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Growing Volume of Technological Advancements Propel the Cognitive Computing Industry Forward

The advent of artificial intelligence has resulted in numerous technological developments in recent years. One of the AI-related fields that are becoming popular and promises to take the current digitized economy to the next level is cognitive computing. It makes use of machine learning and reasoning, natural language processing, speech recognition, and data mining processes such as AI; however, it takes things to the next level. Cognitive computing technologies can grasp and manage vast amounts of data, apply reason, gain insights, and constantly learn when interacting with individuals and machines. They provide us with a great opportunity to make smarter and more informed decisions.

The market for cognitive computing is growing rapidly. Driving it are factors such as the increasing volume of large complex data and the growing trend of increasing cloud-based services, big data analytics, and harnessing the internet speed. As per Allied Market Research, the market generated $13.8 billion by 2020, thereby growing at a CAGR of 33.1 percent during the forecast period, 2015 - 2020.

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Augmented Analytics: The Future of Data and Analytics

With the rising need and importance for data, many next generation technologies and data processing tools are coming into the spotlight. Today, becoming data-driven is a key priority for many advanced organizations. In order to sustain a good position in the industry, organizations need to adopt an advanced data processing tool such as augmented analytics.

Augmented analytics uses Artificial Intelligence (AI) and machine learning to augment human efforts to evaluate data. It beats the traditional analysis tools by automating data insights and providing clearer information. According to Forbes, 89% of industry leaders believe that Big Data will transform business operations in the same way the Internet did. Also, enterprises that don’t implement a business intelligence (BI) strategy to gather, evaluate, and apply that information in a meaningful way will be left in the dust. Here’s where an advanced data analytical tool like augmented analytics comes into the picture. According to a report by Allied Analytics, due to the growing adoption of next-generation technologies, such as augmented analytics, the global augmented analytics market size is expected to reach $29 million by 2025.