In this special guest feature, Amitabh Sahare, Senior Content Writer at Allied Market Research, discusses how the cognitive era is fast approaching and the new cognitive computing systems are speeding up the process with sophisticated deep learning methods. Amitabh has worked intimately with industry specialists from different segments including chemical, automotive and transportation, information technology, life sciences, construction and manufacturing & energy and power. His article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices.
The cognitive era is fast approaching and the new cognitive computing systems are speeding up the process with sophisticated deep learning methods.
Technology has permeated various aspects of human life and this includes the human brain as well. The concept of cognitive computing is a testimony to the evolution of next generation systems that mimic the functioning of the brain. It involves a precise simulation of human thought processes in a computerized model, which might include software or/and hardware components. Cognitive computing aids in processing large volumes of complex data, and leads to a better decision-making without human assistance. It is proving itself as a potentially powerful tool for conversion of unstructured data into structured and sensible information for processing of decisions.
The cognitive computing industry is on its way to establishing itself as an emergent market, with its varied applications in sectors that involve the processing of colossal volumes of data. The healthcare, BFSI, security, IT & telecom, and retail industries are the main sectors that propel the demand for machine learning, automated learning, natural language processing, and big data analytics. According to expert analysts at Allied Market Research, the global cognitive computing market is expected to garner a revenue of $13.7 billion by 2020, supported by an impressive CAGR of 33.1% during the period 2015–2022. This points towards a promising growth of the industry in the next few years.
Retail sector turns more responsive to customers
The retail sector along with ecommerce portals are privy to a large amount data pertaining to customers, devices, software, people, and processes. It is essential that this data be given a proper structure and turned into some volume of sensible information that can be relayed effectively. The integration of the cloud and cognitive computing systems in the management of these processes has made the retail sector more organized and responsive to the customer. It helps in transforming and enhancing the consumers’ shopping experience by assessing the customers’ and business owners’ behaviors. Cognitive computing systems analyze previous interactions between the two, such as purchase history and call center feedbacks, and forms hypotheses on them. It then allows them to act and decide on these observed patterns in real-time situations.
The retail segment realizes the need to focus on providing more innovative products, unique customer experiences, and agility in business performance. The cognitive computing systems promise to do just that, which is why there is a rise in the number of retailers embracing this disruptive technology. The retail industry has augmented the demand for more intelligent systems that can change the way customer service and shopping experiences are perceived. It is safe to believe that the cognitive computing market is set to scale new heights in the next few years.
Cognitive computing lends greater versatility to big data analytics
Complicated data problems are now being solved at a rapid pace, without the involvement of constant human insight. Yes, that is how cognitive computing has solved major hassles related to control and organization of complex data. By incorporating these systems with big data analytics, the complexities of different data are handled more seamlessly. Natural language processing has made it easier to communicate with machines for desired outputs. Cognitive computing has enables a more effortless and smooth manner for interaction between humans and machines, thus lending fluidity to each other’s analytical capabilities. This, along with artificial intelligence is set to change the face of cloud technologies in the immediate future. The industry for cognitive computing is budding and promises to open new avenues for big data soon.
Companies, such as IBM Corporation, Google, Microsoft, HP, Oracle, and SAP are engaged in reinventing machine learning through innovative cognitive computing methods. Deep machine learning and artificial intelligence technologies in sync with cognitive computing are set to open new frontiers for IoT. The endless possibilities for cognitive computing are promising to soon become a disruptive trend in the way cloud technologies function. The healthcare sector, BSFI, energy & utilities, transportation, retail, and defense are resorting to these smart computing methods to gain incremental benefits in the long run. By assessing human behavioral patterns, thought processes, and decisions, the cognitive computing systems are proving their mettle in giving incredibly precise insights for better decision making. The future is not far where the cognitive computing market will soon takeover from traditional computing and redefine the way humans and machines interact and work.
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