Cognitive Systems Global Market Report 2024

The cognitive systems market size has grown rapidly in recent years. It will grow from $38.33 billion in 2023 to $42.5 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth observed during the historic period can be attributed to several factors, including the rise in crime rates, regulatory compliance requirements, increased awareness of security risks, integration with building management systems, and the adoption of remote monitoring and management solutions.

The cognitive systems market size is expected to see strong growth in the next few years. It will grow to $60.79 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The projected growth in the forecast period can be attributed to several factors, including the integration of artificial intelligence (AI), the adoption of cloud-based solutions, the implementation of smart city initiatives, the expansion of biometric access control, and a focus on sustainability. Major trends anticipated in the forecast period include heightened cybersecurity concerns, ongoing technological advancements, increased integration with access control systems, the proliferation of biometric authentication methods, and the utilization of artificial intelligence (AI) for video analytics.

The rise in demand for automation is poised to drive the growth of the cognitive systems market in the foreseeable future. Automation involves the development and utilization of tools and systems capable of operating with minimal manual intervention. Cognitive systems play a crucial role in robotics and automation, empowering machines to execute complex tasks more efficiently by enabling them to monitor, analyze, and adapt to intricate processes and unstructured data to enhance their performance over time. For example, in September 2023, the International Federation of Robotics (IFR) reported a significant increase in the sale of service robots for professional use, reaching 158,000 units in 2022 - a surge of 48%. Additionally, the number of industrial robot installations worldwide stood at 553,052 units in 2022, marking a 5% year-on-year growth rate. Consequently, the growing demand for automation is fueling the expansion of the cognitive systems market.

Key players in the cognitive systems market are prioritizing strategic partnerships to deliver dependable services to their customers. A strategic partnership entails a formal collaborative alliance between two or more entities, typically businesses, aimed at achieving mutually beneficial long-term objectives. For instance, in November 2023, Burson Cohn & Wolfe, in collaboration with Limbik, introduced the Decipher Index - a new platform utilizing cognitive artificial intelligence (AI) to predict future global trends. This AI-powered platform aids in identifying and forecasting key themes and trends with significant potential impact, empowering organizations to anticipate emerging trends and their implications on their operations.

In October 2021, Cloudflight merged with Cognostics to bolster its portfolio in AI-based software solutions supporting cognition, learning, and decision-making. This merger enables Cloudflight to offer an expanded range of AI knowledge in software development for cognitive systems, providing customers with enhanced access to comprehensive solutions in this critical sector. Cognostics GmbH specializes in developing AI-based software solutions.

Major companies operating in the cognitive systems market report are Alphabet Inc., Microsoft Corporation, Dell Technologies Inc., General Electric Company, Intel Corporation, HP Inc., Accenture plc, International Business Machines Corporation, Deloitte LLP, Cisco Systems Inc., Oracle Corporation, 3M, SAP SE, Hewlett Packard Enterprise Development LP, Tata Consultancy Services Limited, Salesforce Inc., Infosys Limited, Baidu Inc., Wipro Limited, SAS Institute Inc., Nuance Communications Inc., Tibco Software Inc., Synechron Inc., Amelia, Amazon.com Inc., CognitiveScale, Expert System S.p.A., Attivio, Enterra Solutions LLC, Numenta Inc.

North America was the largest region in the cognitive systems market in 2023. The regions covered in the cognitive systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cognitive systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The cognitive systems market consists of revenues earned by entities by providing speech recognition, vision, human-computer interaction, pattern recognition, and natural language processing. The market value includes the value of related goods sold by the service provider or included within the service offering. The cognitive systems market also includes sales of specialized processors, memory systems, and graphics processing units (GPUs). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Cognitive systems are autonomous systems capable of perceiving their environment, learning from past experiences, predicting outcomes, taking action to achieve goals, and adapting to changing circumstances. They enhance and scale human expertise by comprehending natural language and interacting seamlessly with humans.

The primary categories of cognitive systems include hardware, software, and services. Hardware encompasses the physical components of a computer, such as the motherboard, processor, memory, storage drives, and other devices, utilized to enable cognitive capabilities, including sensors and processors. These systems can be deployed through various methods, including on-premises and cloud-based solutions, and are applied across a wide range of sectors, including banking, education, government, healthcare, insurance, manufacturing, securities and investment services, telecommunications, and transportation.

The cognitive systems market research report is one of a series of new reports that provides cognitive systems market statistics, including cognitive systems industry global market size, regional shares, competitors with a cognitive systems market share, detailed cognitive systems market segments, market trends and opportunities, and any further data you may need to thrive in the cognitive systems industry. This cognitive systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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