What is the global market size of Cognitive Computing Market?

Global Cognitive Computing Market size was valued at USD 25.62 billion in 2021 and is poised to grow from USD 32.75 billion in 2022 to USD 233.33 billion by 2030, at a CAGR of 27.82% during the forecast period (2023-2030).

Cognitive Computing Market Size, Share, Growth Analysis, By Component (Platform, Service), By Technology, By Deployment Mode, By Organization Size, By Application, By Region - Industry Forecast 2025-2032

Report ID: SQMIG45A2227 | Region: Global | Published Date: December, 2024
Pages: 197 | Tables: 93 | Figures: 76

Cognitive Computing Market News

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.

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Global Cognitive Computing Market size was valued at USD 30.40 billion in 2022 and is poised to grow from USD 39.34 billion in  2023 to USD 309.23 billion by 2031, growing at a CAGR of 29.4% during the forecast period (2024-2031).

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. 'IBM ', 'Amazon Web Services (AWS) ', 'Microsoft ', 'Google ', 'Oracle ', 'SAS Institute ', 'Hitachi Vantara ', 'Hewlett Packard Enterprise (HPE) ', 'NetApp ', 'Cloudera Inc. ', 'Numenta ', 'Enterra Solutions ', 'CognitiveScale ', 'SparkCognition ', 'Tata Consultancy Services (TCS) ', 'Expert System ', 'Cisco ', 'Virtusa ', 'Cognitive Software Group ', 'Red Skios '

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.

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.

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.

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Cognitive Computing Market Size, Share, Growth Analysis, By Component (Platform, Service), By Technology, By Deployment Mode, By Organization Size, By Application, By Region - Industry Forecast 2025-2032

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