USD 25.62 billion
Cognitive Computing Market Size, Share, Growth Analysis, By Deployment Type(on-premises and cloud), By Technology(natural language processing, machine learning, automated reasoning, and information retrieval), By Application(BFSI, healthcare, security, retail), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2227 |
Region:
Global |
Published Date: February, 2024
Pages:
197
|Tables:
93
|Figures:
76
Cognitive Computing Market Insights
Cognitive Computing Market size was valued at USD 32.75 billion in 2022 and is poised to grow from USD 41.86 billion in 2023 to USD 298.26 billion by 2031, growing at a CAGR of 27.82% during the forecast period (2024-2031).
The Global Cognitive Computing Market is a dynamic and rapidly evolving industry that is transforming the way businesses operate and make decisions. Cognitive computing refers to the development of computer systems that can mimic human cognitive abilities such as understanding, reasoning, learning, and problem-solving. These systems leverage artificial intelligence (AI), machine learning, natural language processing, and other advanced technologies to analyze vast amounts of data and provide valuable insights to businesses. The purpose of the cognitive computing market is to enhance and augment human intelligence, enabling organizations to make better-informed decisions, improve operational efficiency, and drive innovation. By leveraging cognitive computing solutions, businesses can gain a deeper understanding of their customers, optimize business processes, automate repetitive tasks, and develop personalized experiences. There are several drivers propelling the growth of the cognitive computing market. Firstly, the exponential growth of data generated by organizations and individuals necessitates advanced technologies that can make sense of this information and extract valuable insights. Cognitive computing systems excel at processing and analyzing large volumes of structured and unstructured data, enabling businesses to unlock hidden patterns, trends, and correlations. Secondly, the increasing adoption of AI and machine learning across various industries is driving the demand for cognitive computing solutions. Organizations are recognizing the potential of these technologies to revolutionize their operations, improve customer experiences, and gain a competitive edge in the market.
Furthermore, the rising need for personalized and context-aware services is fueling the demand for cognitive computing. Businesses are leveraging these technologies to develop intelligent virtual assistants, chatbots, recommendation systems, and personalized marketing campaigns that cater to individual preferences and needs. While the cognitive computing market presents immense opportunities, there are also some challenges and restraints. Privacy and security concerns surrounding the use of personal data are significant obstacles that need to be addressed. Ensuring the ethical use of cognitive computing technologies and maintaining data privacy is crucial to building trust with customers and stakeholders. Key trends in the cognitive computing market include the integration of cognitive capabilities into various business applications, the convergence of cognitive computing with IoT (Internet of Things) technologies, and the development of industry-specific solutions tailored to the unique needs of different sectors. The market also offers numerous opportunities for businesses. The healthcare industry, for example, can leverage cognitive computing to enhance diagnosis accuracy, develop personalized treatment plans, and improve patient outcomes. In the financial sector, cognitive computing can help detect fraud, automate compliance processes, and provide personalized financial advice. Similarly, industries such as retail, manufacturing, transportation, and telecommunications can benefit from cognitive computing solutions to optimize operations, streamline supply chains, and deliver enhanced customer experiences.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
Cloud
Fastest Growth
Cloud
Growth Rate
27.82% CAGR
Global Cognitive Computing Market 2023-2030 ($ Bn)
Country Share for North America Region- 2023 (%)
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Cognitive Computing Market Segmental Analysis
Global Cognitive Computing Market is segmented on the deployment type, technology, application, and region. By deployment type, the market is segmented into on-premises and cloud. By technology, the market is segmented into natural language processing, machine learning, automated reasoning, and information retrieval. By application, the market is segmented into BFSI, healthcare, security, retail, IT & telecom, aerospace & defense, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Cognitive Computing Market Analysis By Deployment Type
The cloud computing market has experienced significant growth in recent years and growth is expected to continue at a compound annual growth rate of 28.4% over the forecast period. The development of integrated cloud storage facilities and the evolution of customized cloud solutions, such as private and public clouds, have strengthened market growth. Additionally, the exponential amount of data generated by enterprises and organizations has increased the adoption of cloud solutions.
The adoption of cloud solutions presents significant opportunities for stakeholders to reduce the cost of cognitive computing. Major players in the industry are investing resources in building on-premises storage solutions to facilitate traditional file and block storage platforms. The on-premise storage market is expected to exhibit significant growth at a CAGR of 26.7% during the forecast period. Leading companies seek complete control and flexibility over the configuration of servers, which is driving the trend toward investing in on-premise platforms. To illustrate this trend, IBM announced in June 2022 its intention to acquire Randori to bolster on-premise and cloud environments. This move demonstrates the industry's increasing investment in on-premise storage solutions.
Global Cognitive Computing Market Analysis By Technology
The natural language processing (NLP) segment captured the largest market share of more than 42.34% in 2022. It is projected to maintain a significant global share throughout the forecast period. The rise of NLP has been instrumental in driving the advancement of cognitive technology in the IT infrastructure industry. Additionally, the increasing demand for intelligent assistants like Siri and Alexa, along with the utilization of predictive text, has expanded the presence of cognitive computing solutions.
The growth of the cognitive computing market is expected to be further fueled by machine learning technology. This is primarily due to the escalating need for human interaction facilitation. Machine learning is poised to play a crucial role in cognitive computing technology platforms by enabling adaptive and interactive learning. Industry experts anticipate that machine learning and NLP will be in high demand for the development of improved translation and interpretation tools. Furthermore, stakeholders will explore opportunities to identify business prospects and analyze emerging patterns.
Global Cognitive Computing Market Size By Deployment Type 2023(%)
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Cognitive Computing Market Regional Insights
North America is currently the dominating market in the cognitive computing industry, with a significant market share of more than 40.6%. The region's dominance is due to the presence of several leading market players, extensive research and development activities, and the adoption of advanced technologies across various industry verticals. An example of the North American market's dominance is IBM Corporation, which holds a significant share in the cognitive computing market due to its strong focus on research and development in artificial intelligence and machine learning. Another example is Microsoft Corporation, which has developed various cognitive computing solutions such as the Azure Cognitive Services platform, enhancing its market position and driving the market's growth in the region.
Moreover, Asia-Pacific is emerging as the fastest-growing region in the cognitive computing market, with a high growth rate of around 30.25%. The increasing adoption of cognitive computing solutions across various industries, such as healthcare, banking, and retail, is driving the growth of the market in the region. Furthermore, the growing demand for intelligent virtual assistants and chatbots in countries like China and India is further fueling the market's growth. For instance, Asia-Pacific's fastest-growing market is witnessing significant growth due to the presence of companies like Baidu, Alibaba, and Tencent, which are actively investing in cognitive computing and AI technologies, driving innovation and market expansion. For instance, Baidu's DuerOS platform is a leading intelligent voice assistant that has gained widespread adoption in China, enhancing the market's growth.
Global Cognitive Computing Market Size By Geography, 2023-2030
- Largest
- Fastest
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Cognitive Computing Market Dynamics
Global Cognitive Computing Market Drivers
Growing demand for intelligent virtual assistants
- Intelligent virtual assistants, powered by cognitive computing technologies, have gained significant popularity in various industries. These virtual assistants, such as chatbots and voice assistants, provide personalized and interactive experiences to users, improving customer service, reducing costs, and increasing operational efficiency. The demand for intelligent virtual assistants is driven by factors like 24/7 availability, quick response times, and the ability to handle multiple customer queries simultaneously. For example, companies like Amazon with its virtual assistant Alexa and Apple with Siri have successfully integrated cognitive computing technologies into their products.
Global Cognitive Computing Market Restraints
Data privacy and security concerns
- Cognitive computing relies heavily on collecting and analyzing vast amounts of data, including personal and sensitive information. This poses significant challenges regarding data privacy and security. Organizations must ensure that they have robust data protection measures in place to safeguard user information and comply with regulations such as the General Data Protection Regulation (GDPR). Failure to address these concerns can lead to reputational damage, legal consequences, and loss of customer trust. For example, in 2018, Facebook faced a massive data breach scandal that exposed the personal information of millions of users, highlighting the importance of data security.
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Cognitive Computing Market Competitive Landscape
The Global Cognitive Computing Market is characterized by intense competition among key players operating in the industry. Some of the major companies are focused on developing advanced cognitive computing solutions and platforms to meet the evolving demands of various industries. They heavily invest in research and development activities to enhance their existing products and develop innovative solutions. Additionally, strategic partnerships, collaborations, and acquisitions are common strategies employed by these companies to expand their market presence and gain a competitive edge. The competitive landscape is further intensified by the entry of new players and the emergence of startups offering specialized cognitive computing solutions.
Top Player’s Company Profiles in Global Cognitive Computing Market
- IBM (US)
- Google (US)
- Microsoft (US)
- Amazon Web Services (US)
- SAS Institute Inc. (US)
- Intel Corporation (US)
- Oracle Corporation (US)
- Cisco Systems, Inc. (US)
- Hewlett Packard Enterprise (US)
- Nuance Communications, Inc. (US)
- Numenta (US)
- Salesforce.com, Inc. (US)
- CognitiveScale (US)
- IPsoft Inc. (US)
- Sentient Technologies (US)
- Expert System (Italy)
- Vicarious (US)
- Saffron Technology (US)
- SparkCognition (US)
- Rainbird Technologies (UK)
Global Cognitive Computing Market Recent Developments
- In March 2021, Microsoft announced the acquisition of Nuance Communications, a leading provider of AI and speech technology solutions for healthcare, for $19.7 billion.
- In April 2021, Amazon Web Services announced the launch of its new machine learning-powered data quality service, Amazon Lookout for Metrics, which helps businesses monitor their metrics and detect anomalies.
- In May 2021, SAP announced a new partnership with Google Cloud, aimed at expanding SAP's offerings in ML and AI and integrating Google Cloud's technologies into SAP's business applications.
Cognitive Computing Key Market Trends
- Integration of cognitive computing with IoT devices: The integration of cognitive computing with Internet of Things (IoT) devices is a growing trend in the market. IoT devices generate vast amounts of data that can be leveraged by cognitive computing systems to extract meaningful insights and enable intelligent decision-making. For example, in the manufacturing industry, cognitive computing can analyze real-time data from IoT sensors to optimize production processes, predict equipment failures, and enhance operational efficiency.
Cognitive Computing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, The Global Cognitive Computing Market has experienced significant growth, according to market research analysts. Cognitive computing refers to the integration of artificial intelligence (AI) systems that can understand, reason, and learn from data to mimic human cognitive functions. This technology has gained traction across various industries, including healthcare, finance, retail, and manufacturing, due to its ability to process vast amounts of unstructured data and derive actionable insights. The market analysis suggests that the cognitive computing market is being driven by factors such as increasing demand for advanced analytics, the growing adoption of IoT devices, and the need for efficient decision-making tools. Furthermore, the rising investments in AI research and development, along with advancements in natural language processing and machine learning algorithms, are expected to fuel the market's expansion. However, challenges such as data privacy concerns and the complexity of integrating cognitive computing solutions into existing IT infrastructure may hinder the market's growth. Overall, the cognitive computing market is poised for substantial development in the coming years, with companies across industries recognizing the potential of cognitive computing in enhancing operational efficiency, customer experience, and innovation.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 25.62 billion |
| Market size value in 2030 | USD 233.33 billion |
| Growth Rate | 27.82% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cognitive Computing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cognitive Computing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cognitive Computing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cognitive Computing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cognitive Computing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cognitive Computing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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