Global Cognitive Systems, Content Analytics and Discovery Software Market: Snapshot
Cognitive computing refers to the technology platform that is based on scientific disciplines of signal processing and artificial intelligence. These platforms encompass automated reasoning, machine learning, speech recognition, and natural language processing. Creating and assessing the evidence based on the hypothesis made on human communication and natural language, along with further learning and adaption from user responses and selections is the standard build of a cognitive system.
Content analytics is a wide set of computer-assisted techniques for contextualized interpretations of documents. It is the amalgamation of mining and text analytics, which has the capability to visually explore and identify patterns, trends, and other statically available facts available in various types of content across several sources. Content analytics software is mostly used to give more perceptibility to the amount of content that is being generated. Data discovery is a type of system that scans the available data through different sources and extracts important information from data pertaining to the business goals. It is a decision-making platform that integrates, structures, and refines data.
Transparency Market Research estimates that the global market for cognitive systems, content analytics and discovery software will exhibit an exponential CAGR of 23.5% from 2017 to 2025, rising from a valuation of US$9.88 bn in 2016 to US$60.06 bn by 2025.
Machine Learning to Emerge as Most Promising Application Segment
On the basis of application, the global cognitive systems, content analytics and discovery software market has been segmented in the report into machine learning, natural language processing, automated reasoning, speech analytics, text analytics, and social media analytics. Of these, the segment of natural language processing dominated in terms of revenue contribution to the global market in 2016. The vast rise in usage of smart devices is one of the key factors bolstering the usage of natural language processing tools across the globe.
The segment of machine learning, which accounted for a 21.7% of the global market in 2016, holding the second position, is expected to emerge as one of the most attractive application segments over the report’s forecast period. The segment is expected to exhibit a massive 25.5% CAGR from 2017 to 2025. Increasing adoption of cloud based technology is expected to bolster the demand of machine learning tools across the world during the forecast period.
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Asia Pacific to Lead to Most Promising Growth Opportunities
On the basis of geography, the global market for cognitive systems, content analytics and discovery software has been segmented in the report into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Of these, North America dominated the global market in 2016, accounting for a massive 38.4% of the overall market in 2016. Europe held the second dominant share in the global market revenue in 2016. The Europe market is expected to continue to lead upon a healthy growth path over the forecast period as well, driven by the vast rise in areas of application of artificial intelligence and the high demand of automation across the industrial sector.
Asia Pacific presently holds a relatively smaller share in the global cognitive systems, content analytics and discovery software market but is expected to be one of the leading regional markets to decide the path of market’s growth in the near future. An impressive rise in digitization across the industrial, government, and public sectors and the vast rise in highly advanced IT infrastructure in the enterprise sector in countries such as India and China will continue to drive the Asia Pacific market in the next few years. The Asia Pacific market is expected to be one of the most promising investment avenues for global vendors as the regional market is expected to exhibit a promising 25.0% CAGR from 2017 to 2025.
Some of the leading companies operating in the global cognitive systems, content analytics and discovery software market are Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), Google Inc. (U.S.), Symantec corporation (U.S.), SAP SE (Germany), Adobe Systems Inc.(U.S.), Palantir Technologies, Inc. (U.S.), Oracle Corporation (U.S.), OpenText Corporation (Canada), and SAS Institute, Inc. (U.S.).