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The tech world is buzzing with the words like Machine Learning and Artificial Intelligence. But there is a new kid on the block— Cognitive Computing. Artificial Intelligence or AI is an umbrella term for the technologies that provide augmented intelligence with the help of machines so much that it could surpass humans in terms of agility and accuracy. Cognitive Technology or Cognitive Computing can be considered as a subfield of AI and is one of the difficult ones to be defined. Artificial Intelligence claims that machines have better decision-making abilities than humans. Cognitive Computing, on the other hand, helps humans take better decisions with the help of machines. Digitization is the real boon when it comes to amalgamation of technology and changing human needs. This reflects on the way the information is collected, filtered, and utilized to the maximum advantage.
What is Cognitive Computing?
IBM has been at the center of all the major computing eras— tabulating era, programmable era, and now the cognitive era. A relatively newer technology, Cognitive Computing is a way of making computers mimic the way human brains work for the former to make easy decisions. The apps used in this technology have self-learning algorithms and language tools. They rely on data mining, pattern recognition, and Natural Language Processing to collect information to feed themselves on. This disruptive technology is already causing transformative impact on different walks of life in terms of big businesses and day-to-day activities. Despite not reaching its full potential, the technology has already created major breakthroughs in sports and healthcare sectors. It is also anticipated to assist banking, financial services, insurance, retail, and travel sectors.
Cognitive Computing in Sports
The technology is ready to change the way major sports matches and tournaments are approached. Athletes, players, organizers, and stakeholders are anticipated to benefit from Cognitive Computing. IBM is making its presence felt in the field of sports analytics with IBM Watson. This versatile application is making disruptive changes and providing valuable insights into various sports. The application gathers information from a range of sources to filter and analyze it in real-time. This data is then used to identify trends and patterns, which is then used to deliver actionable sporting tips to the players in natural language.
The tool collects information like biomarkers and physiology with the help of wearables that the athletes wear. It also uses medical journals, fitness history of top athletes in a given environment, along with their sleep and nutrition patterns. It also uses a lot of unstructured data such as routine, game and traveling schedule, body recovery time, mental and physical stress, and other factors like effects of long playing seasons on the players. All this data is then utilized to develop customized training programs. Such programs can empower players, their couches, managers, trainers, and other people involved in the sports.
Cognitive Computing in Healthcare
North America Healthcare Cognitive Computing Market by Technology, 2012-2022, (USD Million)
Cognitive healthcare is the thing of the future. This concept is nothing but a partnership between technology and humans to manage and transform healthcare. The ability of these systems to understand, grasp, and reason with the collected information, Cognitive Computing in healthcare is anticipated to create some major breakthroughs in the years to come. It will give access to vital and previously inaccessible patient data like specific needs, social/contextual environment, disease prognosis, and all the other aspects that give more knowledge about the disease and course of treatment for the patients.
Cognitive Computing is used in oncology, diabetes, cardiovascular diseases, and various chronic diseases. Companies like IBM, Apple, Google, and Facebook among others are venturing into this field with scouting for budding startups for mergers and acquisition. For instance, acquisition of Coldlight by PTC and acquisitions of Phytel and Explorys by IBM. Apart from cancer research, the technology also finds applications in personalized medicine, medical imaging, and electronic health records (EHR) analysis. Automatic reasoning technologies are set to witness hefty investments in the forthcoming years. Along with hospitals, the pharmaceuticals may also register strong demand for Cognitive Computing tools and applications.
What the Future Beholds for Cognitive Computing?
The combination of cognitive-based systems with Internet of Things is changing the world at a rapid pace. For instance, facial recognition, gesture recognition, and voice recognition. Computer systems based on cognitive data can understand natural language and interact with the humans in a more natural way. They can utilize the content in the most contextual manner with the help of evidence-based information. This new-age technology is anticipated to benefit from the rising interest of giant conglomerates. Rising mergers and acquisitions and research and development activities are expected to create a stable and consumer-centric future for Cognitive Computing.
U.S. Cognitive Computing Market, by Application, 2014 – 2025 (USD Billion)
Leaders in information technology such as India can reap advantage of this emerging field in the years to come. The global market is poised to value USD 49.36 billion by 2025. Developed regions like North America and Europe are likely present majority of the demand, while scope for growth continues to remain high in emerging economies.
In conclusion, Cognitive Computing has the ability to transform the way humans think, function, and live— one of the reasons why this technology is touted to be the next big thing in intelligent living.