AI / ML
Cognitive computing market to hit $ 70bn in next five years
According to projections by Fortune , the global cognitive computing market is projected to reach US $ 72.26bn by 2027 as a result of the increasing adoption of advanced technologies such as artificial intelligence ( AI ), machine learning , and the internet of things ( IoT ) in the healthcare industry .
“ Similarly , financial services customise and offer products based on their customer behaviour patterns and cognitive computing analytical capabilities , to develop personalised services . Data from multiple Internet of Things ( IoT ) devices paired with cognitive computing analysis have enabled insurance companies to capture driving behaviours of clients to adjust premiums .”
Helping businesses achieve their goals An article and infographic published by Ohio University states : “ Perhaps the greatest promise offered to businesses today stems from cognitive computing technology . These systems can process unstructured information in ways like humans , but much faster .
“ The systems are already improving employee and customer experiences , streamlining new product innovation , enabling health care providers to spend more time with patients , and even saving lives by identifying customer safety issues before they cause accidents .”
And by being adaptive , interactive with humans , iterative , contextual and flexible as information changes and as business goals evolve , cognitive computing helps businesses achieve their goals , Tripathi says .
“ Since cognitive computing systems learn , reason , interact and adapt to multiple situations or contexts , the system itself is trained to learn based on these interactions , giving sound , evidence-based advice and recommendations ,” she adds .
“ Many businesses have duplicative and redundant business processes , unable to discern and prioritise which ones to invest to automate . Cognitive computing systems are
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