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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.
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.
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.
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.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Market segmentation by industry
PART 08: Geographical segmentation
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor landscape
PART 15: Key vendor analysis
PART 16: Appendix
PART 17: Explore Technavio
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