Rising Demand for Automotive Solution to Boost Global Cognitive Analytics
Rising Demand for Automotive Solution to Boost Global Cognitive Analytics Solutions Market
The global Cognitive analytics solutions market has undergone a huge change from where it was years ago and there are several factors that are supporting in this growth.
Cognitive analytics can be defined in simple words to be mimicking the human brain to find inferences from data and patterns. This is a method of getting conclusions based upon the existing data which can later be used to improve the future inferences. In a glance it may seem that cognitive analytics is same as artificial intelligence but that is not the case. Consider a business decision is to be taken, an artificial intelligence system would provide the management with the decision to be taken based on the data and facts but a cognitive analytics system on the other hand would provide the management with the information which will help them decide on the course of action.
The global cognitive analytics market:
The giants of the global cognitive analytics market include the ARC advisory group, QueBIT, IBM corporation, Vantage software, Hewlett Packard Enterprise company, Microsoft corporation and Nuance Communications. A study predicted that the global cognitive technology market is expected to register a CAGR of 35% for the period of 2017-2023.
Major growth factors:
The major factors that are going to support the growth of the global cognitive analytics solutions are the increase in the knowledge intense solutions and the growth in the demand for automation. The increase in the personalized consumer connections and better profitability are also a few other factors that are propelling the growth of this market.
All categories of industries are giving more importance to the adoption of cognitive analytics solutions to get better insights from the available unstructured data. The rise in power of big data is helping the enterprises identify various business insights.
Not all good:
A few issues that are hindering the growth of the global cognitive analytics solutions are the rise in the technical issues and the concerns over the data security. More people and organisations are becoming concerned about their data. Confidentiality of the data is a major factor that is being focused upon. Another factor that is restraining the growth is the lack of awareness among the end users and enterprises.
Even though the hindering factors are a plenty, there is a rising demand for automotive solutions which is expected to boost the global cognitive analytics solutions market in the future. Advancements in the technology and the integration of platforms such as big data are some major factors that are fueling the growth of the global cognitive analytics market.
These were a few pointers on the trends in the global cognitive analytics market. To sum it all up there are a lot of factors that are propelling the growth of this market which include the development in the technology, more demand for automation, better profitability and better insights the few hindrances include the concerns over data security and the lack of awareness among the people. There is increasing demand for automotive solutions and this is boosting the industry as a whole.
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