Growing demand for cognitive computing in cloud deployment mode coupled with high investment in cognitive computing R&D is fueling the growth of the market.
Market Size – USD 20.43 Billion in 2020, Market Growth – CAGR of 27.70%, Market Trends – Rising demand for cognitive computing in healthcare end-use verticals.
the global cognitive computing market is expected to reach $148.12 billion by 2028, according to a new report from Reports and Data. Cognitive computing technology derives responses and functions like the human brain. Literally, computer models adapt self-learning algorithms and use machine learning models to mimic how the human brain works. Models trained by cognitive computing provide an actual roadmap for artificial intelligence and machine learning and eventually facilitate automated systems, which would operate without human assistance. The growing demand for virtual assistance and eloquent interactive voice response (IVR) for customer support in various industries is very insistent in the market. Cloud deployment is likely to get richer largely due to the higher adoption rate of cloud-based services in financial SMBs.
APAC is expected to achieve the fastest growth of around 40.4% during the period 2020-2028, due to its significant development in information technology engineering coupled with the massive proliferation of availability internet and digital marketing. India and China are among the fastest growing countries due to the immense growth of their potential consumer base across all major industry verticals and the surge in big data.
Other key findings from the report suggest that the
- access to databases for past treatment procedures and records of all required activities regarding diseases, cognitive computing can help form meaningful information for physicians. Manufacturers of smart bracelets or other health trackers incorporate this technology into their R&D to improve their products for their customers. The segment is expected to reach a market share of 27.9% by 2026, after growing with a CAGR of 39.2% during the forecast period.
- Intelligent virtual assistance and interactive voice response require cognitive computing for real-time, meaningful customer support services. Automated responses themselves are said to be capable of responding to various queries and resolving customer issues. The customer service segment had a market valuation of USD 6.82 billion in 2018.
- Neural networks are the series of algorithms designed to mimic the human brain in terms of thought processes; similarly, neural systems. The neural network helps with financial forecasting, credit risk modeling, and regression analysis, among others. The market share of this segment is expected to reach 20.8% in 2026.
- North America leads the global market with 39.4% market ownership in 2018 and would continue to dominate with a CAGR of 38.3% during the forecast period. The United States had the highest market share in the global market in 2018.
- APAC is expected to achieve the fastest growth of around 40.4% throughout the forecast period owing to its strong growth in the overall potential consumer base coupled with the rising trend of digital marketing. in countries like China, India and Singapore.
- Europe would reach a market share of 23.7% by 2026 and grow at a CAGR of 36.8% during the forecast period. The United Kingdom and Germany are the main contributors to this region.
- The main participants are Microsoft, IBM, Google, Saffron Technology, Enterra Solutions, Numenta, HP, Oracle Corporation, CognitiveScale, Inc. and Vicarious.
For the purposes of this report, Reports and Data has segmented Global Cognitive Computing on the basis of end users, technology, development mode, end-use industries, and region:
End User Outlook (Revenue: USD Billion; 2018-2028)
(Revenues: USD billion; 2018-2028)
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Neural networks
- deep learning
- Analysis of reasoning
Deployment Mode Outlook (Revenue: USD Billion; 2018-2028)
(Revenues: USD billion; 2018-2028)
- the clientele
- Industrial sector
- Travel and tourism
- IT and telecom services
- Education and research
Regional Outlook (Revenue: USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
Key takeaways from the market research:
- A comprehensive overview of the global cognitive computing market.
- Accurate market projections in terms of market size and revenue CAGR over the forecast period.
- In-depth analysis of recent and emerging market trends.
- Detailed study of global market dynamics, including market revenue growth drivers, opportunities, challenges, threats, and restraints.
- Qualitative and quantitative analyzes of the global cognitive computing market.
- In-depth assessment of key regional markets.
- Detailed overview of the highly competitive landscape of the global Cognitive Computing Market.
- Brief overview of company profiles, product portfolios and key information on technology breakthroughs.
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The cognitive computing market size is expected to reach USD 148.12 billion at a CAGR of 27.70% by 2028.
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