The global cognitive computing market is expected to reach US$87.39 billion by 2026
by Aratrika Dutta
January 25, 2022
Growing integration of AI in software and hardware platforms is driving the cognitive computing market
According to Allied Market Research, the cognitive computing market size was valued at US$8.87 billion in 2018 and is projected to reach US$87.39 billion by 2026, growing at a CAGR of 31. 6% from 2019 to 2026. Cognitive computing is a next-generation system that interacts with human language and helps experts make better decisions by understanding the complexity of unstructured data. The global cognitive computing market encompasses technologies such as natural language processing, machine learning, automated reasoning and information retrieval, which are used to translate unstructured data to detect, infer and predict the best solution.
Cognitive computing technology derives responses and functions like the human brain. Literally, computer models adapt self-learning algorithms and use machine learning models to mimic how the human brain works. Models trained by cognitive computing provide an actual roadmap for artificial intelligence and machine learning and eventually facilitate automated systems, which would operate without human assistance. The growing demand for virtual assistance and eloquent interactive voice response (IVR) for customer support in various industries is very insistent in the market.
The increasing integration of artificial intelligence and the Internet of Things between software and hardware platforms, along with the need for big data analysis, is driving the need for cognitive activities. Additionally, the deployment of innovative hardware and software systems and cloud-based technological advancements along with machine learning and cognitive analytics further provide opportunities for the cognitive computing market during the period. forecast.
Cognitive computing solutions can help businesses increase operational efficiency and reduce costs. Companies are adopting cognitive computing solutions and services because they help them address real-time use cases, such as optimizing production and the supply chain for product improvement and obtaining a higher return on investment (RoI). The marketing and sales segment is expected to grow with the highest market share during the forecast period.
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