Cognitive Computing Anticipated to Exhibit 23 Percent CAGR
Persistence Market Research expects the cognitive computing solutions market, which makes use of machine learning, cognitive computing, speech recognition, and natural language processing to automate business processes that are normally performed by humans, to grow at a compounded annual rate of 23 percent through 2030.
The research valued the global cognitive computing market at $14.8 billion in 2019.
These solutions help companies analyze emerging patterns, spot business opportunities, take care of critical process-centric issues in real time, examine large amounts of data, help simplify business processes, reduce risk, and pivot according to changing circumstances, it said.<.p />
Among applications, the speech recognition segment is expected to witness high growth, owing to wide adoption in automated devices to provide voice assistance services.
Organizations are continuously incorporating data capture technologies into their business processes. When this captured data is digitalized and automated, it eliminates the human error factor, and increases data quality and accuracy. It also saves a huge amount of time, increases efficiency and productivity, and lowers organizational and storage costs, the research firm concluded.