Due to significant advancements in big data technologies such as analyzing volumes for structured and unstructured data, and data mining techniques, the adoption of cognitive computing in various industries has increased over the past few years. This has further led to increase in incorporation of advanced data analytics technology by business organizations for measuring the various risks associated with their strategic initiatives. Natural language processing technology has been the largest revenue contributor to the global cognitive computing market. Natural language processing is used for processing human language in such way that a computer can understand and interpret it easily.
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The market for natural language processing technology is gaining significant interest among computing experts as it automates the translation process between a computer and human, effectively and efficiently, acting as a bridge between human communication and digital data. In addition, one of the key features driving the demand for natural language processing technology is its ability to input unstructured data such as images, paragraphs, and pages and produce structured outcomes. This in turn helps technology leaders and industry experts in gathering intelligence on factors such as changing market conditions, terrorist threats, research on immediate social issues, and fighting spam.
Geographically, North America has been the largest market for cognitive computing, while, Asia-Pacific is expected to witness the fastest growth, during the forecast period. The anticipated growth in the market can be attributed to factors such as rapid adoption of big data technologies, growth in industry digitalization, and advancement in data analytics software industry in the region. Further, as business leaders are focusing more on greater return on investment (RoI), through next generation technologies such as human thinking ability systems, the region has high tendency to witness potential growth in near future. In Asia-Pacific, the investments in cognitive computing technology and centers of excellence by major players such as IBM and Microsoft, to tap the huge potential for business are further expected to bolster market growth, across the globe.
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The research states that the global cognitive computing market is moderately competitive, with players developing new cognitive computing solutions. Some of the key players operating in the global cognitive computing market are IBM, Google Inc., Hewlett Packard (HP), Microsoft Corporation, Nuance Communication Inc., Oracle Corporation, SAP, Tibco Software, and 3M.
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