The cognitive system is a suit of technologies, which extracts the insights form the structured and unstructured data by using machine learning and natural language processing technology. The increasing unstructured data, such as call center transcripts, documents, email messages, social media content, and social networking sites contents has become one of the major factors for the growth of the cognitive system market. For instance, approximately 300 million photos are uploaded on Facebook per day, 510 thousand comments are posted, and 293 thousand statuses are updated in every 60 seconds. Similarly, on YouTube near 27,000 videos are viewed in 60 seconds, nearly 430,000 tweets are posted on Twitter, and around 120 new users are registered on LinkedIn. The natural language processing plays a major role in cognitive system for insights. With the help of natural language processing, the cognitive system extracts the insights from the plain text. This helps company managers and supervisors to understand the customer demand and product description. Moreover, the increasing usage of artificial intelligence in various increasing verticals and constant advancement in data processing technology are some of the drivers fueling the growth of cognitive system market globally.
The global cognitive system market was valued at US$ 8 billion in 2016. By the end of the year 2025, the market is projected to reach US$ 88.14 billion with a CAGR of 29.02% during the forecast period (2017–2025).
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The increasing unstructured data such as call center transcripts, documents, email messages, social media content, social networking sites contents has become one of the major factors for the growth of the cognitive system market. Moreover, the increasing usage of artificial intelligence in various increasing verticals and constant advancement in data processing technology are the factors fueling the growth of the cognitive system market globally. In addition, the banking end users verticals are driving the growth of the cognitive systems market.
This report segments the global cognitive system market on the basis of deployment model, technology, end users, and geography. On the basis of deployment model, the market is segmented into cloud and on-premises. Based on technology, the market is segmented into machine learning, natural language processing, planning and scheduling. Also, based on end users, the market is segmented into banking, education, government, healthcare, insurance, manufacturing, security and investment, telecommunications, transportation and others. For a comprehensive understanding of market dynamics, the market is analyzed across key geographical regions namely North America, Europe, Asia Pacific, Latin America, Africa, and the Middle East. Each of these regions is analyzed based on the market findings across major countries in these regions for a macro-level understanding of the market.
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Key companies covered as a part of this study include HP, IBM, Microsoft, Accenture, DataStax, EMC, Google, MapR Technologies, SAS Institute, and Teradata.
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