On the basis of end users, the cognitive system market is diversified into banking, education, government, healthcare, insurance, manufacturing, security and investment, telecommunications, transportation and others. The banking segment is projected to hold the dominating position over the forecast period. High demand for customer services, advisory, and investment consulting have raised the demand for the cognitive system in the banking sector. In addition, the healthcare segment is projected to grow with largest CAGR throughout the forecast period.
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The cognitive system is a suit of technologies, which extracts the insights form the structured and unstructured data by using machine learning and natural language processing technology. The increasing unstructured data, such as call center transcripts, documents, email messages, social media content, and social networking sites contents has become one of the major factors for the growth of the cognitive system market. For instance, approximately 300 million photos are uploaded on Facebook per day, 510 thousand comments are posted, and 293 thousand statuses are updated in every 60 seconds. Similarly, on YouTube near 27,000 videos are viewed in 60 seconds, nearly 430,000 tweets are posted on Twitter, and around 120 new users are registered on LinkedIn. The natural language processing plays a major role in cognitive system for insights. With the help of natural language processing, the cognitive system extracts the insights from the plain text. This helps company managers and supervisors to understand the customer demand and product description. Moreover, the increasing usage of artificial intelligence in various increasing verticals and constant advancement in data processing technology are some of the drivers fueling the growth of cognitive system market globally.
The global cognitive system market was valued at US$ 8 billion in 2016. By the end of the year 2025, the market is projected to reach US$ 88.14 billion with a CAGR of 29.02% during the forecast period (2018–2025).
The machine learning segment is projected to grow with largest CAGR over the forecast period.
On the basis of technology, the market is diversified into machine learning, natural language processing, planning and scheduling. The natural language processing market held the dominant position in 2016 and is projected to retain its dominance throughout the forecast period. Natural language processing helps the cognitive system to extract the meaning full information from plain text. In addition, the machine learning segment is projected to grow with the largest CAGR over the forecast period. The cognitive system has the capability of continues learning, which helps to deliver the grater values. Hence, this helps to increase the capability of machine learning and improve their expertise by auto-learning.
North America holds a dominant position in the global Cognitive systems market
According to Coherent Market Insights, North America held the dominant position in the global Cognitive systems market in 2016 and is projected to retain its dominance throughout the forecast period. In 2016, the North America cognitive system market generated a value of US$ 5.16 million. The U.S and Canada are the major countries driving the growth for Cognitive systems market in North America region. In addition, the Asia Pacific cognitive system market is projected to grow with the largest CAGR over the forecast period. The increasing adoption of digitalization in public, government, and industrial sector and advancement in IT infrastructure have increased the market of cognitive system in Asia Pacific region. India, china, and Japan are some of the major economies, which are driving the growth of cognitive market in Asia Pacific region.
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