Global Cognitive Systems Market 2016-2020
- Published: Jun 2016
- Pages: 60
- SKU: IRTNTR9671
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This market report comprehensively segments the global cognitive systems market by product (hardware, software, and services), by industry (banking, health, retail, and others), and by geography (the Americas, APAC, and EMEA). Leading vendors in the market are HP, IBM, Microsoft, and SAP SE.
Overview of the global cognitive systems market
The global cognitive systems market will grow profoundly at a CAGR of almost 56% by 2020. Cognitive computing is the simulation of human thought processes in a computerized model. Many organizations incorporate cognitive applications with self-learning IT systems to help in communicating with people and other computer systems in real time. This system processes large quantities of data from diverse sources and help in remembering previous interactions and drawing conclusions. With the aid of neural networks, these systems mimic the way a human brain works. IBM Watson, for example, can read millions of text documents in seconds. The system follows the process of understanding, learning, and evaluating human thought processes.
An important trend spurring the growth prospects for this market is the growing demand for predictive analytics. Predictive modeling techniques can be customized for individual customers or a group and helps to improve the overall cost effectiveness of the production process. Big data analytics help organizations to optimize their business decisions and introduce new business models and products. This technique can also be used to reduce cost, deliver better services, and boost revenues. Consequently, these technologies are expected to give rise to new innovative ways of carrying out business functions and operations during the forecast period.
Product segmentation and analysis of the cognitive systems market
According to this market study report, the cognitive software segment dominated the market and accounted for more than 39% of the total market share during 2015. Much of this segment’s growth can be attributed to 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.
Geographical segmentation and analysis of the cognitive systems market
In 2015, the Americas dominated the global cognitive systems market, accounting for 76% of the total market share. One of the key drivers that have helped the Americas lead the market is the rapid increase in data generation across industries such as BFSI, healthcare, and retail. To stay ahead in the market, the organizations in this region invest heavily on latest digital technologies like cloud, mobility, and analytics. The US is the key leading country in the cognitive systems market due to the high penetration of cognitive systems and substantial investments for expansion by retail giants like eBay, Amazon, Yahoo, and Google.
Competitive landscape and key vendors
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.
Key vendors in the market are -
The other prominent members are Accenture, Alteryx, Attivio, Cloudera, Continuum Analytics, DataStax, EMC, Google, Hortonworks, HP, MapR Technologies, SAS Institute, and Teradata.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global cognitive systems market?
- What are the key market trends impacting the growth of the global cognitive systems market?
- What are the challenges to market growth?
- Who are the key vendors in the global cognitive systems market?
- What are the market opportunities and threats faced by the vendors in the global cognitive systems market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global cognitive systems market?
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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