The total cognitive computing market value was $23 billion in 2021, and it will reach $178 billion by 2030, with a growth rate of 25.4% in the near future. This is mainly due to the increasing use of AI ML, neural networks and integrated cloud platforms.
The PNL category had the highest revenue share of over 40%. NLP technology helps in the analysis of unstructured data for the improvement of consumer requirements, insights and experience.
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In addition, administrations benefit from NLP by gaining better insights into business process optimization, operational cost reduction, and customer perception, which are expected to drive the market growth.
Additionally, the increasing use of smart assistants like Siri and Alexa, along with the use of predictive text, has increased the acceptance of cognitive computing systems.
The requirement of ML technology will greatly increase in the future, due to the growing need to improve the human-computer connection. ML for interactive and adaptive learning will become popular in industry.
Likewise, ML will be sought after by industry stalwarts, to improve translation and interpretation systems.
BFSI had the largest revenue share of over 26% and will increase significantly in the future. The acceptance of cognitive solutions involves effective data analysis skills modified according to the needs of BFSI organizations.
This technology attempts to deliver items without delay, responds to inquiries faster and more efficiently, improves face-to-face services, and uses consumer data to tailor consumer decisions. Thus, banks will have their noses in front of the implementation of cognitive technologies in their transaction execution, decision-making and customer experience.
Health will experience significant growth in the coming years. Cognitive solutions allow physicians to focus on patient care by eliminating paperwork. Computer systems will continually be used to enhance human decision-making and diagnostics with a human element.
The cloud dominated the cognitive computing market in the past. The recent development of data storage facilities, including integrated cloud storage equipment, and the development of tailor-made cloud solutions, for example, public and private clouds, are some of the major drivers responsible for the expansion of this industry.
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North America led the regional industry with over 40%. This is due to the rapid acceptance of integrated cloud platforms and the emergence of new business models. Similarly, stringent government policies in Canada and the United States will emphasize the importance of data security, accelerating the acceptance of cognitive computing solutions in North America.
APAC will be the fastest growing region in the future. Some positive expansions, for example, the increasing use of the Internet and the growing number of start-ups in India, China, Japan, Australia and other countries will stimulate the growth of the industry.
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