Cognitive Computing Market was valued at USD 26.9 billion in 2021, and forecast to touch USD 200.0 billion in 2029, growing at a significant higher CAGR of 28.5% from 2022-2029.
The factors driving the growth of Cognitive Computing Market includes rising focus by companies on enhancing customer’s experience, huge volumes of data generated across healthcare, retail, and financial institutions and increasing use of cognitive services to minimize the risks of threats and fraud and improve transparency in payment operations. According to the report published by RBC Capital Markets, almost 30% of the world’s data volume is generated by the healthcare industry., the Compound Annual Growth Rate (CAGR) of data for healthcare is estimated to reach 36%, 6% faster than manufacturing sector, which is expected to accelerate the Cognitive Computing Market size in the approaching years. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Machine Learning (ML) by major companies, increasing number of tech-startups across the globe and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic mergers, and partnerships between key companies, growing disposable incomes and rising population growth rates, are further contributing towards the market growth.
However, growth of the Cognitive Computing Market is hindered due to inadequate knowledge amongst users about cognitive computing solutions.
The prominent players operating in the market are SAS Institute, AWS, Cisco Systems Inc, Microsoft Corporation, Google LLC, IBM Corporation, Spark Cognition, CognitiveScale, Numenta Inc, and Cognitive Software Group among others.
Based On Deployment Mode, the Hybrid segment is predicted to capture the largest market share during the forecast period
Hybrid cognitive computing solutions enhances flexibility, agility, and eases in data generation process, are propelling growth of the segment.
Based on Industry Vertical, the Healthcare and Life Sciences segment is projected to hold the highest market share over the forecast period
Cognitive computing solutions helps doctor to analyze past medial records of patients and enhances the diagnosis process, are pushing growth of the segment.
Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period
Presence of the leading players such as Microsoft Corporation and Google LLC, increasing volumes of data generated across industry verticals, rapid industrialization, growing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North American region.
Key Development
- In 2019, Microsoft Corporation, Schlumberger Limited, and Chevron Corporation partnered to develop innovative digital and Petro technical technologies. As a part of partnership, the three companies worked together to build Azure-native applications in DELFI* cognitive E&P environment.
Market Segmentation
Segmentation by Component
- Platform
- Service
- Managed Services
- Professional Services
Segmentation by Business Function
- Human Resource
- Operation
- Finance
- Marketing and Sales
- Others
Segmentation by Technology
- Machine Learning (ML)
- Human Computer Interaction
- Computer Vision
- Machine Vision
- Robotics
- Natural Language Processing (NLP)
- Deep Learning
- Prescriptive and Predictive Modeling
- Decision Making
Segmentation by Application
- Automation
- Intelligent Virtual Assistants
- Behavioural Analysis
- Biometrics
- Others (eLearning and smart education and eTherapy)
Segmentation by Deployment Mode
- On-premise
- Cloud
- Hybrid
Segmentation by Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
Segmentation by Industry Vertical
- BFSI
- Retail and eCommerce
- Telecommunication and IT
- Healthcare and Life Sciences
- Manufacturing
- Government and Defense
- Media and Entertainment
- Travel and Hospitality
- Others (Energy and Utilities, Transportation and Logistics, and Education)
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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