Cognitive systems are a category of technologies that use both natural language processing and machine learning to ease the interaction between humans and machines. They are based on scientific disciplines and artificial intelligence which also include automated reasoning and speech recognition. Cognitive systems process large quantities of data from various sources, for instance, IBM Watson can read billions of text documents in a few seconds. They also mimic the way a human brain works by following a process of understanding, learning and evaluating human thought process. According to IMARC Group’s latest report, titled “Cognitive Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global cognitive systems market reached a value of US$ 4.7 Million in 2018.
The major driver of the market is the continuous growth in digital banking trends. Cognitive systems help in speeding up the operations in banking and financial institutes so that they can meet the increasing demands of their customers and rising competition. Growing demand for predictive analytics is further spurring the growth of the market. This technique gives a chance to customize the program for groups or individual customers according to their demands and helps in improving the cost-effectiveness of the production process. Moreover, the need to manage large volumes of unstructured data among different sectors such as retail, healthcare and finance has propelled the growth aspects for data analytics in cognitive systems. According to the report, the market is expected to reach a value of US$ 12.5 Million by 2024, exhibiting a CAGR of 17.7% during 2019-2024.
The report has segmented the market on the basis of product type into software, services and hardware. Currently, software accounts for the majority of the total market share. The market is further segregated on the basis of end-use. Banking sector dominates the market followed by the retail and healthcare sectors. Region-wise, the report covers North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. Amongst these, North America represents the leading market, accounting for the majority of the global share. The report has also analysed the competitive landscape of the market with some of the key global players being IBM, Infosys, HP Inc., Microsoft Corporation and SAP SE.
This report provides a deep insight into the global cognitive systems market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the cognitive systems industry in any manner.
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