The increase in concern among all the major business organizations to analyze a large volume of data to estimate the risk associated with any strategic initiative is further instrumental in accelerating the industry growth. The necessity for industries, such as healthcare, retail, and financial institutions, to analyze large volumes of data optimally on a real-time basis, is presumed to impact the industry favorably. Technological proliferation is leading to the adoption of innovation-centered approaches to move the current machine learning industrial and social applications to the next level of machine cognition and reasoning.
In the last decade, it was reported many advances in neurophysiological and cognitive science research have fueled a surge of research aimed at more effectively linking both human and machine intelligence capabilities as well as matter and mother nature to access intelligence for the benefit of humanity. Cognitive systems are emerging that can already read, write, speak, see, hear and learn. Examples include brain-machine interfaces, robotic prostheses and orthotics, cognitive and sensory prostheses, software and robotic assistants, autonomous cars, autonomous weapons, and more. Because cognitive computing can be programmed to self-learn and solve complex problems, it is important to evaluate where it is making a difference now and where will it make a difference in the coming years .
Cognitive computing is a technology platform based on the scientific premises of signal processing and artificial intelligence. Natural Language Processing (NLP) is the most prominent technology utilized owing to its inherent capacity to process natural language interactions. The extended usage of automated reasoning, big data, and machine learning technology, along with artificial intelligence and probabilistic logic, has paved the way for a greater development of data science. The evolution of Internet of Things has also accelerated the growth momentum of the cognitive computing market (see “Cognitive solutions expected progression from 2014-2025”) with its diverse applications in the development of the interactive software platform .
According to the experts in the coming years, cognitive computing-based solutions will start to be common on some industrial and daily life activities. Some of the expected benefits from this technology include ,:
- Finance and investment: the use of cognitive computing applications to analyze the market in specific ways for their clients, and work with the software to make valuable suggestions.
- Healthcare: with access to past patient records and a database of medical information, this kind of cognitive computing tool can allow a physician to interact with it and ask questions about treatment.
- Travel: cognitive computing apps in travel could aggregate available travel information, like flight and resort prices and availability, and combine that with user preference, budget, etc., to help deliver a streamlined, custom travel experience that could save consumers time, money, or both.
- Health and wellness: with data input from wearable devices apps can help personal trainers and individuals get suggestions for how to change their diet or exercise program, or even how to manage their sleep and stress-reducing routines.
- Telecommunications, media, and digital technology: covering everything from consumer devices to communications networks as well as key markets and technologies such as supply chain management used in various industry verticals. Cognitive capabilities can leverage within virtually every product, service, application and solution.
- Smart-machines and devices: currently conceived smart machine products include autonomous robots, self-driving vehicles, expert systems (such as medical decision support systems), medical robots, intelligent assistants (such as automated online assistants), virtual private assistants (Siri, Google Assistant, Amazon Alexa, etc.), embedded software systems and neurocomputers (such as purpose-built intelligent machines) will be supported by cognitive computing application on the coming years.
- Cognitive informatics: the cognitive informatics market relies upon those technologies that improve human information processing. As human beings have cognitive limitations (such as attention, comprehension, decision-making, learning, memory, learning, and visualization), the cognitive informatics market seeks to provide human cognition augmentation and enhancement.
These cognitive computing examples are just some of the innovative ways that cognitive computing has been experimented with and could be expanded upon in the future. Most vendors in the cognitive computing market offer hybrid-based cognitive solutions to maximize profits and automate the equipment maintenance process, effectively (read more on “What about IT distributed infrastructures market?”). The adoption of hybrid solutions is expected to grow, due to the benefits, such as easy maintenance of generated data, cost-effectiveness, agility, flexibility, scalability, and effective management of these solutions. The rise in the penetration of Artificial Intelligence and integrated cloud platform is expected to bolster the growth of cognitive computing solution.
Cognitive solutions and services will help businesses make effective business decisions through competitive advantage, increased revenue and reduced costs. Numerous companies are implementing cognitive computing solutions and services to enhance operations and achieve the highest employee engagement. Cognitive computing solutions’ implementation assists companies in striking the right balance between operational cost, speed, flexibility, and quality. A market analysis executed by MarketsandMarkets  company estimates the cognitive market size will be around 77.5 USD Billion by 2025 as it can be seen in the following figure.
A similar survey, this time provided by Fortune Business Insights  considers that the cognitive computing market size is expected to gain momentum by exhibiting a stellar CAGR of 26.6% between 2020 and 2027. The report further observes that the market was worth USD 11.11 billion in 2019 and is projected to reach USD 72.26 billion by 2027. In other words, based on the market surveys, the cognitive computing-based solutions are getting the attention of tech companies and investor as an strong business area in the second half of this decade. On the other hand, cognitive applications will be the natural transition of the current machine learning and artificial intelligence application to provide a new dimension on the human-machine communication, understanding and coexistence. Xymbot as a AI-based and tech company will be continuous watching the progress of the cognitive science and computing in the coming years with the objective to add new innovation-centered value to our customers and services.
In future posts, we will be continue writing about technology and business trends for enterprises. Furthermore, we recommend consulting the following literature to continue your digital transformation journey:
- Designed for Digital: How to Architect Your Business for Sustained Success, MIT review
- The Future Is Faster Than You Think: How Converging Technologies Are Transforming Business, Industries, and Our Lives, by Simon & Schuster
- Artificial Intelligence: The Insights You Need, by Harvard Business Review
- The Year in Tech, 2021: The Insights You Need, by Harvard Business Review
- The Deep Learning Revolution, by MIT Press
- Competing in the Age of AI, by Harvard Review Press
The objective of this blog is to provide a personal vision of how digital transformation trends will be impacting in our daily activities, businesses and lifestyle.
Industry 4.0 and Smart-mobility expert, his research interest includes Industry 4.0, Smart-Maintenance, Process Optimization, Machine Learning, AI engineering and Cloud-based solutions.