The cognitive computing market will generate $13.7 billion by 2020 according to a new report by Allied Market Research. That translates into a compound annual growth rate (CAGR) of 33.1 percent over the next five years.
The advent of cognitive computing has led to a major shift in the evolution of technology over the past decade. The growing trend of increasing cloud-based services, big data analytics and harnessing the power of high-speed internet has largely supplemented the growth of the cognitive computing market.
Cognitive analytics have optimum capabilities in handling huge volumes of data and facilitate the quick transitioning of manufacturing footprints and technologies. Enterprises are incorporating newer hardware and software technologies in order to keep pace with the changing business requirements. The increasing adoption of cognitive computing in business applications has led to significant improvements in the productivity and standard of operations in numerous organizations.
North America accounts for the highest adoption of cognitive computing applications and holds the largest revenue share in the global market, followed by Europe. The North American region generated a revenue of $1.06 billion in 2014 and would dominate the market during the forecast period 2015 – 2020.
Asia-Pacific is expected to become a lucrative market for cognitive computing. The rapidly rising trend of cloud-based services, in small and medium enterprises, exhibits a high growth rate in the Asia-Pacific countries.
The natural language processing segment generated the maximum revenue in 2014, accounting for over 40 percent of the total market revenue. The technology would continue to dominate the market throughout the forecast period. Machine learning is the second highest segment, constituting around 30 percent of the total revenue.
Read More: http://biztechreports.com/blog/2015/06/22/cognitive-computing-market-is-expected-to-reach-13-7-billion-by-2020-allied-market-research-finds/
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