Cognitive system refers to a programme which mimics the functioning of a human mind. It enhances the human engagement, personalisation, knowledge-processing, etc. Cognitive system encompasses four departments, namely, psychology, philosophy, computer science and linguistics. It employs natural language processing as well as a machine learning so as to effortlessly communicate between machines and humans. A new research report by IMARC Group, titled “Cognitive Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” estimates that the global cognitive systems market was worth US$ 4.7 Million in 2018. The report further anticipates the market is expected to reach a value of US$ 12.5 Million by 2024, at a projected CAGR of 17.7% over the forecast period.
Global Cognitive Systems Market Drivers/Constraints:
Product Type Insights:
On the basis of type, the cognitive systems market is segregated as software, services and hardware. Amongst these, software accounts for the majority of the global cognitive systems market share.
End-Use Insights:
Based on end-use, the report finds that banking sector currently represents the biggest end-use segment of cognitive systems. Banking sector is followed by retail sector, healthcare sector and others.
Regional Insights:
On a geographical front, North America enjoys a leading position in the global cognitive systems market accounting for the largest market share. North America is followed by Europe, Asia Pacific, Latin America, and Middle East and Africa.
Competitive Landscape:
The market is highly fragmented with the presence of both small as well as large manufacturers who are competing in terms of prices and quality. There is a rigid competition in the market which makes it difficult for small players to enter. Some of the leading players operating in the market are:
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