The global cognitive computing market is forecast to reach USD 305.23 Billion by 2030, according to a new report by Reports and Data. The cognitive computing technology derives the answers and works like the human brains. Literally, the computerized models adapt algorithms that self-learn and utilize machine learning models to mimic the way the human brain works. The models formed by cognitive computing, provide a real-life roadmap for artificial intelligence and machine learning and eventually facilitate the automated systems, which would work without human assistance. The rising requirement of virtual assistance and eloquent interactive voice response (IVR) for customer support in various sectors are being highly insistent in the market. Cloud deployment is likely to enrich broadly due to the higher adoption rate of the cloud-based services in the financial SMEs’.
APAC is forecasted to achieve the fastest growth of about 35.4% in the period 2022 – 2030, due to its extensive development in information technology engineering coupled with the massive proliferation of internet availability and digital marketing. India and China are some of the fastest-growing countries due to the immense growth in their potential consumer base throughout all the major industry verticals and high rise in big data.
Key participants include Microsoft, IBM, Google, Saffron Technology, Enterra Solutions, Numenta, HP, Oracle Corporation, CognitiveScale, Inc., and Vicarious.
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Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented the global cognitive computing market on the basis of the end-users, technology, development mode, end-use verticals, and region:
Technology Outlook (Revenue, USD Billion; 2019-2030)
Deployment Type Outlook (Revenue, USD Billion; 2019-2030)
Application Type Outlook (Revenue, USD Billion; 2019-2030)
Business Functions Type Outlook (Revenue, USD Billion; 2019-2030)
Industry Verticals Outlook (Revenue, USD Billion; 2019-2030)
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Regional Outlook (Revenue, USD Billion; 2019-2030)
Key Advantages of Cognitive Computing Report:
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