Market Size – USD 26.85 Billion in 2021, Market Growth – CAGR of 31.0%, Market Trends – Increase in demand for cognitive computing in healthcare end-use verticals.
The global cognitive computing market is forecast to reach USD 305.23 Billion by 2030, according to a new report by Reports and Data. The cognitive computing technology derives the answers and works like the human brains. Literally, the computerized models adapt algorithms that self-learn and utilize machine learning models to mimic the way the human brain works. The models formed by cognitive computing, provide a real-life roadmap for artificial intelligence and machine learning and eventually facilitate the automated systems, which would work without human assistance. The rising requirement of virtual assistance and eloquent interactive voice response (IVR) for customer support in various sectors are being highly insistent in the market. Cloud deployment is likely to enrich broadly due to the higher adoption rate of the cloud-based services in the financial SMEs’.
APAC is forecasted to achieve the fastest growth of about 35.4% in the period 2022 – 2030, due to its extensive development in information technology engineering coupled with the massive proliferation of internet availability and digital marketing. India and China are some of the fastest-growing countries due to the immense growth in their potential consumer base throughout all the major industry verticals and high rise in big data.
Key participants include Microsoft, IBM, Google, Saffron Technology, Enterra Solutions, Numenta, HP, Oracle Corporation, CognitiveScale, Inc., and Vicarious.
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Further key findings from the report suggest
- Having access to databases for the past treatment procedures and records of all the requisite activities regarding the diseases the cognitive computing can allow forming meaningful insights for physicians. The smart band or other heath-tracker manufacturers incorporate this technology in their R&D to improve their products for their customers. The segment is expected to reach a market share of 27.9% by 2026, having grown with a CAGR of 39.2% during the forecast period.
- Smart virtual assistance and interactive voice response require cognitive computing for real-time, meaningful customer support services. The automated responses itself would be capable of answering various queries and would solve the problems of the customers. Customer care segment had a market valuation of USD 6.82 Billion in 2018.
- Neural networks are the series of algorithms that are designed to imitate the human brains in terms of the thought process; likewise, the systems of neurons. Neural network assists in the financial forecast, credit risk modeling, and regression analysis, among others. The market share of this segment is forecasted to reach 20.8% in 2026.
- North America is leading the global market, with 39.4% of market possession in 2018 and would continue dominating with a CAGR of 38.3% during the forecast period. The US possessed the highest market share in the global market in 2018.
- APAC is forecasted to achieve the fastest growth of about 35.4% throughout the forecast period, owing to its extensive growth in the overall potential consumer base coupled with the growing trend of digital marketing in countries such as China, India, and Singapore.
- Europe would reach a market share of 23.7% by 2026 and would grow at a CAGR of 36.8% in the forecast period. United Kingdom and Germany are the highest contributors to this region.
For the purpose of this report, Reports and Data have segmented the global cognitive computing market on the basis of the end-users, technology, development mode, end-use verticals, and region:
Technology Outlook (Revenue, USD Billion; 2019-2030)
- Natural Language Processing (NLP)
- Information Retrieval
- Machine Learning
- Automated Reasoning
Deployment Type Outlook (Revenue, USD Billion; 2019-2030)
Application Type Outlook (Revenue, USD Billion; 2019-2030)
- Intelligent Virtual Assistants
- Behavioral Analysis
Business Functions Type Outlook (Revenue, USD Billion; 2019-2030)
- Human Resources (HR)
- Marketing and Advertising
Industry Verticals Outlook (Revenue, USD Billion; 2019-2030)
- Energy and Power
- IT & Telecom
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Latin America
- Middle East & Africa
Key Advantages of Cognitive Computing Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Cognitive Computing industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
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