July 09, 2018
WELLESLEY, Mass., July 09, 2018–Data mining, machine learning and natural language processing are replacing conventional analytics and helping to drive a new era of powerful computing, according to a report by BCC Research.
The report Cognitive Computing: Applications and Global Markets projects the industry will see a compound annual growth rate (CAGR) of 32.1% through 2022, when it could be worth $24.1 billion.
Major players in the market include ABBYY, Amazon AWS, Baidu Minwa, C3 IOT, Databricks, Expert Systems, Google Deepmind AI Solution, Healthcare X.0, IBM Watson, Loop AI Labs, MedWhat, Numenta, Persado, Qualcomm, Spark Cognition and Wiretap.
“As with the field of artificial intelligence in general, cognitive computing is now coming into practical application because of a convergence of underlying technologies,” said Michael Sullivan, BCC Research analyst and author of this report. “These include high performance processors and advanced algorithms, which combine to enable computing systems to leverage machine learning, natural language processing and expert systems to provide new value in dealing with consumer and business applications.”
Market Challenged by Value vs. Cost Considerations
Investment in cognitive technologies is complex and human input is still critical for the effort to develop, train and oversee cognitive systems. While the implementation of cognitive technologies is rife with potential, it is not ideal, in particular when it comes to generating company value over reducing costs. While the technology will likely improve work efficiency, it will not lead to huge reductions in workforce.
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Cognitive Computing: Applications and Global Markets( IFT117A )
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