The cognitive computing global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Cognitive Computing Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The cognitive computing market size has grown exponentially in recent years. It will grow from $39.95 billion in 2023 to $51.03 billion in 2024 at a compound annual growth rate (CAGR) of 27.7%. The growth in the historic period can be attributed to rising adoption of iot devices and big data analytics, government and defense applications, retail and e-commerce customization, demand for data-driven insights, demand for smart assistants.
The cognitive computing market size is expected to see exponential growth in the next few years. It will grow to $122.98 billion in 2028 at a compound annual growth rate (CAGR) of 24.5%. The growth in the forecast period can be attributed to increased data volumes, growth of cloud computing, demand for enhanced customer experiences, autonomous systems evolution, cybersecurity enhancements. Major trends in the forecast period include advancements in machine learning and AI, advances in quantum computing, integration with 5G technology, convergence with blockchain, natural language processing advances, augmented reality (AR) and virtual reality (VR) integration.
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Scope Of Cognitive Computing Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cognitive Computing Market Overview
Market Drivers –
The increase in the volume of unstructured data is expected to propel the growth of the cognitive computing market going forward. Unstructured data refers to information that does not have a pre-defined data model or is not organized in a pre-determined manner, making it difficult to process and analyze using conventional databases and tools. Cognitive computing is used to analyze, interpret, and understand natural language, images, and patterns, enabling machines to mimic human decision-making processes in unstructured data. For instance, in August 2021, according to LXA, a UK-based educational business organization, it was projected that by 2025, unstructured data volumes would increase to 175 zettabytes, or 175 billion terabytes. Therefore, an increase in the volume of unstructured data is driving the growth of the cognitive computing market.
Market Trends –
Major companies operating in the cognitive computing market are focused on adopting new technologies, such as 5G, to increase their profitability in the market. 5G in cognitive computing refers to the use of fifth-generation wireless technology to enhance the speed, efficiency, and connectivity of cognitive computing systems, enabling faster data processing and improved artificial intelligence functionalities. For instance, in March 2023, Tata Consultancy Services Ltd., an India-based information technology company, introduced Cognitive Plant Operations Adviser, a 5G-powered solution integrating AI, 5G, and edge computing to enable autonomous production processes including monitoring, diagnosing, optimizing, and learning capabilities. It is designed to serve sectors like manufacturing and pharmaceuticals, this tool is part of the TCS Enterprise 5G Edge suite on Microsoft Azure, aiming to revolutionize production with smarter, more flexible, and more resilient operations. It also features the creation of plant information models and offers knowledge guidance to operators.
The cognitive computing market covered in this report is segmented –
1) By Component: Platform, Service
2) By Technology: Machine Learning (ML), Human Computer Interaction, Natural Language Processing (NLP), Deep Learning
3) By Deployment mode: On-Premise, Cloud, Hybrid
4) By End-User: Banking, Financial Services And Insurance (BFSI), Healthcare, Retail And E-commerce, Information Technology And Telecom, Government And Defense, Other End Users
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Regional Insights –
North America was the largest region in the cognitive computing market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Amazon.com Inc., Alphabet Inc., Samsung Group, Microsoft Corporation, Meta Platforms Inc., Dell Technologies Inc., Huawei Technologies Co. Ltd., Tencent Holdings Ltd., Siemens AG, General Electric Company, Accenture PLC, International Business Machines Corporation, Qualcomm Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Hewlett-Packard Enterprise Company, Nvidia Corporation, Salesforce Inc., Baidu Inc., Palantir Technologies Inc., OpenAI, UiPath, C3.ai Inc., DataRobot Inc., Clarifai Inc.
Table of Contents
1. Executive Summary
2. Cognitive Computing Market Report Structure
3. Cognitive Computing Market Trends And Strategies
4. Cognitive Computing Market – Macro Economic Scenario
5. Cognitive Computing Market Size And Growth
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27. Cognitive Computing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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