The cognitive computing market size is expected to surpass USD 12.0 billion by 2022. Proliferation of cloud-based services, need for high speed internet and high demand for big data analytics are a few key factors expected to positively impact the market demand over the forecast period. Unstructured data also referred to as dark data is another key market driver, which is expected to positively impact the market growth over the forecast period.
Cognitive analytics exhibit the capability of handling huge data volume, which is further estimated to drive demand. Technology such as big data is known to deliver an enhanced and personalized customer experience; however it often falls short of the end-user expectations. This is where cognitive computing is expected to play a pivotal role in accelerating big data benefits to provide more deep insights to the customers.
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Cognitive computing has become a necessity as businesses incorporate new software as well as hardware technologies to keep pace with the evolving business needs. Benefits such as improved productivity and streamlined operations play a key role in driving high adoption of these systems.
Market leaders such as IBM, Microsoft, HP and Google are continuingly investing in this market. Further, the market has also witnessed launch of several venture based on cognitive computing platforms. Several start-ups are targeting industry specific applications that helps streamline sales pipelines for these companies while presenting the benefits of cognitive computing simultaneously.
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The industries that exhibit high growth potential for cognitive computing are the ones that utilize high multi-structured data volumes that enable to drive better business as well as consumer decision making. These industries include healthcare, retail, travel and BFSI.
These systems are highly useful in the travel industry as they eliminate the uphill process of surfing several websites, customer reviews and travel agents websites to plan a vacation. In retail applications, cognitive apps can be used as a personal shopper that answers frequently asked questions regarding products as well as making recommendations based on a customer’s previous purchase. Cognitive systems play a critical role in the BFSI segment by addressing numerous issues and detection of any fraudulent activity. Healthcare industry is where most of the new entrants are focused on, and is anticipated to drive the market demand.
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