Despite the rising forays of start-ups, competition in the global
cognitive computing market will remain low on account of the
explosively increasing consumer demand. Also the presence of a less
number of established firms has kept the degree of competition under
check. Among the players, who have already succeeded leaving their
mark in the global cognitive computing market, Cisco Systems, Inc.,
IBM Corporation, Microsoft Corporation, Google, Inc., and Accenture,
Inc., have made the most exemplary contributions, finds Transparency
Market Research (TMR) in a new study.
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Of these, holding a majority share in the global market IBM
Corporation emerged dominant in 2016. The market standing of the
leading players are less likely to change in the coming years.
However, with major advancements underway, influence of competitive
trends is forecast to increase. The development targets of the
leading players have enabled the cognitive computing market gain
considerable momentum over the last few years.
According to TMR, the global cognitive computing market is likely to
exhibit an impressive CAGR of 49.9% between 2017 and 2025. At this
pace, the market’s valuation will reach a whopping US$1000.52 bn by
the end of 2025, from US$29.67 bn in 2016. Large enterprises have
emerged as the key end user, occupying the dominant 49.8% of the
market in 2016. Regionally, North America is at the global market’s
fore, however, between 2017 and 2025, the Middle East and Africa
cognitive computing market is forecast to exhibit an exponential CAGR
of 52.2%, thus exhibiting the fastest growth.
Investment in Big Data Analytics to Attract Growth Opportunities
“The market is majorly gaining traction from the escalating
investment in big data analytics,” said a lead TMR analyst. The
staggering increase in the volume of big data has pumped the demand
for effective technologies for managing it. As a major part of data
received by companies is in the form of unstructured data such as
videos, images, audio files, texts, and others, the implementation of
cognitive computing is deemed necessary. “The technology will help
companies in collating data for seamless and meaningful inference,”
added the analyst.
With the escalating use of cloud-based applications owing to its
diverse characteristics such as low cost, lower memory consumption
compared to predecessor technologies, high flexibility, and increased
reliability, connotes the impending growth for the global cognitive
computing market. As enterprises move their critical business systems
onto cloud-based platforms, the demand for cognitive computing
platforms will rise. With this, the market will witness an
accelerated pace of gains in the coming years.
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High Upfront Investments Required at Initial Phase Pose Threat to
Market
On the downside, the global cognitive computing market is challenged
by the low upfront investment around the world. Low funding access
and high upfront investment have thus emerged as key challenges,
making entry of smaller companies more difficult. Moreover, the long
term investment period for cognitive computing innovations has also
emerged as a major barrier for the market. In addition, the lack of
skilled workforce is creating bottlenecks.
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company providing business information reports and services. The
company’s exclusive blend of quantitative forecasting and trend
analysis provides forward-looking insight for thousands of decision
makers. TMR’s experienced team of analysts, researchers, and
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techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team
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information. With extensive research and analysis capabilities,
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research techniques to develop distinctive data sets and research
material for business reports.
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