The global cognitive computing market size was valued at USD 9.23 Billion in 2020 and is expected to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increased penetration of Artificial Intelligence (AI) and integrated cloud platforms.
Cognitive computing (CC) is a term used to describe technology platforms that are based on advanced technology especially AIs and signal processing in general.
In addition, CC is a new type of computing that aims to improve models of how the human brain/mind perceives, reasons about, and responds to stimuli. The requirement for industries such as healthcare, retail, and financial institutions to evaluate massive volumes of data optimally in real time is fulfilled by the technology.
Dispensing systems are adopting creative techniques such as Machine Learning (ML) and automated reasoning as a result of technological advancements. Moreover, due to its intrinsic ability to process natural language exchanges, Natural Language Processing (NLP) is widely used technology. The increased use of automated reasoning, big data, and ML technologies, along with the integration of AI and probabilistic logic, has prepared the path for data science to advance further.
The COVID-19 pandemic ravaged several sectors but it had positive impact on the cognitive cloud computing business due to wide implementation of cloud platforms for various business operations. The increasing use of NLP in healthcare and pharmaceutical organizations for assisting healthcare practitioners present a major dimension for the expansion of CC during the pandemic. Furthermore, using NLP technology, clinicians were able to monitor the majority of patients in order to detect virus signs.
Cognitive Computing Market Trends, Drivers, Restraints, and Opportunities
- Wide adoption of the advanced computing platforms by major business organizations to examine vast amounts of data effectively and quantify the risk involved with any strategic undertaking is expected to propel the market growth.
- With its numerous applications in the development of the interactive software platform, the integration of innovative technology such as Internet of Things (IoT) is anticipated to fuel the market growth.
- High cost of installation of CC system and requirement of large capital investment for data analytics sector are major restraining factors that can hinder the market growth.
- Issues concerning to rapid rising of cyber-attacks and problems related to cyber security can hamper the market expansion.
- Increased adoption of cloud-based technologies is projected to generate lucrative opportunities in the market during the forecast period.
Scope of Cognitive Computing Market Report
The report on the global cognitive computing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Cognitive Computing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2020
|
|
Historic Data
|
2018–2019
|
|
Forecast Period
|
2021–2028
|
|
Segmentation
|
Applications (BFSI, Security, IT & Telecom, Aerospace & Defense, Healthcare, Retail, and Others), Deployments (Cloud-based and On-premises), and Technology (Automated Reasoning, Information Retrieval, Natural Language Processing, and Machine Learning)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
SAP; Statistical Analysis System; Saffron Technology; Cognitive Scale; Numenta; Palantir; Tibco Software; Vicarious; Google; IBM; Microsoft Corporation; and Oracle Corporation
|
Cognitive Computing Market Segment Insights
BFSI segment to expand at a considerable CAGR
On the basis of applications, the cognitive computing market is segmented into BFSI, security, IT & telecom, aerospace & defense, healthcare, retail, and others. The BFSI segment is projected to expand at a considerable CAGR during the forecast period due to efficient and effective data analytics capabilities that are tailored to the needs of the business. On the other hand, the healthcare segment is anticipated to account for a major market share during the forecast period. Cognitive solutions allow medical practitioners to focus more on patient care by reducing the quantity of paperwork required.
Cloud-based segment to hold significant share of the market
In terms of deployments, the market is bifurcated into cloud-based and on-premises. The cloud-based segment is expected to hold significant share of the market. The evolution of customized cloud solutions such as private and public cloud and the recent development of data storage facilities including integrated cloud storage facilities present key factors driving the segment expansion. However, the on-premises segment is projected to account for a key market share as major businesses are pouring money into on-premises storage solutions that make standard file and block storage platforms easier to use.
Natural language processing segment to grow at a high rate
Based on technology, the cognitive computing market is segregated into automated reasoning, information retrieval, natural language processing, and machine learning. The natural language processing segment is expected to grow at a high rate during the projected period due to its built-in ability to process natural language exchanges. However, the automated reasoning segment is expected to be a fast-growing segment during the forecast period as it cleared the door for further data science development.
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the advent of new business models and the fast use of integrated cloud platforms. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to wide establishment of several startups across industries, impacted by industrialization and urbanization.
Segments
The global cognitive computing market has been segmented on the basis of
Applications
- BFSI
- Security
- IT & Telecom
- Aerospace & Defense
- Healthcare
- Retail
- Others
Deployments
Technology
- Automated Reasoning
- Information Retrieval
- Natural Language Processing
- Machine Learning
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global cognitive computing market are SAP; Statistical Analysis System; Saffron Technology; Cognitive Scale; Numenta; Palantir; Tibco Software; Vicarious; Google; IBM; Microsoft Corporation; and Oracle Corporation.
Industry players are increasingly focusing on acquiring smaller industry participants and other ecosystem actors in order to adopt and enhance the integration of advanced functioning technology especially the Artificial Technology (AI) platform. For instance, in November 2016, IBM acquired Fluid's Expert Personal Shopper (XPS) division, a digital customer experience innovator, in order to encourage Watson to develop an indigenous customized interface for the retail industry.
Request For Customization
Enquiry Before Buying
Speak With Analyst
