Market Research Future (MRFR), in its latest publication in the cognitive computing technology market, details factors that can alter the market dynamics and effect cognitive computing technology market size. Cognitive computing technology market can expand exponentially owing to the increase in the volume of unstructured data, alongwith technical developments that are aiding in the improvement of cognitive computing technology market. There are numerous drivers of the world cognitive computing market. Rise in cloud based solution and their advancements and improvement in software and hardware systems can underpin the rise of the cognitive computing technology market through 2017 to 2023. The growing need for experience interfaces can bolster the growth of the cognitive computing global market. As per MRFR analysis, the world cognitive computing technology market is likely to boom in the years to come. MRFR study also reveals that the cognitive computing technology market is poised to attain high value on the conclusion of the study period.
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The segment study of the cognitive computing technology global market is based on organization size, deployment, technology, and end-users.
The technology based segments of the cognitive computing technology market are automated reasoning, machine learning, and natural language processing (NLP) among others. The high utility and adoption of natural language processing technology across different verticals can prompt the expansion of the world cognitive computing technology market.
The organization based segments of the cognitive computing technology market are SMBs and large enterprises. The growing penetration of cognitive computing technology market in the years to come.
The deployment based segments of the cognitive computing technology market are cloud and on-premises. The rise in the awareness about the high reliability feature of cloud based cognitive computing solution can impel the expansion of the market.
The end-user based segments of the cognitive computing technology market are BFSI, healthcare, travel & tourism, media & entertainment, aerospace & defence, telecom & it, consumer goods & retail, education & research, and energy & power among other. The healthcare sector is expected to contribute largely to the expansion of the cognitive computing market.
Regional study of the world cognitive computing technology market reveals that North America can lead in the global market. The significant expansion of the regional cognitive computing market across the assessment period can be attributed to the high demand for faster and secured storage devices across different sectors. The IT industry is one of the highest end user of cognitive computing technology market. The presence of giant IT companies can boost the expansion of the regional cognitive computing technology market.
Europe market expansion to rise at a high growth rate. Reasons behind the upscaling in the regional market are technological advancements and increase in unstructured data volume. In addition, heavy research and development investments by leading players can prompt the expansion of EU cognitive computing market. Asia Pacific cognitive computing technology market can surge at a considerable CAGR through the study period.
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