Cognitive Computing Market By Technology (Natural Language Processing, Machine Learning, Automated Reasoning, Others); By Deployment Type (On-Premise, Cloud); By Enterprise Size (Large Enterprises, Small and Medium Enterprises); By Industry Vertical (Healthcare, BFSI, Retail, Government & Defense, IT & Telecom, Energy & Power, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2023-2032
Cognitive Computing Market Brief Overview
The global Cognitive computing market size was valued at around USD 31.2 billion in 2022 and is projected to grow at a compound annual rate of growth (CAGR) of around 31.1% from 2022 to 2032.The market size is projected to succeed in USD 470.5 billion by 2032. Cognitive Computing is program based on self-learning systems that use machine-learning methods to execute complicated, human-like tasks in a smart way. The aim is to simulate processes of human thought in a computerized model that can be accomplished by using self-learning algorithms that use data mining, recognition of patterns, and processing of natural language. In several artificial intelligence (AI) applications, which consist of natural language programming, robotics, expert systems, neural networks, and virtual reality, cognitive computing is used. The term cognitive computing is directly linked to the cognitive computer system of IBM.
Cognitive Computing Market Insights
There is an increase in cognitive system demand in large organizations, and due to cloud-based services, this is expected to increase in SMBs. There is a subsequent increase in the overall demand for cloud-based services as cloud-based deployment decreases the cost of deploying cognitive computing in the organization. In developed countries, cognitive computing is gaining momentum. This appropriate factor in cloud-based services is expected to act as an opportunity for growth in the size of the global market for cognitive computing.
Several factors such as advancement in enabling technology increase in the volume of large, complex data, and developments in computing platforms influence the global cognitive computing market. The market is positively impacted by these factors at a significant rate. In addition, market driving factors also include an increase in the adoption of big data analytics, the need for high-speed computing services, lower costs of deploying cognitive computing, and an increase in cloud-based technology trends. Cognitive computing technologies, which are expected to be an opportunistic factor in the global market, have a positive effect on business applications.
Increase in Volume of Large Complex Data
The market growth has been influenced by the rise in cognitive computing market trends, such as the implementation of big data sets among different industries. As these data sets consist of enormous information and are not compatible with traditional data analytical systems to compute this information, companies around the globe are shifting their focus towards the application of cognitive computing systems. This shift also plays a key role in driving the growth of the global market during the forecast period.
Evolution in Computing Platforms
The boundaries between batch and real-time processing have been realized by big data technologies, which in turn has proliferated the adoption of enterprise cognitive computing as it empowers organizations to deploy data and processes where they reside, based on criteria of data governance, financial, and data gravity. The need to support multi-temperature data management, also known as data tiering, is expected to increase as cognitive computing addresses the diverse nature and scale of data. This facilitates adherence to government policies for storing real-time data on faster, more accessible media, with cooler data-oriented towards more economical storage. This is expected to boost the adoption among real-time streaming analytics organizations of cognitive computing platforms, which is driving market growth in the coming years.
In order to develop cognitive solutions, the high upfront investment is needed to set up maintenance architecture and infrastructure that leads to high operating costs. The process of operation and configuration is much more complex and requires depleted resources. A large number of resources, network modules, data centers, and more are consumed by this operation. Moreover, issues related to government standards and uncertain regulatory compliance is expected to limit market growth in cognitive computing. The market is expected to face several challenges due to a lack of awareness among small and medium-sized enterprises.
Cognitive Computing Market Geographical Analysis
The market is geographically divided into five regions, including North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America.
Market growth is dominated by the increase in penetration of core technologies such as AI, IoT, big data, and others, along with the rising number of cognitive projects in North America.
During the forecast period, the Asia Pacific market is forecast to grow with the highest CAGR. It is expected that the increasing investment made by major organizations and the government to develop AI-based projects will significantly accelerate the demand for cognitive services. The European market is expected to grow at a significant CAGR due to the growing investment by major players to enhance the customer experience. It is estimated that the Middle East, Africa, and Latin America will grow at a considerable rate.
Cognitive Computing Market Segmentation
By Technology
- Natural Language Processing
- Machine Learning
- Automated Reasoning
- Others
By Deployment Type
- On-Premise
- Cloud
By Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
By Industry Vertical
- Healthcare
- BFSI
- Retail
- Government & Defense
- IT & Telecom
- Energy & Power
- Others
By Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East & Africa
Competitive Landscape
The report profiles various major market players such as
- Google LLC
- Saffron Technology Inc.
- International Business Machines Corporation
- Hewlett Packard Enterprise Development LP
- Nuance Communications Inc.
- Microsoft Corporation
- SAP SE
- Oracle Corporation
- Tibco Software Inc
- SAS Institute Inc.
- Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities). The study also provides company’s positioning and market share of the overall market.
Timeline Considered for Analysis:
- 2022: Base Year
- 2023: Estimated Year
- 2023 to 2032: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global cognitive computing market by the following segments:
- Technology
- Deployment Type
- Enterprise Size
- Industry Vertical
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Cognitive Computing Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2023-2032?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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- Publication date: 29th January 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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