The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Cognitive Computing Technology Market Size. The growth sectors of the Cognitive Computing Technology Market Size are identified with precision for a better growth perspective.
The emergence of disruptive technologies initiated the debate if technology will soon replace the need for humans to solve problems. Cognitive skills of humans are reckoned as their efficacy to learn and simplify problems. As the biological machine requires time to cope with changes, inspired by human mind, cognitive computing technology was developed
Cognitive computing technology will assist human to simplify their cerebral tasks. For instance, the expansion of patient populace is creating a both structured and unstructured database. Cognitive computing technology will rationally analyze the large volume of data of a patient, thereby simplifying the patient’s history to doctor. This can aid the physician decide an effective therapeutic regime. It is understood that cognitive computing technology just manages the tedious task for a physician, which, otherwise, holds several scope for error.
Cognitive computing technology is responsible for backing humans to enhance their productivity than replacing human at work. With social media platforms gaining considerable traction, rapid industrialization, and surge in electronic transactions; high amount of data is produced by different sectors. The rise in need for greater productivity to deal with dynamic worklife condition are forging the adoption of cognitive computing technology across several industries.
Market Research Future (MRFR), in its revised “Cognitive Computing Technology Market” report, addressed factors that are contributing to the sharp rise in the market’s valuation. As per MRFR study, the cognitive computing technology global market can attain USD 25 Bn at 35% CAGR by 2023. MRFR employed modern, proven research methodologies to conduct the cognitive computing technology market study. The report highlights the impact of key players on the market and major influencers of the market.
Healthcare, travel and hospitality are major vendee of cognitive computing technology. Finance, sports and entertainment, and business are other well-known end-users of the emerging technology. Welltok, a US-based SaaS company providing consumer health, offers Concierge. A cognitive tool that stages rapid processing of vast information of medical data to deliver appropriate answers and recommendations. Welltek, a Ukrainian software company, developed CafeWell, a trending healthcare cognitive system. LifeLearn, a veterinary healthcare institution in Canada, offer a cognitive ability powered clinical decision support. Among fitness-conscious people, cognitive computing solutions are gaining popularity due to the demand for customized fitness plans.
Edge Up Sports, a US sport utility provider, are adopting cognitive computing technology that delivers performance insights of athletes to coaches. This not only aid coach to monitor trainee’s progress but also make required changes in training programs. GF Consulting’s, an Australian engineering firm, AskGordy, a cognitive tool that aid to resolve the process to extract actionable information in document management systems. Documentation is a crucial element in business. Thus, the contribution of cognitive computing technology in general business is immense. These have powerful impact on the expansion of the cognitive computing technology market.
The need to expedite research, especially in the healthcare field has increased than ever. For instance, the cure for coronavirus needs to be spilled immediately to stop the spread of COVID-19 infection and especially the paranoia induced by it. Big data technology plays a pivotal role to speed-up investigations in medicine. IBM’s cognitive analytics is observed to bestow the efficacy of big data technology in medicine design. For example, Watson, the cognitive computing technology developed by IBM can address rising issues with large set database on life science.
Along with the upscaling demand for cognitive computing technology across healthcare sector, partnerships of reputed medical providers with IT companies can boost the growth of the cognitive computing technology market. In APAC, the joined force of Wipro LTD, a leading IT global company of Indian origin, and PLEXIS Healthcare Systems, a trusted management solution provider to healthcare organizations.
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