New York, NY -- (SBWIRE) -- 03/08/2021 -- 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. The rising requirement of virtual assistance and eloquent interactive voice response (IVR) for customer support in various sectors are being highly insistent in the market. Cloud deployment is likely to enrich broadly due to the higher adoption rate of the cloud-based services in the financial SMEs'.

APAC is forecasted to achieve the fastest growth of about 40.4% in the period 2019 – 2026, due to its extensive development in information technology engineering coupled with the massive proliferation of internet availability and digital marketing. India and China are some of the fastest-growing countries due to the immense growth in their potential consumer base throughout all the major industry verticals and high rise in big data.

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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.

APAC is forecasted to achieve the fastest growth of about 40.4% throughout the forecast period, owing to its extensive growth in the overall potential consumer base coupled with the growing trend of digital marketing in countries such as China, India, and Singapore.

Europe would reach a market share of 23.7% by 2026 and would grow at a CAGR of 36.8% in the forecast period. United Kingdom and Germany are the highest contributors to this region.

Based on the regions, the report covers the following regions:

North America (U.S.A., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Competitive Terrain:

The global Cognitive Computing market has a consolidated presence of a large number of companies that have been performing consistently to achieve optimum market growth. The report comprehensively discusses these companies' current market standing, past performances, demand & supply graphs, sales network, production & consumption patterns, and distribution channels. The report thus points out the effective business approaches undertaken by these market players to build on their market footprint.

The leading companies operating across the global Cognitive Computing market are listed below:

Microsoft, IBM, Google, Saffron Technology, Enterra Solutions, Numenta, HP, Oracle Corporation, CognitiveScale, Inc., and Vicarious.

End-Users Outlook (Revenue: USD Billion; 2016-2026)

Large Enterprises

SMEs

Technology Outlook (Revenue: USD Billion; 2016-2026)

Machine Learning (ML)

Natural Language Processing (NLP)

Neural Networks

Deep Learning

Reasoning Analysis

Others

Deployment Mode Outlook (Revenue: USD Billion; 2016-2026)

Cloud

On-Premise

End-Use Verticals Outlook (Revenue: USD Billion; 2016-2026)

Healthcare

BFSI

Customer Care

Industrial Sector

Travel & Tourism

IT & Telecom Service

Education & Research

Others

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Radical Features of the Cognitive Computing Market Report:

Valuable insights into the Cognitive Computing market to impart an in-depth understanding of the business verticle

An 8-year forecast estimation along with an analysis of key elements of the market

Technological advancements, regulatory framework, and recent developments covered in the report

Growth analysis and projections until 2027

Statistical analysis of the key players operating in the Cognitive Computing industry

Table Of Contents:

Chapter 1. Market Synopsis

    1.1. Market Definition

    1.2. Research Scope & Premise

    1.3. Methodology

    1.4. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2018-2026

Chapter 3. Indicative Metrics

Chapter 4. Cognitive Computing Market Segmentation & Impact Analysis

    4.1. Cognitive Computing Market Material Segmentation Analysis

    4.2. Industrial Outlook

         4.2.1. Market indicators analysis

         4.2.2. Market drivers analysis

                 4.2.2.1. Increase in big data and complex syntex

                 4.2.2.2. High demand in the predictive analysis and neural networks

                 4.2.2.3. The rise user base in internet of things (IOT)

                 4.2.2.4. Technological advancements in information technology

         4.2.3. Market restraints analysis

                 4.2.3.1. Concerns with the data security and encryption

                 4.2.3.2. Expensive R&D for neural networking and predictive analysis

    4.3. Technological Insights

    4.4. Regulatory Framework

    4.5. ETOP Analysis

    4.6. Porter's Five Forces Analysis

    4.7. Competitive Metric Space Analysis

    4.8. Price trend Analysis

Chapter 5. Cognitive Computing Market By End-Users Insights & Trends

    5.1. End-Users Dynamics & Market Share, 2019 & 2026

    5.2. Large Enterprise

          5.2.1. Market estimates and forecast, 2016 – 2026 (USD Billion)

          5.2.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Billion)

    5.3. SMEs

          5.3.1. Market estimates and forecast, 2016 – 2026 (USD Billion)

          5.3.2. Market estimates and forecast, By Region, 2016 – 2026 (USD Billion)

Continued…

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