Cognitive Computing Market Share, Growth, Opportunities 2030

Cognitive Computing Market Share, Growth, Opportunities 2030

Segments - Cognitive Computing Market by Applications (BFSI, Security, IT & Telecom, Aerospace & Defense, Healthcare, Retail, and Others), Deployments (Cloud-based and On-premises), Technology (Automated Reasoning, Information Retrieval, Natural Language Processing, and Machine Learning), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

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Author : Raksha Sharma
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Fact-checked by : Vineet Pandey
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Editor : Shruti Bhat

Upcoming | Report ID :ICT-SE-4373 | 4.5 Rating | 61 Reviews | 206 Pages | Format : PDF Excel PPT

Report Description


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.

Cognitive Computing Market Outlook

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.

  • 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.

Cognitive Computing Market Applications

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
  • Cloud-based
  • On-premises
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.

Cognitive Computing Market Share

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Cognitive Computing Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Cognitive Computing Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Cognitive Computing Market - Supply Chain
  4.5. Global Cognitive Computing Market Forecast
     4.5.1. Cognitive Computing Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Cognitive Computing Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Cognitive Computing Market Absolute $ Opportunity
5. Global Cognitive Computing Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Cognitive Computing Market Size and Volume Forecast by Applications
     5.3.1. BFSI
     5.3.2. Security
     5.3.3. IT & Telecom
     5.3.4. Aerospace & Defense
     5.3.5. Healthcare
     5.3.6. Retail
     5.3.7. Others  
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Cognitive Computing Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Cognitive Computing Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Cognitive Computing Demand Share Forecast, 2019-2026
7. North America Cognitive Computing Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Cognitive Computing Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Cognitive Computing Market Size and Volume Forecast by Applications
     7.4.1. BFSI
     7.4.2. Security
     7.4.3. IT & Telecom
     7.4.4. Aerospace & Defense
     7.4.5. Healthcare
     7.4.6. Retail
     7.4.7. Others  
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Cognitive Computing Demand Share Forecast, 2019-2026
8. Latin America Cognitive Computing Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Cognitive Computing Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Cognitive Computing Market Size and Volume Forecast by Applications
     8.4.1. BFSI
     8.4.2. Security
     8.4.3. IT & Telecom
     8.4.4. Aerospace & Defense
     8.4.5. Healthcare
     8.4.6. Retail
     8.4.7. Others  
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Cognitive Computing Demand Share Forecast, 2019-2026
9. Europe Cognitive Computing Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Cognitive Computing Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Cognitive Computing Market Size and Volume Forecast by Applications
     9.4.1. BFSI
     9.4.2. Security
     9.4.3. IT & Telecom
     9.4.4. Aerospace & Defense
     9.4.5. Healthcare
     9.4.6. Retail
     9.4.7. Others  
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Cognitive Computing Demand Share Forecast, 2019-2026
10. Asia Pacific Cognitive Computing Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Cognitive Computing Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Cognitive Computing Market Size and Volume Forecast by Applications
     10.4.1. BFSI
     10.4.2. Security
     10.4.3. IT & Telecom
     10.4.4. Aerospace & Defense
     10.4.5. Healthcare
     10.4.6. Retail
     10.4.7. Others  
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Cognitive Computing Demand Share Forecast, 2019-2026
11. Middle East & Africa Cognitive Computing Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Cognitive Computing Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Cognitive Computing Market Size and Volume Forecast by Applications
     11.4.1. BFSI
     11.4.2. Security
     11.4.3. IT & Telecom
     11.4.4. Aerospace & Defense
     11.4.5. Healthcare
     11.4.6. Retail
     11.4.7. Others  
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Cognitive Computing Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Cognitive Computing Market: Market Share Analysis
  12.2. Cognitive Computing Distributors and Customers
  12.3. Cognitive Computing Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. SAP
     12.4.2. Statistical Analysis System
     12.4.3. Saffron Technology
     12.4.4. Cognitive Scale
     12.4.5. Numenta
     12.4.6. Palantir
     12.4.7. Tibco Software
     12.4.8. Vicarious
     12.4.9. Google
     12.4.10. IBM
     12.4.11. Microsoft Corporation
     12.4.12. Oracle Corporation

Methodology

Our Clients

Honda Motor Co. Ltd.
Siemens Healthcare
Nestle SA
FedEx Logistics
General Electric
General Mills
The John Holland Group
sinopec