CIOReviewIndia Team | Monday, 23 September 2019, 13:47 IST
Cognitive technologies that mimic the human thinking process and cognitive abilities through natural language processing, data mining and pattern recognition are believed to revolutionize the man-machine interaction in the near future. According to a report by Market Research Future, the Cognitive Computing Technology Market is expected to become USD 25 billion by 2023, growing at a CAGR of 35%. Immense growth in the adoption of cloud computing, increasing demand for human free systems that can perform intensive computational problems by analysing huge volumes of data are some of the factors driving the market growth. “The goal of cognitive computing is not to build machines that can think for themselves, but to build machines that can analyse vast amounts of information and learn along the way. A cognitive computing system can adapt and make sense of information such as images, natural speech etc. This makes it well suited to recognising and interpreting patterns, and giving them meaning,” says Dr Michelle Dickinson, Nanotechnology Specialist, University of Auckland.
Cognitive technologies have already started making inroads into various industries helping businesses analyze the data and gain deep insights. Here are some of the industries where cognitive technologies find their profound application,
Finance: Provides Personalised Customer Information
Cognitive technologies help financial and investment firms collect personalised information about individual customers which can later be used to design data driven marketing strategies to increase revenues. AI powered chat-bots or digital assistants with cognitive capabilities also help to enhance the customer services thereby improving the customer satisfaction levels.
Education: 24*7 Available Virtual Teacher
Cognitive computing has enabled educational institutions to design and personalize the course content to best meet the needs of each individual student, unlike the conventional methods of same content for every student irrespective of individual capabilities. Cognitive technology powered assistants can also guide and assist students explaining problematic issues acting as a personal virtual teacher available 24*7.
Healthcare: Enabling Personalised Patient Care
Data in the healthcare such as electronic health records, clinical research information, lab reports, and radiology images is ever increasing. Cognitive computing enables doctors to analyse the huge volumes of data and take better decisions for personalised patient care and minimally pervasive diagnosis.
Travel: Assisting On Destination Selection
People spend a lot of time on websites researching on the destination options. Cognitive computing based on the past travel purchases, web history, location and various other criteria helps travellers choose the destination spot by compiling the most relevant options.
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