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. Recently, in March 2015, IBM acquired AlchemyAPI, one of the leading providers of scalable API services and deep learning technology, which helps in the development of IBM’s next generation cognitive computing applications. Google acquired cognitive computing start-up DeepMind focusing on integrating DeepMind’s NLP technology into its core search product for better understanding of the queries written in a natural language.
The cognitive computing market is segmented on the basis of 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 categorized 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 market players operating in the cognitive computing market include 3M, Google LLC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Microsoft Corporation, Nuance Communications Inc., Oracle Corporation, SAP SE, SAS Institute Inc., and Tibco Software Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and others, which help drive the growth of the global cognitive computing market.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the current & future trends of the market to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global cognitive computing market share is provided.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the cognitive computing industry.
- The quantitative analysis of the market from 2018 to 2026 is provided to determine the global cognitive computing market potential.
KEY MARKET SEGMENTS
By Technology
- Natural Language Processing
- Machine Learning
- Automated Reasoning
- Others
By Deployment Type
- On-Premise
- Cloud
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By Industry Vertical
- Healthcare
- BFSI
- Retail
- Government & Defense
- IT & Telecom
- Energy & Power
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS
- 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.
Table of Contents
Executive Summary
According to the report titled, 'Cognitive Computing Market by Technology, Deployment Type, Enterprise Size, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2019-2026', the cognitive computing market size was valued at $8.87 billion in 2018, and is projected to reach $87.39 billion by 2026, growing at a CAGR of 31.6% from 2019 to 2026.Cognitive computing refers to the development of computer systems model that simulates the human thought process as a human brain. These systems use natural language processing capability to tackle complex situations and learn from experience. Theyare capable of interacting with humans in a natural/human way, and help in making decisions based on the learning. Cognitive computing includes self-learning systems that use pattern recognition, data mining, and natural language processing to impersonate the way human brain works or takes decision. Moreover, cognitive computing is a sub-technology of artificial intelligence (AI) that includes almost the same underlying technologies to power its applications such as neural networks, expert systems, robotics, and virtual reality.
Increased adoption of cognitive computing applications in large and small & medium enterprises boosts the growth of the market. In the prevailing business scenario, demand for unstructured data insights is witnessing a steady growth amongst the organizations. Increase in amount of unstructured data availability is one of the major growth factors for the cognitive computing market in various regions. Moreover, increase in trend of cloud-based services and big data analytics adds to the growth of cognitive computing. On the other hand, huge cost involved in the deployment of cognitive computing is anticipated to hinder the growth of the market.
The global cognitive computing market growth is in its evolving phase in most of the geographical regions. Natural language processing has driven larger portion of the market in present scenario owing to its dynamic features. It can respond in natural language, in turn inspiring its major use in the field of healthcare, banking, and financial sector.
Key Findings Of The Study
By technology, the natural language processing segment dominated the cognitive computing market forecast. However, the machine learning segment is expected to exhibit significant growth during the forecast period in the cognitive computing industry.
By deployment type, the on-premise segment dominated the cognitive computing market share in 2018. However, the cloud segment is expected to exhibit significant growth during the forecast period.
By enterprise size, the small and medium enterprises segment dominated the market revenue in 2018. However, thelarge enterprises segment is expected to exhibit significant growth during the forecast period
Depending on industry vertical, the healthcare industry generated the highest revenue in 2018 owing toits high R&D expenditure capability for enabling technologies. However, the BFSI sector is expected to witness a considerable growth in the near future.
Region wise, North America dominated the cognitive computing market trends in 2018. Whereas, Asia-Pacific is expected to witness significant growth in terms of CAGR in the coming years.
Some of the key market players profiled in the cognitive computing market analysis include 3M, Google LLC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Microsoft Corporation, Nuance Communications Inc., Oracle Corporation, SAP SE, SAS Institute Inc., and Tibco Software Inc. Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in artificial intelligence R&D initiatives across the globe, major players have integrated their product portfolio to provide differentiated and innovative products. This study includes marketanalysis, trends, and future estimations to determine the imminent investment pockets.
Companies Mentioned
- 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 In
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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