Cognitive computing is a next-generation system that interacts in human language and helps experts to make better decisions by understanding the complexity of unstructured data. The global cognitive computing market encompasses technologies such as natural language processing, machine learning, automated reasoning, and information retrieval, which are used in translating unstructured data to sense, infer, and predict the best solution. The research conducted provides details on the products of technology, its applications, end users and the companies operating in the region along with their key strategies.
Moreover, the increase in the demand for cognitive computing solutions in large and medium-sized organizations is likely to increase global market growth, owing to the integration of cloud-based solutions in the global cognitive computing market. IBM Watson, a leading player operating within the cognitive computing market, is planning to introduce Watson Analytics cloud-based service in the coming years that would boost the adoption of cognitive computing through cloud. Cognitive computing is gaining momentum in the developed countries. This competent factor of cloud-based services is anticipated to act as an opportunity for growth in the global cognitive computing market.
In addition, cognitive computing is majorly used in BFSI, healthcare, energy & power, retail, e-commerce, and other sectors. Increase in volume of unstructured data and advancements in technology are the major driving forces of the cognitive computing market. Cloud-based technological advancements, development of innovative hardware & software systems and cognitive experience interfaces are the factors expected to foster the growth of the cognitive computing market. In addition, the use of digital technologies help to improve data management and analytics, as well as provide enterprises with a better knowledge of their product portfolio. Such aforementioned factors are expected to provide lucrative opportunities for market growth during the forecast period. Such enhanced factors are expected to provide lucrative opportunities for market growth during the forecast period, which is anticipated to accelerate the market demand and hence, drive global market growth.
Also, growing digitalization, and rising need for intelligent data processing solutions, and an increase in the adoption of advanced technologies are positively impacting the growth of the market. Moreover, the growing need for personalization and improving customer experience is also anticipated to create lucrative opportunities for market growth. Furthermore, the rise in internet tools for processing data is also arising, which is expected to provide lucrative growth opportunities for the market in the forecast period. Moreover, the increasing adoption of internet devices and growing demand for flexible security services across various businesses are expected to fuel the growth of the market during the forecast period.
Furthermore, advancement in enabling technology and increase in volume of large complex data, which positively impacts the growth of the market in the future. In addition, evolutions in computing platforms expected to drive global market growth. However, the high cost of deploying cognitive computing systems, and lack of awareness are expected to hamper market growth. Furthermore, impact on business application is expected to create numerous opportunities for cognitive computing solutions.
The cognitive computing market is segmented into technology, deployment type, enterprise size, industry vertical, and region. By technology, it is categorized into natural language processing, machine learning, automated reasoning, and others. On the basis of deployment type, it is divided into on-premise and cloud. Further, on the basis of enterprise size, it is classified into large enterprises and small and medium enterprises. Depending on industry vertical, it is segregated into healthcare, BFSI, retail, government & defense, IT & telecom, energy & power, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report highlights numerous factors that influence the growth of the global cognitive computing market. This report further outlines the current trends and key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key market players to increase their market share and sustain intense competition in the industry. The key players operating in the market include 3M, Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Tibco Software Inc. and TATA Consultancy Services Limited (TCS).
Moreover, the increase in the demand for cognitive computing solutions in large and medium-sized organizations is likely to increase global market growth, owing to the integration of cloud-based solutions in the global cognitive computing market. IBM Watson, a leading player operating within the cognitive computing market, is planning to introduce Watson Analytics cloud-based service in the coming years that would boost the adoption of cognitive computing through cloud. Cognitive computing is gaining momentum in the developed countries. This competent factor of cloud-based services is anticipated to act as an opportunity for growth in the global cognitive computing market.
In addition, cognitive computing is majorly used in BFSI, healthcare, energy & power, retail, e-commerce, and other sectors. Increase in volume of unstructured data and advancements in technology are the major driving forces of the cognitive computing market. Cloud-based technological advancements, development of innovative hardware & software systems and cognitive experience interfaces are the factors expected to foster the growth of the cognitive computing market. In addition, the use of digital technologies help to improve data management and analytics, as well as provide enterprises with a better knowledge of their product portfolio. Such aforementioned factors are expected to provide lucrative opportunities for market growth during the forecast period. Such enhanced factors are expected to provide lucrative opportunities for market growth during the forecast period, which is anticipated to accelerate the market demand and hence, drive global market growth.
Also, growing digitalization, and rising need for intelligent data processing solutions, and an increase in the adoption of advanced technologies are positively impacting the growth of the market. Moreover, the growing need for personalization and improving customer experience is also anticipated to create lucrative opportunities for market growth. Furthermore, the rise in internet tools for processing data is also arising, which is expected to provide lucrative growth opportunities for the market in the forecast period. Moreover, the increasing adoption of internet devices and growing demand for flexible security services across various businesses are expected to fuel the growth of the market during the forecast period.
Furthermore, advancement in enabling technology and increase in volume of large complex data, which positively impacts the growth of the market in the future. In addition, evolutions in computing platforms expected to drive global market growth. However, the high cost of deploying cognitive computing systems, and lack of awareness are expected to hamper market growth. Furthermore, impact on business application is expected to create numerous opportunities for cognitive computing solutions.
The cognitive computing market is segmented into technology, deployment type, enterprise size, industry vertical, and region. By technology, it is categorized into natural language processing, machine learning, automated reasoning, and others. On the basis of deployment type, it is divided into on-premise and cloud. Further, on the basis of enterprise size, it is classified into large enterprises and small and medium enterprises. Depending on industry vertical, it is segregated into healthcare, BFSI, retail, government & defense, IT & telecom, energy & power, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report highlights numerous factors that influence the growth of the global cognitive computing market. This report further outlines the current trends and key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key market players to increase their market share and sustain intense competition in the industry. The key players operating in the market include 3M, Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Tibco Software Inc. and TATA Consultancy Services Limited (TCS).
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the cognitive computing market forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on cognitive computing market trends is provided in the report.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the cognitive computing market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Deployment Type
- On-premise
- Cloud
By Technology
- Natural Language Processing (NLP)
- Machine Learning
- Automated Reasoning
- Others
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
By Industry Vertical
- Healthcare
- BFSI
- Retail and Ecommerce
- Government and Defense
- IT and Telecom
- Energy and Power
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Google LLC
- Oracle Corporation
- IBM Corporation
- Microsoft Corporation
- SAS Institute Inc.
- TATA Consultancy Services Limited
- SAP SE
- Tibco Software Inc.
- 3M
- Hewlett Packard Enterprise Development LP
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: COGNITIVE COMPUTING MARKET, BY DEPLOYMENT TYPE
CHAPTER 5: COGNITIVE COMPUTING MARKET, BY TECHNOLOGY
CHAPTER 6: COGNITIVE COMPUTING MARKET, BY ENTERPRISE SIZE
CHAPTER 7: COGNITIVE COMPUTING MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: COGNITIVE COMPUTING MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the cognitive computing market was valued at $32.2 billion in 2022, and is estimated to reach $476.8 billion by 2032, growing at a CAGR of 31.3% from 2023 to 2032.The Cognitive Computing Market is likely to experience a significant growth rate of 31.3% from 2023-2032, owing to the rise in market demand for cognitive computing solutions in large enterprises
Cognitive computing is a next-generation system that interacts in human language and helps experts to make better decisions by understanding the complexity of unstructured data. In the current scenario, most of the data received is unstructured such as images, videos, natural language, and symbols. Cognitive computing, with the help of different technologies such as natural language processing, machine learning, and automated reasoning, translates unstructured data to sense, infer, and predict the best solution.
Furthermore, cognitive computing is majorly used in BFSI, healthcare, energy & power, retail, e-commerce, and other sectors. Increase in volume of unstructured data and advancements in technology are the major driving forces of the cognitive computing market. Cloud-based technological advancements, development of innovative hardware & software systems and cognitive experience interfaces are the factors expected to foster the growth of the cognitive computing market. In addition, the use of digital technologies help to improve data management and analytics, as well as provide enterprises with a better knowledge of their product portfolio. Such aforementioned factors are expected to provide lucrative opportunities for market growth during the forecast period. Such enhanced factors are expected to provide lucrative opportunities for market growth during the forecast period, which is anticipated to accelerate the market demand and hence, drive global market growth.
Moreover, advancement in enabling technology and increase in volume of large complex data, which positively impacts the growth of the market in the future. In addition, evolutions in computing platforms expected to drive global market growth. However, the high cost of deploying cognitive computing systems, and lack of awareness are expected to hamper market growth. Furthermore, impact on business application is expected to create numerous opportunities for cognitive computing solutions.
The cognitive computing market is segmented into technology, deployment type, enterprise size, industry vertical, and region. By technology, it is categorized into natural language processing, machine learning, automated reasoning, and others. On the basis of deployment type, it is divided into on-premise and cloud. Further, on the basis of enterprise size, it is classified into large enterprises and small and medium enterprises. Depending on industry vertical, it is segregated into healthcare, BFSI, retail, government & defense, IT & telecom, energy & power, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report highlights numerous factors that influence the growth of the global cognitive computing market. This report further outlines the current trends and key areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key market players to increase their market share and sustain intense competition in the industry. The key players operating in the market include 3M, Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Tibco Software Inc. and TATA Consultancy Services Limited (TCS). For instance, in May 2023, IBM launched IBM watsonx, a new AI and data platform, that may enable enterprises to scale and accelerate the impact of the most advanced AI with trusted data. Enterprises turning to AI, need access to a full technology stack that enables them to train, tune and deploy AI models, including foundation models and machine learning capabilities, across their organization with trusted data, speed, and governance.
Key Market Insights
By deployment type, the on-premise segment dominated the global market share in 2022, and is estimated to reach $260.70 billion by 2032, with a CAGR of 30.0%, However, the cloud segment is expected to be the fastest growing segment with a CAGR of 33.0% during the forecast period.By technology, the natural language processing segment was the highest revenue contributor to the market in 2022, and is estimated to reach $158.11 billion by 2032, with a CAGR of 29.0%. However, the automated reasoning segment is estimated to be the fastest-growing segment with a CAGR of 35.5% during the forecast period.
By enterprise size, the large enterprises segment was the highest revenue contributor to the market in 2022, and is estimated to reach $277.99 billion by 2032, with a CAGR of 29.6%. However, the small and medium-sized enterprises segment is estimated to be the fastest-growing segment with a CAGR of 34.2% during the forecast period.
By industry vertical, the healthcare segment was the highest revenue contributor to the market in 2022, and is estimated to reach $81.03 billion by 2032, with a CAGR of 24.9%. However, the retail and e-commerce sector is estimated to be the fastest-growing segment with a CAGR of 36.9% during the forecast period.
Region wise, North America was the highest revenue contributor, accounting for $12.13 billion in 2022 and is estimated to reach $144.89 billion by 2032, with a CAGR of 31.3%.
Companies Mentioned
- Google LLC
- Oracle Corporation
- IBM Corporation
- Microsoft Corporation
- SAS Institute Inc.
- TATA Consultancy Services Limited
- SAP SE
- Tibco Software Inc.
- 3M
- Hewlett Packard Enterprise Development LP
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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