The use of cognitive systems is to assume the tasks planned for carrying out the broad range of computationally intensive activities, also known as supercomputing capabilities. Distributing huge databases is a massive challenge in both small-scale as well as large-scale organizations. Consequently, this crucial process of data diffusion can be executed efficiently through cognitive systems.
One of the key technological advancement such as cloud computing is intensifying in several business verticals rapidly. Therefore, the global market is likely to witness significant expansion in cognitive system spending procedures in the coming years. According to a study by Future Market Insights, the global cognitive systems spending market will reach US$ 21.46 Bn by 2026.
Moreover, key IT product and service providers are undergoing several strident financial pains in the switchover from traditional IT hardware businesses to software and cloud services, ultimately, driving the use of cognitive systems.
Cognitive Computing and How it Works?
Cognitive systems imitate the human thought processes. Further, these systems examine and categorize the data in an organized way, more instantaneously rate than the human mind. This usually depends on natural language processing, data mining, or pattern recognition to attain informational breakthroughs.
The boost in demand to diffuse the bulk data is encouraging businesses to intensify their budget on cognitive spending. In a report by IBM, its CEO, Ginni Rometty stated that the rising demand for market emerging technologies such as quantum and blockchain are enabling organizations to use cognitive computing. This will help the enterprise to tackle the complex business problems in the years ahead.
Cognitive Systems to Benefit the US Healthcare Industry
While cognitive computing is not considered to be a prompt solution to all the complex and proficiency issues in the healthcare industry, the technology is said to modernize the healthcare sector in significant ways in the coming years.
The US invests nearly $3 trillion per annum on healthcare services including insurance and prescription drugs. But, a considerable amount of the aforementioned figure is lost to the healthcare waste. Therefore, the implementation of cognitive computing in the healthcare market will improve the distribution process and overall operations.
In Western Europe, the spending on cognitive systems is likely to experience a noteworthy expansion in the near future. Furthermore, the region is likely to grow at a compound annual growth rate (CAGR) of 42.5% by 2020, revenue estimated close to $4.3 billion. Europe is facing an enormous rise in the implementation of cognitive applications across the country and is expected to face lucrative demand in the future.