Allied Market Research published a report, titled, “Cognitive Computing Market by Technology (Natural Language Processing, Machine Learning, Automated Reasoning, and Others), Deployment Type(On-Premise and Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises), and Industry Vertical (Healthcare, BFSI, Retail, Government & Defense, IT & Telecom, Energy & Power, and Others):
Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global cognitive computing industry garnered $8.87 billion in 2018, and is estimated to reach $87.39 billion by 2026, registering a CAGR of 31.6% from 2019 to 2026.
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- During the coronavirus pandemic, the revenue generated from the healthcare segment will be increased significantly as the usage of cognitive computing technology such as machine learning is likely to be used for screening of patients and diagnosing COVID-19.
- The demand for cognitive computing technologies would experience significant growth during the coronavirus pandemic due to its application in speeding up drug development. In addition, the technology finds application in developing biomedical knowledge graphs to find a link between the potential drug and the virus.
Based on technology, the natural language processing segment accounted for more than two-fifths of the total share of the global cognitive computing market in 2018, and is expected to maintain its leadership status in terms of revenue throughout the forecast period. This is attributed to increased usage of NLP IN various applications such as e-commerce and web, IT and telecommunication, healthcare to enhance the operational process and customer experience. However, the automated reasoning segment is estimated to portray the fastest CAGR of 34.2% from 2019 to 2026. This is attributed to growing demand and usage of automated reasoning to translate unstructured data to predict the best solution.
Based on industry verticals, the healthcare segment contributed to the highest market share, accounting for more than one-fourth of the global cognitive computing market share in 2018, and is estimated to maintain its leadership position during the forecast period. This is attributed to the development of medical imaging techniques such as “VuCOMP” with the help of machine learning, which helps the radiologists to identify cancer. However, the retail segment is estimated to generate the fastest CAGR of 36.0% from 2019 to 2026. This is attributed to the use of cognitive computing technology in retailing that has made retailers work better and boosted overall customer shopping experience.
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Based on region, North America accounted for the highest share, holding for more than one-third of the global cognitive computing market in 2018, and is projected to maintain its dominant position throughout the forecast period. This is attributed to the presence of numerous large industries across the region and developed IT infrastructure. However, Asia-Pacific is estimated to portray the fastest CAGR of 36.1% from 2019 to 2026, owing to growing penetration of mobility in this region.
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.