The market for cognitive computing will grow at an astonishing 28.7% CAGR between 2022 and 2032. By 2032, the market is expected to have grown from $257.1 billion in 2022 to $3.2 trillion.
According to this analysis, important breakthroughs in machine-to-machine technologies, a rise in demand for better customer experiences, and the use of big data analytics are projected to drive market expansion throughout the forecast period.
The use of cognitive computing is being driven by growing worries across all the main corporate organizations about analyzing huge amounts of data to calculate the risk involved with any strategic endeavor.
As a result of cloud-based services, there is also a growth in the demand for cognitive systems in large organizations, and this demand is anticipated to grow in SMBs. The total demand for cloud-based services increases as cloud-based deployment lowers the cost of implementing cognitive computing within the organization.
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In addition, machine-to-machine technology advancements, a growth in demand for a better customer experience, and an increase in the adoption of big data analytics. Additionally, sectors including BFSI, social media, healthcare, and e-commerce have seen a sharp rise in transaction data and customer information. In the upcoming years, it is anticipated that the aforementioned reasons will propel market expansion.
A list of Key Players Covered in the Cognitive Computing Market are:
- 3M
- Google LLC
- Hewlett Packard Enterprise Development LP
- International Business Machines Corporation
- Microsoft Corporation
- Nuance Communications, Inc.
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Tibco Software Inc.
Key Takeaways from the Market Study
- The global cognitive computing market was valued at US$ 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, 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.
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Key Segments Covered In The Cognitive Computing Market Report
Cognitive Computing by Deployment:
- On-Premise Cognitive Computing
- Cloud Cognitive Computing
Cognitive Computing by Application:
- Cognitive Computing in Diagnostic APIs
- Cognitive Computing in Robots
- Cognitive Computing in Cyber Security
- Cognitive Computing in Farm Mechanization
- Cognitive Computing in Social Media Monitoring
- Cognitive Computing in Self-Driving Cars
- Cognitive Computing in Gaming
- Cognitive Computing in Video Surveillance
- Cognitive Computing in e-Learning
- Cognitive Computing in IT Infrastructure Management
- Cognitive Computing in Supply Chain Management
- Cognitive Computing in Other Application Areas
Cognitive Computing by Industry:
- Cognitive Computing for Healthcare
- Cognitive Computing for BFSI
- Cognitive Computing for IT and Telecom
- Cognitive Computing for Manufacturing
- Cognitive Computing for Energy & Utility
- Cognitive Computing for Retail
- Cognitive Computing for Aerospace & Defense
- Cognitive Computing for Government
- Cognitive Computing for Transportation
- Cognitive Computing for Agriculture
- Cognitive Computing for Media & Entertainment
- Cognitive Computing for Education
- Cognitive Computing for Other Industries (HR, Marketing & PR, etc.)
Cognitive Computing by End User:
- Cognitive Computing in Large Enterprises
- Cognitive Computing in Small and Medium Enterprises (SMEs)
- Cognitive Computing in Public Sector
Cognitive Computing by Region:
- North America Cognitive Computing Market
- South America Cognitive Computing Market
- Europe Cognitive Computing Market
- Asia Pacific Cognitive Computing Market
- Middle East and Africa Cognitive Computing Market
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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 based on Source, Application, Sales Channel, and End Use over the next 10 years.
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