Cognitive Technology Shaping Future Business Trends

CIOReviewIndia Team | Friday, 11 October 2019, 12:32 IST

CIOReviewIndia TeamAccording to Grand View Research, the global cognitive computing market size is expected to reach USD 49.36 billion by 2025 owing to the current market demands. Eradicating the complexities related to analysis of huge data volumes generated by these enterprises and providing experts with netter understanding to take decisions, cognitive computing demands is anticipated to further increase with the rapid improvements in internet speed worldwide.  Cognitive Computing is set to play a big role in the growth prospects with the incorporation of features, such as Artificial Intelligence and Internet of Things which enables automated integration between software, hardware platform, and the consumer. The continuous development of cloud computing platform and on-premises hardware equipment for safe and secure data storage is further fueling the adoption of cognitive solution across diverse industrial verticals.

According to Polaris Market Research, the natural language processing segment of cognitive computing technology accounted maximum revenue of the total global Cognitive Computing Market share.

“Today, computing mainly automates things for you, but when we connect all these things, you can truly start assisting people in a more meaningful way. If I go and pick up my kids, it would be good for my car to be aware that my kids have entered the car and change the music to something that’s appropriate for them,” said Sundar Pichai, CEO of Google.

As, cognitive computing industry is growing through several technological advancements, it has been delivering remarkable features to several end-user industries including, healthcare, retail, BFSI and others. This system is emerging as a booming solution to eradicate the complexities related to analysis of huge data volumes generated by these enterprises and also provide experts with netter understanding to take decisions.

With range of its benefits, one, which can be crucial for any businesses, is that they can leverage cognitive computing to generate information patterns from integrated data and enhance their services through data-driven insights on customers’ behavior, preferences, demands, etc. Thus, enterprises can enhance their services accordingly and ensure an efficient service delivery which maximizes customer satisfaction. 

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