Cognitive cloud computing are self-learning systems that imitates the human brain with the help of machine learning. It is often mentioned as the third age of computing that works by utilizing big data analytics and deep learning algorithms.
Factors Propelling Market Growth
Cognitive cloud computing system can combine information or data from different sources such as natural language processing, data mining, and pattern recognition and suggest the most suitable strategic approaches for businesses.
These are the benefits of the advanced technology that has enhanced the adoption of cognitive cloud computing infrastructure by industry verticals including healthcare, BFSI, and retail. This is one of the major factor behind the growth of the market. Another factor behind the market growth is the growing application of artificial intelligence in cognitive cloud computing. Especially in healthcare sector, cognitive computing with AI technologies are being used to in oncology sector to develop suitable medicine. Furthermore, rising implementation of cognitive cloud computing model in OTT sector for high quality video streaming is expected to enhance the market growth.
Recent Advances in the Market
According to a recent report by Research Dive, the most significant players of the global cognitive cloud computing market players include SparkCognition, CognitiveScale, Microsoft, Nuance Communications, Numenta, Cisco, SAP, EXPERT.AI, Hewlett Packard Enterprise Development LP, and IBM. These companies are working towards the further growth of the market by developing various strategies such as merger & acquisition, partnership and collaboration, and product launches etc.
Some of the most recent developments of the market has been mentioned below:
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Impact of COVID-19 on the Industry
The coronavirus outbreak has impacted all industries in some way. However, for cognitive cloud computing market is has been proved to be very beneficial. The main attributor of this growth is the rising demand of natural language processing technique in the healthcare and pharmaceutical organizations. This technology has been used to support the healthcare professionals and scientists during the pandemic. NLP technique has been proved to be the most advanced approach to better patient monitoring and patient care. Moreover, being an automated process, the NLP technique allows the healthcare staff to manage and monitor patient more effectively. These are the main factors behind the growth of the cognitive cloud computing market during the pandemic.
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