the generation of a massive amount of data across industries.
According to a senior analyst at Technavio for specialty chemicals research, "To analyze the huge amount of data that exists in the world, there is an urgent requirement of advanced AI solutions. This rise in demand and penetration of AI is a key driver for the global cognitive solution market and is reinforcing the need for cognitive capabilities. Cognitive solutions help in streamlining the vast amount of unstructured data to provide smooth business operations and help organizations make better decisions."
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Market trend: increased acceptance of high-end technologies
A cognitive solution helps in making smart decisions by consuming data, learning from it, and offering intelligent insights. It efficiently manages information and maximizes its usability and value. The primary objective of the deployment of cognitive solutions is to provide superior decision-making, stemming from the strategic analysis and management of organizational information.
The adoption of cognitive solutions across enterprises are expected to increase with the rise in acceptance of innovations and technological advances in the world, such as AI, ML, blockchain, advanced analytics, big data, IoT, virtual assistants, automated vehicles, and augmented and virtual reality. These high-end technologies are developing at a fast pace due to billions of dollars being poured into the R&D and marketing campaigns.
Market challenge: high capital investment and cost associated with cognitive solution
The high costs and capital investments pose as a major challenge for the growth of the global cognitive solution market. Currently, the market is capital intensive due to its nascent nature and high infinite potential. The players and the buyers are the two levels of costs that is associated with cognitive solutions. According to the players, there is a huge cost associated with the R&D and product development in cognitive solutions. There are many players in the market that are pursuing product development, which has accelerated product evolution.
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