Cognitive computing is the combination of artificial intelligence and signal processing, to quickly solve the problem that can only be solved by humans. It uses the past data, user feedback and the latest data to analyse any situation and to find its effective solution.
What is the global cognitive computing market size?
The global market size of cognitive computing was valued at around $ 9 billion in 2019, and the market size will grow with a good growth rate in future.
The main drivers behind the growth of cognitive computing include the trend towards the atomisation of industries, cost-effective offers by the cognitive computing platforms, a trend towards big data analytics, demand for best customer experience, and trend towards enhancing decision making processes in all industries.
The global market of cognitive computing will see a growth of approximately 3.5% in 2020 to reach the estimated value of $ 9.3 billion in 2020. The bigger market share in cognitive computing market is of the health industry, as compared to other industries, and many countries are working on trying to find a way to use cognitive computing in the fight against COVID-19.
Some of the players in the cognitive computing market include IBM, Microsoft, Google, Hewlett Packard, Oracle, Numenta , Acuiti, Cisco, Palantir , and Enterra Solutions.
Cognitive computing is mostly used to help a human being in their judgments regarding any difficult issue. One of the examples is of doctors, most doctors cannot absorb all the new and vast diseases and their therapies, in that case, a cognitive assistant can help doctors to analyse the disease and offer effective therapy quickly.
One of the real-world examples is of IBM cognitive system known as Watson. The platform provides various solutions and methods to the customers to deploy cognitive solutions. Some of the methods offer by IBM cognitive platform includes deploying of cognitive technology in the existing workflow of the organisation, in this case, the solution provided by the IBM is already coded and need the installation. The product used by IBM for the respective solution is known as Watson Explorer or Watson Virtual Agent.
The other method provided by IBM is to develop an app on IBM cognitive platform known as Bluemix. For the respective method, IBM provides common languages and other API’s on its Watson Developer Cloud. The last solution that IBM facilitates its customers with is the collaboration of an organisation with IBM to get customised solutions. For this, customers need to contact IBM cognitive solutions team member. IBM Watson is already in use in Memorial Sloan Kettering Cancer Center, US, to help doctors in treating cancer patients.