Increasing demand of connected healthcare systems is also an important trend in the global market. Connected Healthcare Systems are likely to collect real time data and information which helps in assisting clinicians in delivering better care and empower people to make better choices. It helps in reducing medical errors and enhances medical administration efficiency. Adopting cognitive systems in healthcare is likely to help physicians to find connections and correlations and identifying new patterns and insights to quicken treatments, discoveries and insights.
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Cognitive Systems, Content Analytics and Discovery Software: Drivers and Restraints
Increasing demand of artificial intelligence is a key trend in the market. Demand for artificial intelligence is increasing significantly with the advancement in technologies, and it is an important trend in the cognitive systems, content analytics, and discovery software market. Artificial intelligence is witnessing market growth due to the rise in large and complicated data sets. The biggest revolution is machine learning, where instead of providing linear instructions to a computer, considerable amount of data is supplied and let the computer learn and interpret on their own.
Increasing use of competitive intelligence and advanced analytics escalating data driven decision making is one of the key driving factors in the cognitive systems, content analytics and discovery software market globally. It is very difficult to access and keep track of each and every individual data due to the rise of big data. Therefore, it is necessary to implement competitive intelligence and advanced analytics tools that are likely to help gather, examine, and distribute intelligence of products, competitors, and customers, and also help discover deeper insights, generate recommendations, and make predictions. These tools help identify potential opportunities and risks beforehand. Advanced analytics techniques comprise data mining, text mining, pattern matching, graph analysis, and neural networks. Competitive intelligence is focused on external business environment and is involved in collecting information and converting it into intelligence, which is then employed for making decisions. Presently, business intelligence tools require very less support from the IT department. The changes in how data is visualized and mined allows the business activities to work with analytics tools and make data driven decisions with or without any technological background. Increasing volume of data tends to increase the need of data driven decision-making software that easily derives actionable data in real-time. Utilizing the analytics and discovery software is likely to support organizations in making decisions and anticipate the market trends and possible risks.
The factor responsible for setting back the growth of this market is due to the prediction based on the past data. The cognitive systems, content analytics and discovery software technologies are at the budding stage due to which they faces various restraining factors. Past-based predictions is a major limitation in the market. Market dynamics are changing over time due to which predictions and analysis based on past data might not be helpful. Chances are that the analysis of the last ten years data is irrelevant to the current market scenario. These technologies when anticipating human behavior sometimes fail to consider certain variables that influence customer purchasing patterns
Cognitive Systems, Content Analytics and Discovery Software: Segmentation
Based on application, the global cognitive systems, content analytics and discovery software market is bifurcated into machine learning, natural language processing, automated reasoning, speech analytics, text analytics, social media analytics and others. On the basis of industries, the market has been bifurcated into banking, retail, healthcare, IT and telecom, transportation and others. Moreover on the basis of deployment type, the market has been bifurcated into on premises and cloud. The regional split of the market encompasses North America, Asia Pacific, Europe, Middle East and Africa and Latin America.
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Some of the key companies in the global cognitive systems, content analytics and discovery software market includes Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.), Google Inc. (U.S.), Symantec corporation (U.S.), SAP SE (Germany), Adobe Systems Inc.(U.S.), Palantir Technologies, Inc. (U.S.), Oracle Corporation (U.S.), OpenText Corporation (Canada),SAS Institute, Inc. (U.S.) among others.
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