Increasing Preference for Cloud Computing to Create Lucrative Opportunities for Cognitive Computing

The advent of cognitive computing has created a stir across the world by delivering exceptional business and societal benefits to end users by harnessing computational processing and automating tabulation. According to Transparency Market Research (TMR), the global market for cognitive computing is anticipated to witness tremendous rise over the coming years. The market’s opportunity, which was worth US$29.67 bn in 2016, is projected to rise at an exponential CAGR of 49.90% between 2017 and 2025 and attain a value of US$1,000.52 bn by the end of 2025.

What are the key factors that are shaping the performance of global cognitive computing market?

The increasing adoption of cloud-based computing has surfaced as the key driving force behind the growth of the global market for cognitive computing. The rising deployment of this technology in the healthcare sector, on account of the bolstering amount of unstructured data, is also boosting this market substantially.

On the other hand, the difficulties faced by a number of cognitive technology companies in gaining pilot stage funds for research and development may act as a restrain for this market in the years to come. However, the escalating demand for next generation cognitive data centers will create lucrative opportunities for the market players over the forthcoming years.

How are the geographical segments performing in the global cognitive computing market?

Geographically, Asia Pacific, the Middle East and Africa, South America, North America, and Europe have surfaced as the prime segments of the worldwide market for cognitive computing. Among these regional markets, North America acquired the leading position in 2016, thanks to the high deployment rate of cognitive computing techniques across educational institutions and various small- and medium-scale enterprises.  

With the reduced burden of hardware deployment and maintenance in organizations, thanks to the advancements in the technology, this regional market is anticipated to continue on the topmost position over the next few years. The Middle East and Africa, however, is likely to present more lucrative growth prospects in the near future due to the increasing usage of cognitive computing in infrastructure management applications. Asia Pacific is also projected to experience an exemplary rise with the cyber security application emerging as one of the leading end user of cognitive computing in Asia Pacific in the years to come.

What are the popular business strategies among players in the global cognitive computing market?

The most popular strategy adopted by companies in this market are the expansion of the product portfolio to strengthen their position and the mergers, acquisitions, and strategic alliances to minimize competition in the market.

With only a few established players, such as Cisco Systems Inc., Google Inc., Microsoft Corp., IBM Corp., and Accenture Inc., the competition within the global market for cognitive computing is somewhat on the lower side. The scenario will remain so over the coming years in spite of the increased venturing of start-ups due to the significant rise in the consumer demand.


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