Cognitive Computing Market
Cognitive Computing Market was valued at USD 26.9 Billion in 2021 and is projected to reach USD 200.0 Billion by 2029, growing at a significantly higher CAGR of 28.5% from 2022 to 2029.
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Factors driving the cognitive computing market growth include increasing focus of enterprises on improving customer experience, huge volumes of data being generated in healthcare, retail and financial services and the growing use of cognitive services to minimize the risk of threats and fraud and improve transparency in payment transactions. According to the report published by RBC Capital Markets, almost 30% of the global volume of data is generated by the healthcare sector., the compound annual growth rate (CAGR) of data for healthcare is estimated at 36%. 6% faster than manufacturing. industry, which is expected to accelerate the cognitive computing market size in the coming years. Additionally, the increasing adoption of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Machine Learning (ML) by large enterprises, the growing number of tech startups across the world and rapid urbanization are some of the additional factors. supplement market growth. Furthermore, increasing investments by major companies in research and development, strategic mergers and partnerships between key companies, growing disposable incomes and increasing population growth rates are further contributing to the growth of the market.
However, the growth of the cognitive computing market is hampered due to insufficient user knowledge about cognitive computing solutions.
Major players operating in the market are SAS Institute, AWS, Cisco Systems Inc, Microsoft Corporation, Google LLC, IBM Corporation, Spark Cognition, CognitiveScale, Numenta Inc, and Cognitive Software Group, among others.
Based on the mode of deployment, the hybrid segment is expected to capture the largest market share during the forecast period
Hybrid Cognitive Computing solutions enhance the flexibility, agility and ease the data generation process, propel the segment growth.
Based on the industry vertical, healthcare and life sciences segment is expected to hold the highest market share during the forecast period
Cognitive computing solutions help physicians analyze patients’ past medical records and improve the diagnostic process, drive the growth of the segment.
Based on region, the North American region is expected to grow at a remarkable CAGR during the forecast period
The presence of major players such as Microsoft Corporation and Google LLC, increasing volumes of data generated in industry verticals, rapid industrialization, increasing population growth rates and high per capita incomes are some of the significant factors which increase the growth of the market in the North American region.
Key development
In 2019, Microsoft Corporation, Schlumberger Limited and Chevron Corporation partnered to develop innovative Petro digital and technical technologies. As part of a partnership, the three companies worked together to build native Azure applications in the DELFI* cognitive E&P environment.
Market segmentation
Segmentation by component
Platform
Service
Managed Services
Professional services
Segmentation by business function
human resource
Operation
Finance
Marketing and Sales
Others
Segmentation by technology
Machine Learning (ML)
Human machine interaction
computer vision
Industrial vision
Robotics
Natural Language Processing (NLP)
deep learning
Prescriptive and predictive modeling
Decision making
Segmentation by application
Automating
Smart Virtual Assistants
Behavioral analysis
Biometrics
Others (e-learning and smart education and therapy)
Segmentation by deployment mode
On the site
Cloud
Hybrid
Segmentation by organization size
Large companies
Small and medium-sized enterprises (SMEs)
Segmentation by vertical industry
BFSI
Retail and e-commerce
Telecommunications and IT
Health and life sciences
Manufacturing
Government and Defense
Media and entertainment
travel and hospitality
Other (energy and utilities, transportation and logistics, and education)
Segmentation by region
Asia Pacific
China
Japan
India
Rest of APAC
North America
the United States of America
Canada
Europe
UK
Germany
France
Spain
The rest of Europe
Line
Brazil
South Africa
Saudi Arabia
United Arab Emirates
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