Cognitive Computing Market to Grow amid COVID-19 Outbreak
Global Cognitive Computing Market
“Cognitive computing goes well beyond AI and human-computer interaction as we know it – it explores the concepts of perception, memory, attention, language, intelligence, and consciousness. Typically, in AI, one creates an algorithm to solve a particular problem. Cognitive computing seeks a universal algorithm for the brain. This algorithm would be able to solve a vast array of problems,” according to Dharmendra Modha, lead researcher for IBM Almaden Research Center’s Cognitive Computing group.
The growing popularity of supercomputers not only in the technological world but also in diagnostic and treatment applications is anticipated to augment the demand in the global cognitive computing market. Scientists have started to use IBM’s Summit supercomputer, which is the world’s fastest, to quickly discover promising candidate treatments to battle the coronavirus pandemic.
Top driver: Robust demand for legal expert and security systems with cognitive abilities
Cognitive computing has rich demand in defense and security applications. In September 2019, the FBI roped in Intel’s Chief Data Scientist Melvin Greer for an advisor role in its Information Technology Applications and Data Division. The emerging trend of robot lawyers that help improve the reach of legal services particularly to small businesses is expected to create lucrative opportunities in the global cognitive computing market.
British-American entrepreneur Joshua Browder’s legal services chatbot DoNotPay helps to appeal parking tickets, sue companies in small claims court, cancel any subscription, and do more. Furthermore, the advancement of next-gen AI technologies such as neuromorphic computing mimicking human cognition could positively influence the global cognitive computing market.
NLP to make crucial contribution to growth of global cognitive computing market
Healthcare is anticipated to offer a wealth of opportunities for companies operating in the global cognitive computing market. IBM Watson for Oncology cognitive computing systems are a classic example of how the technology is becoming a valuable asset to healthcare organizations.
Moreover, the addition of AI capabilities to enhance workforce efficiency and operations in healthcare could strengthen the growth of the global cognitive computing market in the industry.
Among technology segments of the global cognitive computing market, natural language processing (NLP) is predicted to show significant growth in future. NLP is used in financial research and several other applications. It, along with sentiment analysis, helps to produce custom research reports for banks and other financial organizations.
Acuity Knowledge Partners’ BEAT platform uses NLP techniques including natural language generation, named entity identification, and text summarization, according to the company’s Chief Digital Officer David Fellows.
Rising investments in cognitive intelligence and research to benefit North America market
North American countries such as the US are predicted to maximize their spending on AI and cognitive intelligence technologies in future. This could prepare a strong foundation for the developed region to secure a leading position in the global cognitive computing market. The strong presence of AI and cognitive scientists and research institutes could be another factor strengthening the growth of the regional cognitive computing market.
In March 2020, MIT cognitive scientists announced the development of a computing model of face processing. This model helps to understand how the human brain is able to quickly produce highly detailed visual representations of what the human eyes see.
Players to focus on expanding applications in complex computing, healthcare, and finance
The global cognitive computing market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Intel, IBM, and Microsoft among others could be at the forefront of the competition in the global cognitive computing market.
In its 2020 Vision series, Intel has broadly explained the evolution of cognitive computing. The tech giant has made heavy investments in neuromorphic systems. Late in 2019, it announced the inclusion of Hitachi, GE, Airbus, and Accenture in the Intel Neuromorphic Research Community.
In July 2019, Intel announced the availability of its 64-Loihi research chip neuromorphic system Pohoiki Beach for neural-inspired algorithm applications such as path planning, SLAM, and sparse coding.
IBM Watson cognitive computing technologies are popular in the global market. In March 2020, IBM Watson Health partnered with EBSCO Information Services to combine cloud-based tools, NLP, and drug and disease content to improve clinical decision support in healthcare.
In the same month, IBM announced the addition of new capabilities to IBM Watson to help businesses better analyze, understand, and identify the most challenging aspects of human language.
Microsoft and insurance company Swiss Re formed an alliance mainly focusing on the creation of Swiss Re’s new Digital Market Center with the help of Microsoft Azure AI, IoT, data analytics, and cloud technologies. Microsoft’s commercial strength helped the tech leader to achieve a 14% increase in FY20 Q2 revenue with net income reaching US$11.6 billion.