“The US$ 5.49 Bn global cognitive systems spending market will witness a massive hike in the revenues, reaching a whopping US$ 21.46 Bn by the end of 2026. Over the 10-year assessment period 2016-2026, the global cognitive systems spending market will expand at a healthy CAGR of 14.6%, gaining a healthy incremental opportunity of over US$ 15 Bn.”– Future Market Insights
The advent of technology has created an inevitable need for human-machine communication that increasingly compels individual users as well as enterprises to employ machine intelligence for better, facilitated, and organised work. This, being the most prominent factor driving the cognitive systems spending, Future Market Insights identifies few other key influencers associated with the growth of cognitive systems spending market assessed for the next decade.
Cognitive technology has been undergoing constant evolution, fuelling the demand in various end-use sectors.
Following developed market, developing regions are increasingly augmenting their IT spending on cognitive systems, which will be one of the predominant factors uplifting the cognitive systems spending in emerging economies.
As adoption of intelligent Personal Assistants is surging, the applications of Natural Language processing technology is also likely to experience a significant rise in terms of sales revenues.
In a recent market outlook titled “Cognitive Systems Spending: Global Industry Analysis and Opportunity Assessment, 2016–2026,” Future Market Insights throws light on all the critical factors related to current market condition and future prospects. The report offers detailed insights into all the market segments, including regional analysis.
Regional analysis reflects emergence of developing markets
North America will continue to hold the strongest foothold in the global market with around 65% market value share in 2026. This US$ 3.5 Bn regional market is anticipated to attain a value of US$ 13.83 Bn by the end of 2026, followed by Western Europe, Latin America, and APEJ.
Emerging countries are expected to witness evident growth throughout the assessed period. Latin America will demonstrate the fastest CAGR of 15%, primarily driven by the market growth in Brazil and Mexico. From around S$ 500 Mn at the beginning of the forecast, this region will reportedly reach beyond US$ 2 Bn by the end of the period. Japan and APEJ are also anticipated to expand at the respective CAGRs of 14.9% and 14.8%.
Regional market drivers
Soaring commercialisation of predictive analytics within North America (especially the U.S.) will remain the key driver to North America’s market growth.
Rapidly proliferating demand for cognitive systems in healthcare sector and substantial adoption of Natural Language processing cognitive technology are expected to be responsible for Latin America’s growth. Moreover, consistent innovation in the comprehension economy will further push the market for cognitive systems analytics in Latin America.
Favourable government initiatives and increasing IT spending on cognitive systems will foster the APEJ market.
Towering adoption of cognitive systems for personalized learning, coupled with growing popularity of predictive analytics will continue to accelerate the Japanese market.
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