The competition in the global cognitive computing market is markedly low, despite a burgeoning number of small players and start-ups making a foray into this space, finds Transparency Market Research (TMR). This can be attributed primarily to a deluge of consumer demands and the presence of relatively less number of players with an established presence in the market. Prominent players are constantly developing smart applications and automated solutions for several end-use industries, in order to gain a gain a competitive edge over others. A number of players are developing low-cost cognitive computing technologies for modern business applications to gain better foothold in the market.

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Some of the top players holding a sustained share in the market are Google, Inc., Accenture, Inc., IBM Corporation, Microsoft Corporation, and Cisco Systems, Inc., observes TMR . Several leading players are leveraging the potential of artificial and machine learning technologies to develop innovative solutions in the market.

The global cognitive computing market stood at US$29.67 bn in 2016 and is projected to rise at a spectacular CAGR of 49.9% from 2017 to 2025. Expanding at this impressive pace, the global cognitive computing market is estimated to reach a valuation of US$1000.52 bn by the end of the forecast period.

The various industry verticals for substantial demand for cognitive computing solutions and services are healthcare, BFSI, IT and telecom, energy and utility, retail, aerospace and defense, government, manufacturing, transportation, media and entertainment, agriculture, education, and business functions such as HR, marketing, and PR. Of these, the healthcare industry hold the dominant market share in 2016 and is anticipated to rise at an impressive pace. Of the various regional markets for cognitive computing, presently, North America leads as it accounted for a leading share of the global market in 2016. The growth of the regional market is attributed to the vastly rising demand for deployment of cognitive computing in educational institutions and a wide demand from a growing number of small- and medium-scale enterprises.

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