The global cognitive computing market stood at US$29.67 bn in 2016 and is projected to rise at a spectacular CAGR of 49.9% from 2017 to 2025. Expanding at this impressive pace, the global cognitive computing market is estimated to reach a valuation of US$1000.52 bn by the end of the forecast period.
The various industry verticals for substantial demand for cognitive computing solutions and services are healthcare, BFSI, IT and telecom, energy and utility, retail, aerospace and defense, government, manufacturing, transportation, media and entertainment, agriculture, education, and business functions such as HR, marketing, and PR. Of these, the healthcare industry hold the dominant market share in 2016 and is anticipated to rise at an impressive pace.
Of the various regional markets for cognitive computing, presently, North America leads as it accounted for a leading share of the global market in 2016. The growth of the regional market is attributed to the vastly rising demand for deployment of cognitive computing in educational institutions and a wide demand from a growing number of small- and medium-scale enterprises.
The vastly rising demand for big data analytics technologies to make sense of the enormous amount of data in various areas of business that defies natural human comprehension is a defining factor bolstering the need for cognitive computing technologies.
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The proliferation of unstructured data enterprise data in businesses in various regions and the need for machine learning technologies for turn these to drive profitability across the business are crucial factors boosting the market. The vastly rising demand for cloud-based applications is a prominent trend bolstering the demand for cloud computing solutions. The paradigmatic shift among enterprises for moving critical business systems onto cloud infrastructure is a notable factor fortifying the demand for cognitive computing market.
The vastly rising demand for artificial intelligence (AI) and machine learning technologies in various industries, especially in healthcare, BSFI, manufacturing, retail, government, agriculture, media and entertainment, is a notable factor accentuating the market. The substantial demand for these technologies in the healthcare industry is expected to provide a robust impetus to the growth of the market.