The cognitive computing market is poised for remarkable growth, projected to establish a robust foothold with a compelling CAGR of 26.3% throughout the forecast period. As technology continues to advance and organizations seek smarter solutions, the cognitive computing sector is set to flourish, reaching a staggering valuation of US$ 188.2 billion by the year 2033
This significant expansion is indicative of the growing demand for cognitive systems that can mimic human thought processes, enabling industries to harness the power of artificial intelligence, machine learning, and data analytics to enhance decision-making and operational efficiency. The cognitive computing market’s rapid ascent demonstrates its pivotal role in shaping the future of technology-driven industries across the globe.
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The use of cognitive computing is being driven by growing worries across all the main corporate organizations about analyzing huge amounts of data to calculate the risk involved with any strategic endeavor.
As a result of cloud-based services, there is also a growth in the demand for cognitive systems in large organizations, and this demand is anticipated to grow in SMBs. The total demand for cloud-based services increases as cloud-based deployment lowers the cost of implementing cognitive computing within the organization.
In addition, machine-to-machine technology advancements, a growth in demand for a better customer experience, and an increase in the adoption of big data analytics. Additionally, sectors including BFSI, social media, healthcare, and e-commerce have seen a sharp rise in transaction data and customer information. In the upcoming years, it is anticipated that the aforementioned reasons will propel market expansion.
Key Takeaways from the Cognitive Computing Market Report:
- The global cognitive computing market was valued at US$ 257.1 Billion by 2022-end
- The U.S to account for the highest value share of US$ 27.4 Billion of global market demand for cognitive computing market in 2032
- From 2015 to 2021, cognitive computing demand expanded at a CAGR of 39.3%
- By Deployment, the cloud category constitutes the bulk of the cognitive computing market with a CAGR of 30.1%
Competitive Landscape:
- Players in the global Cognitive Computing Market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships.
- The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In May 2020, Udacity, a virtual learning tutoring service, announced the launch of a new AI healthcare plan. According to the digital educator, the new AI course teaches students about the use of AI in electronic health records, medical image processing, and other regions.
- In December 2019, Accenture Inc., based in Ireland, acquired Clarity Insights, a deep data analytics, and machine learning firm based in the United States, to enhance AI.
- In September 2019, Schlumberger, Chevron, and Microsoft announced a partnership to accelerate new technologies. This collaboration was carried out in three stages, initiating with the adoption of the Petro technical Suite in the DELFI environment, achieved through the development of cloud-native applications on Azure, and subsequently with the co-innovation of a suite for cognitive computer processing native abilities.
Leading Key Players:
- 3M
- Google LLC
- Hewlett Packard Enterprise Development LP
- International Business Machines Corporation
- Microsoft Corporation
- Nuance Communications, Inc.
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Tibco Software Inc.
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Cognitive Computing Market Segmentation:
By Deployment:
- On-premise Cognitive Computing
- Cloud Cognitive Computing
By Application:
- Diagnostic APIs
- Robots
- Cyber Security
- Farm Mechanization
- Social Media Monitoring
- Self-Driving Cars
- Gaming
- Video Surveillance
- e-Learning
- IT Infrastructure Management
- Supply Chain Management
- Other Application
By Industry:
- Healthcare
- BFSI
- IT and Telecom
- Manufacturing
- Energy & Utility
- Retail
- Aerospace & Defense
- Government
- Transportation
- Agriculture
- Media & Entertainment
- Education
- Other Industries (HR, Marketing & PR, etc.)
By End User:
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- Public Sector
By Regions:
- North America
- United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- Middle East and Africa (MEA)
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