by Aratrika Dutta
January 25, 2022
The increasing incorporation of AI with software and hardware platforms is driving the cognitive computing market
According to Allied Market Research, the cognitive computing market size was valued at US$8.87 billion in 2018 and is projected to reach US$87.39 billion by 2026, growing at a CAGR of 31.6% from 2019 to 2026. Cognitive computing is a next-generation system that interacts with human language and helps experts to make better decisions by understanding the complexity of unstructured data. The global cognitive computing market encompasses technologies such as natural language processing, machine learning, automated reasoning, and information retrieval, which are used in translating unstructured data to sense, infer, and predict the best solution.
Cognitive computing technology derives the answers and works like the human brain. Literally, the computerized models adapt algorithms that self-learn and utilize machine learning models to mimic the way the human brain works. The models formed by cognitive computing, provide a real-life roadmap for artificial intelligence and machine learning and eventually facilitate the automated systems, which would work without human assistance. The rising requirement of virtual assistance and eloquent interactive voice response (IVR) for customer support in various sectors are being highly insistent in the market.
The increasing incorporation of artificial intelligence and the Internet of Things between software and hardware platforms and also the need for big data analytics are driving the need for cognitive business. Furthermore, the deployment of innovative hardware and software systems and cloud-based technological advancements along with machine learning and cognitive analytics are further providing opportunities for the cognitive computing market during the forecast period.
Cognitive computing solutions can enable companies to increase operational efficiencies and reduce costs. Companies are adopting cognitive computing solutions and services as it helps them cater to real-time use cases, such as production and supply chain optimization for product enhancement and gaining higher Return on Investments (RoI). The marketing and sales segment is expected to grow with the highest market share during the forecast period.
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