Cognitive Cloud Computing Market: Redefining Computing System with New Innovations

Cognitive cloud computing are self-learning systems that imitates the human brain with the help of machine learning. It is often mentioned as the third age of computing that works by utilizing big data analytics and deep learning algorithms.

Factors Propelling Market Growth

Cognitive cloud computing system can combine information or data from different sources such as natural language processing, data mining, and pattern recognition and suggest the most suitable strategic approaches for businesses.

These are the benefits of the advanced technology that has enhanced the adoption of cognitive cloud computing infrastructure by industry verticals including healthcare, BFSI, and retail. This is one of the major factor behind the growth of the market. Another factor behind the market growth is the growing application of artificial intelligence in cognitive cloud computing. Especially in healthcare sector, cognitive computing with AI technologies are being used to in oncology sector to develop suitable medicine. Furthermore, rising implementation of cognitive cloud computing model in OTT sector for high quality video streaming is expected to enhance the market growth.

Recent Advances in the Market

According to a recent report by Research Dive, the most significant players of the global cognitive cloud computing market players include SparkCognition, CognitiveScale, Microsoft, Nuance Communications, Numenta, Cisco, SAP, EXPERT.AI, Hewlett Packard Enterprise Development LP, and IBM. These companies are working towards the further growth of the market by developing various strategies such as merger & acquisition, partnership and collaboration, and product launches etc.

Some of the most recent developments of the market has been mentioned below:

• According to a most recent news, Nuance Communications, Inc. has been ranked the No.1 Solutions Provider by Black Book Research in five categories. Medical speech recognition and AI technologies are two main categories. The rank was entitled to the company based on 3,250 survey responses from 203 hospitals and 2,263 physician practices. Undoubtedly, the rankings validates Nuance's unparalleled understanding of clients’ needs, farsighted strategy.
• As per a latest news, SparkCognition has announced a collaboration with Cendana Digital, a data science solutions company. SparkCognition is considered as the world's leading industrial AI Company. The partnership is aimed at the expansion of SparkCognition's global presence to bring advanced AI solutions to the oil and gas market of Malasiya. The partnership was announced on July 9, 2020.
• In June, 2020, SparkCognition and Siemens has initiated a new partnership on a cybersecurity system, DeepArmor Industrial, stimulated by Siemens. This system is designed to protect operational technology (OT), endpoint, or remote assets across the energy value chain by leveraging artificial intelligence (AI) to observe and identify cyberattacks.

This is an innovative AI-enabled system which will provide the benefits of next-generation antivirus, application control, threat detection, and immediate attack prevention to endpoint power generation, oil and gas, and transmission and distribution assets, which will fleet level cybersecurity monitoring and protection capabilities to the energy industry for the first time.

• A recent news reveals that Hewlett Packard Enterprise (HPE) is going to initiate a partnership with Wipro Limited. The business giants aims to cooperatively convey their portfolio of hybrid cloud and infrastructure solutions as a service through this partnership. This partnership will enable Wipro to leverage HPE GreenLake across its managed services portfolio and offer a pay-per-use model. This model is agile, elastic, subscription-based, and offers an unfailing cloud experience to the consumers. This will give the customers the benefit of fast tracking their digital transformation efforts by eradicating the necessity for upfront capital investment and overprovisioning costs, while appreciating the added benefits of security, compliance, and on-premises control.

Impact of COVID-19 on the Industry

The coronavirus outbreak has impacted all industries in some way. However, for cognitive cloud computing market is has been proved to be very beneficial. The main attributor of this growth is the rising demand of natural language processing technique in the healthcare and pharmaceutical organizations. This technology has been used to support the healthcare professionals and scientists during the pandemic. NLP technique has been proved to be the most advanced approach to better patient monitoring and patient care. Moreover, being an automated process, the NLP technique allows the healthcare staff to manage and monitor patient more effectively. These are the main factors behind the growth of the cognitive cloud computing market during the pandemic.