Cognitive Computing Market To Reach USD 475.24 Billion By 2026 | Reports And Data
The Cognitive Computing Market Report by Reports and Data provides an extensive overview of the vital elements of the Cognitive Computing market and factors such as drivers, restraints, latest trends, supervisory scenario, competitive landscape, technological advancements, and others.
New York City, United States – June 19, 2020 /MarketersMedia/ —
The global cognitive computing market is forecast to reach USD 475.24 Billion by 2026, according to a new report by Reports and Data. The cognitive computing technology derives the answers and works like the human brains. 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.
This is the latest report covering the current COVID-19 scenario. The coronavirus pandemic has greatly affected every aspect of the worldwide industry. It has brought along various changes in market conditions. The rapidly changing market scenario and initial and future assessment of the impact are covered in the research report. The report discusses all the major aspects of the market with expert opinions on the current status along with historical data.
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Key players mentioned in the research report are:
Microsoft, IBM, Google, Saffron Technology, Enterra Solutions, Numenta, HP, Oracle Corporation, CognitiveScale, Inc., and Vicarious.
In terms of Technology, the global Cognitive Computing market can be segmented into:
Machine Learning (ML)
Natural Language Processing (NLP)
Neural Networks
Deep Learning
Reasoning Analysis
Others
In terms of End-Use, the global Cognitive Computing market can be segmented into:
Healthcare
BFSI
Customer Care
Industrial Sector
Travel & Tourism
IT & Telecom Service
Education & Research
Others
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For geographical segmentation, regional supply, application-wise, and type-wise demand, key players, and others, this report covers the following regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The report sheds light on the competitive landscape of the market that covers the product offerings, services, market shares, and business overview. This Cognitive Computing Market research report covers various dynamic aspects like the market drivers, restraints and challenges, and growth prospects. The prominent and leading companies are profiled in the report.
Further key findings from the report suggest
• Having access to databases for the past treatment procedures and records of all the requisite activities regarding the diseases the cognitive computing can allow forming meaningful insights for physicians. The smart band or other heath-tracker manufacturers incorporate this technology in their R&D to improve their products for their customers. The segment is expected to reach a market share of 27.9% by 2026, having grown with a CAGR of 39.2% during the forecast period.
• Smart virtual assistance and interactive voice response require cognitive computing for real-time, meaningful customer support services. The automated responses itself would be capable of answering various queries and would solve the problems of the customers. Customer care segment had a market valuation of USD 6.82 Billion in 2018.
• Neural networks are the series of algorithms that are designed to imitate the human brains in terms of the thought process; likewise, the systems of neurons. Neural network assists in the financial forecast, credit risk modeling, and regression analysis, among others. The market share of this segment is forecasted to reach 20.8% in 2026.
• North America is leading the global market, with 39.4% of market possession in 2018 and would continue dominating with a CAGR of 38.3% during the forecast period. The US possessed the highest market share in the global market in 2018.
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