Cognitive Computing Market Overview
The Global Cognitive Computing Market was valued at USD 45.3 Bn. in the year 2023 and is expected to reach USD 234 Bn. by 2030 with a growing CAGR of 26.43% over the forecast period of 2024-2030.
Cognitive computing is a subfield of artificial intelligence (AI) that refers to systems that aim to simulate human thought processes and reasoning to interpret data, understand natural language, and learn from interactions. The goal is to create intelligent systems that can adapt and make decisions similar to the way humans would.
Advancements in Natural Language Processing (NLP) are revolutionizing the cognitive computing market by enhancing the capabilities of virtual assistants and chatbots. These advancements enable more human-like and contextually accurate interactions, driving the growth of NLP-powered tools in sectors such as customer service and healthcare. Major players like IBM and Microsoft are leading this transformation, with IBM Watson and Microsoft Azure AI showing strong revenue growth in 2023. The rise of cloud computing is another key driver, offering scalable and cost-effective deployment of cognitive technologies.
Cognitive Computing Market Report Scope and Research Methodology
In the cognitive computing market, these advancements drive growth by increasing the adoption of NLP-powered tools in various sectors, especially customer service and healthcare. Companies like IBM, with its Watson platform, and Microsoft, with its Azure Cognitive Services, are at the forefront of integrating advanced NLP into their offerings. For the US cognitive computing market, the cognitive computing sector is expanding rapidly, with projections estimating a compound annual growth rate of 32% from 2024 to 2030. The increased demand for intelligent automation and data analysis capabilities fuels growth.
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Cognitive Computing Market Regional Insights
In 2023, North America led the cognitive computing industry with a revenue share exceeding xx.x%, driven by the swift adoption of integrated cloud platforms and innovative business models. In the U.S., the growth is bolstered by substantial investments in AI research and development, supported by favorable government policies that prioritize data security and technological advancement. The federal initiatives, including the AI Research Institutes program, play a crucial role in promoting cognitive computing technologies.
Cognitive Computing Market Segmentation
By Component
Platform
Service
Managed services
Professional services
By Technology
Machine learning
Human-computer interaction
Computer vision
Machine vision
Robotics
Natural language processing
Deep learning
Prescriptive and Predictive Modeling
Decision making
By Deployment Mode
On-premise
Cloud
Hybrid
By Business Function
Human Resource
Legal
Finance
Marketing and Advertising
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Cognitive Computing Market Key Players
Microsoft
IBM
Numenta
Palantir Technologies
SparkCognition, Inc.
Enterra Solutions, LLC
Vicarious
Saffron Technology
Google
Acuiti
Red Skios
TCS
SAS
SAP
Key questions answered in the Cognitive Computing Market are:
- What is Cognitive Computing?
- What was the Cognitive Computing market size in 2023?
- What is the growth rate of the Cognitive Computing Market?
- Which are the factors expected to drive the Cognitive Computing market growth?
- What are the different segments of the Cognitive Computing Market?
- What growth strategies are the players considering to increase their presence in Cognitive Computing?
- What are the upcoming industry applications and trends for the Cognitive Computing Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Cognitive Computing Market?
- What segments are covered in the Cognitive Computing Market?
- Who are the leading companies and what are their portfolios in Cognitive Computing Market?
- What segments are covered in the Cognitive Computing Market?
- Who are the key players in the Cognitive Computing market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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