The cognitive computing market is anticipated to expand its roots at a strong CAGR of 26.3% between 2023 and 2033. The market is expected to have a market share of USD 188.2 billion by 2033 while it is projected to be valued at USD 18.03 billion in 2023
The technological developments and cutting-edge technology in the market along with the better data analysis delivered through cognitive computing fuel the market growth. Furthermore, the self-learning system integrates with machine learning and data mining algorithm to perform tasks with human intelligence.
The restoration of the retail sector and the rapid technological advancements have directly impacted market growth. The retail industry uses cognitive computing to collect more data while analyzing it for efficient retailing campaigns.
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The increased logistics sector with higher transportation, logistics, and supply chains is demanding the latest technological additions. Thus, the higher demand for cognitive computing is transforming logistics through human decision-making.
One of the key verticals that benefit from cognitive computing solutions is banking & finance. Cognitive banking is likely to reshape banking operations through data accumulation and analytical insights. Alongside this, the increased adoption of the technology also helps the end users in protecting the information through additional end-to-end cyber security.
Governments around the world are revolutionizing their educational platforms through artificial intelligence, machine learning, augmented reality, and other technologies. Cognitive computing makes the
Key Takeaways from the Cognitive Computing Market Report:
- The United States market leads the cognitive computing market in terms of market share in North America. The United States region held a market share of 27.3% in 2023. The growth in this region is government efforts, existing technologies that adopt recent systems, and the presence of advanced technology giants. The North American region held a substantial market share of 32.1% in 2022.
- Germany’s market is another successful market in the European region. The market holds a market share of 7.2% in 2022. The growth is attributed to expanding manufacturing, retail, and educational platforms. Though, the European region held a market share of 26.3% in 2022
- The Indian cognitive computing market booms at a CAGR of 23.1% during the forecast period. The market’s growth is attributed to higher innovation, a long range of applications, the booming IT & telecommunication sector, and new startups working on smart technologies and their applications.
- The China market also thrives at a CAGR of 5.6% between 2023 and 2033. The growth is caused by high-end research and development facilities
- Based on deployment type, the on-premise cognitive computing segment held the leading market share of 57.6% in 2022.
- Based on industry type, the IT and telecom segment performs well as it held a leading market share of 17.5% in 2022.
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Competitive Landscape
The key vendors focus on designing the platform flexible, adaptive, and easy to integrate. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
Key Players
- 3M
- Google LLC
- Hewlett Packard Enterprise Development LP
- International Business Machines Corporation
- Microsoft Corporation
- Nuance Communications, Inc.
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Tibco Software Inc.
Recent Market Developments
- Hewlett Packard Enterprise Development LP has introduced its HPE compute. It is expected to accelerate innovation from the edge to the cloud with different workload-optimized systems. This is specially designed for the data-first, hybrid working style.
- Nuance Communications, Inc. has launched its cognitive computing platform that transforms patient care through AI-based tools. The platform also draws customer engagement, security, and dragon productivity.
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Key Segments Covered
By Deployment:
- On-premise Cognitive Computing
- Cloud Cognitive Computing
By Application:
- Diagnostic APIs
- Robots
- Cyber Security
- Farm Mechanization
- Social Media Monitoring
- Self-Driving Cars
- Gaming
- Video Surveillance
- e-Learning
- IT Infrastructure Management
- Supply Chain Management
- Other Application
By Industry:
- Healthcare
- BFSI
- IT and Telecom
- Manufacturing
- Energy & Utility
- Retail
- Aerospace & Defense
- Government
- Transportation
- Agriculture
- Media & Entertainment
- Education
- Other Industries (HR, Marketing & PR, etc.)
By End User:
- Large Enterprises
- Small and Medium Enterprises (SMEs)
- Public Sector
By Regions:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- The Middle East and Africa
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