According to a recent study done by FMI, the cognitive computing market is expected to reach US$ 3.2 Trillion by 2032, up from US$ 257.1 Billion in 2022, expanding at a high CAGR of 28.7%. This study explains that the key factors such as the rise in big data analytics, developments of machine-to-machine technologies, and an increase in demand for a better customer experience are expected to propel the market growth during the forecast period.
Rising concerns among all the major business organizations about analyzing large volumes of data, to estimate the risk associated with any strategic initiative is spurring adoption of cognitive computing. Additionally, there is an increase in the demand for cognitive systems in large organizations and this is expected to increase in SMBs owing to cloud-based services. As cloud-based deployment decreases the cost of deploying cognitive computing in the organization, there is a subsequent rise in the overall demand for cloud-based services.
Besides, rise in big data analytics adoption, developments of machine-to-machine technologies, and an increase in demand for a better customer experience. In addition, industries such as BFSI, social websites, healthcare, and e-commerce have witnessed a rapid increase in transaction information and customer data. The aforementioned are factors expected to drive the growth of the market in the coming years.
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A list of Key Players Covered in the Cognitive Computing Market are:
- 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.
Key Takeaways from the Market Study
- 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 cognitive computing market with a CAGR of 30.1%
“The rise in concern among all the major business organizations to analyze a large volume of data to estimate the risk associated with any strategic initiative is expected to accelerate the market growth,” remarks an FMI analyst.
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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, has 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, has acquired Clarity Insights, 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.
Know More About What the Cognitive Computing Market Repost Covers
Future Market Insights offers an unbiased analysis of the global Cognitive Computing Market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the Cognitive Computing Market, the market is segmented on the basis of deployment, application, industry, and end-user across five major regions.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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