Global Cognitive Computing Market is segmented By Deployment (On-premises, Cloud), By Technology (Machine Learning, Natural Language Processing, Automated Reasoning, Others), By Application (IT & Telecom, Healthcare, Travel, and Tourism, BFSI, Consumer Goods & Retails, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Cognitive Computing Market Overview
Global Cognitive Computing Market is estimated to grow at a CAGR of 21% during the forecast period 2024-2031
The global cognitive computing market is expected to show a healthy growth rate in the coming years. Cognitive computing aids in the processing of large amounts of complex data, unintentionally increasing the production levels of the organization. The main reasons driving the market demand are the growth in unstructured data volume and technological advances. The market growth is driven by BFSI in application type, which is expected to hold more than 30% of the market share.
Cognitive Computing Market Summary
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Metrics |
Details |
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Market CAGR |
21% |
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Segments Covered |
By Deployment, By Technology, By Application, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Cognitive Computing Market Growth Trends
The Presence Of Huge Database In Businesses
The presence of vast data in corporate organizations in the form of human language, videos and photos that hold significant information is what is primarily driving the growth of the global cognitive computing industry. NLP and machine learning are two examples of cognitive analytic technologies that are crucial for processing this data. Controlling the risk associated with their firm is greatly aided by this. Therefore, over the course of the forecast period, the need to process increasingly complex and unstructured dark data sets is anticipated to fuel the global cognitive computing market.
The Rising Adoption Of Cloud-Based Services
In light of cloud-based services, there is a growth in demand for cognitive systems in large organizations. The need for cloud-based services rises as the cost of implementing cognitive computing within the organization is reduced thanks to cloud-based deployment. In the upcoming years, IBM Watson, a major player in the market for cognitive computing, plans to launch Watson Analytics, a cloud-based service that will accelerate the implementation of cognitive computing through the cloud.
Cognitive Computing Market Segmentation Analysis
The global cognitive computing market is segmented based on deployment, technology, application and region.
Excellent Mechanical and Chemical Properties Of Steel
The market share of the cloud segment in the global market was over 40% in 2022. The adoption of Agile processes by developers is made possible by cloud technology, which greatly shortens the time it takes to test, launch and release new products and product updates. The market for cognitive computing would expand as a result of advances in cloud-based technology, the creation of novel hardware and software, and cognitive experience interfaces.
Source: DataM Intelligence Analysis (2023)
Cognitive Computing Market Geographical Share
The Rising Construction Activities and Support From the Government in North America
With a market share of more than 30%, North America was by far the largest geographic region. Due to a variety of circumstances, including standards, laws, sophisticated IT infrastructure, the presence of many businesses, and the availability of qualified technical talent, North America is a mature market in terms of the adoption of cognitive computing. As a result, over the course of the forecast period, North America is anticipated to grow steadily and hold onto its leadership position in the global market.
Source: DataM Intelligence Analysis (2023)
Cognitive Computing Market Companies
The major global players include IBM, Google, Saffron Technology, Cognitive Scale, Numenta, Vicarious, Enterra Solutions, Microsoft Corporation, Palantir and Cold Light.
Key Developments
- In November 2021, IBM, a multinational technology company with headquarters in Armonk, New York, announced that Watson Discovery's natural language processing would be enhanced. The startup anticipates it will assist businesses, particularly those offering financial, legal and insurance services.
- Udacity, a platform for online tuition, has declared the start of a new AI healthcare program for May 2020. The new AI course, according to the digital educator, instructs students on the application of AI in electronic health records, medical image processing, and other fields.
- Clarity Insights, a deep data analytics and machine learning company based in the United States, was acquired by Accenture Inc., an Irish company, in December 2019 to advance AI.
Why Purchase the Report?
- To visualize the global cognitive computing- market segmentation based on deployment, technology, application and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of cognitive computing market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global cognitive computing market report would provide approximately 61 tables, 60 figures and 205 pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
