Cognitive Systems: Key market research findings
- Cognitive computing brings more knowledge to decisions and processes
- Growing demand for predictive analytics
- Leading vendors are HP, IBM, Microsoft, and SAP SE
Technavio has released a new report on the global cognitive systems market, which is expected to generate revenues worth $50 billion between 2016 and 2020. The integration of cognitive applications with self-learning IT systems helps organizations in communicating with people and other computer systems in real-time. Cognitive systems also aid in drawing conclusions independently besides processing large quantities of data from diverse sources. These systems model human thinking process and follow the process of understanding, learning, and evaluating. The Americas accounted for around 76% of the overall market share, owing to the rapid increase in data generation across industries such as BFSI, healthcare, and retail.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“One of the latest trends gaining grounds in the market is the growing demand for predictive analytics. The implementation of predictive modeling techniques leads to accurate and efficient solutions, improving the overall efficacy of the production while reducing costs. The cognitive system integration allows communicative transfer of real-time data between machines and networks. The growing inclination to strategically analyze and monitor information in enterprises will augment the adoption of big data, predictive analytics, and Internet of things (IoT),” says Amit Sharma, Lead Analyst, ICT, Technavio Research
During 2015, the cognitive software segment dominated the market and accounted for more than 39% of the total market share. The primary reason for this segment’s growth is the development of technology, which has led to the generation of huge unstructured data volumes among healthcare, retail, and financial organizations. The need to manage data volumes has propelled the growth prospects for data analytics. With the help of analytics, various industries can derive valuable insights from their database to boost their business productivity.
The cognitive systems market is characterized by the presence of intense competition among the large and small vendors. The level of competition will further intensify as new vendors are trying to enter the market to take advantage of its huge growth potential. The vendors are constantly innovating and introducing new products to remain competitive in the market. Moreover, product selection has become complex due to the availability of advanced technologies. The vendors that have the capability to combine technology with their business expertise will gain a competitive edge over their peers. In order to survive in the market, the vendors should offer value-added services like support and end-user training to address available opportunities and risks.
A more detailed analysis is available in the Technavio report, Global Cognitive Systems Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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