Global Cognitive Computing Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
Cognitive Computing Market Overview
“The global Cognitive Computing market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.
The global cognitive computing market report has been segmented on the basis of technology, deployment, application, end-use, and region.
This report is based on the synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market.
In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the global cognitive computing market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
Cognitive computing is a combination of cognitive science that combines human brain activity and its functions with computer technology to develop a system that can think, sense, and act like the human brain.
Cognitive computing is to simulate human cognition processes in a computerized mechanical, and software model with the help of self-learning algorithms that use data mining techniques, pattern recognition methods, and natural language processing, to perform specific tasks the same as humans.
Cognitive computing systems provide solutions in distributed, dynamic, and disrupted business environments. In addition, the cognitive computing system is a combination of advanced hardware and software programming languages such as machine learning language and natural language processing (NLP).
These systems are capable to collect, process, and interpreting a large volume of unstructured data repositories, which makes them a beneficial option in artificial intelligence.
Cognitive Computing Market Dynamics:
The agility of informatics in information technology services and solutions is expected to bolster the growth of the global cognitive computing market in the forecasted period. The rising demand for the integration of sophisticated hardware with advanced analytics and big data visualization tools is expected to dominate the growth of the global market.
In addition, integrated systems propel innovation, discover new computing patterns and provide insights for business expansion, these factors are expected to support the growth of the target market.
Rising penetration of artificial intelligence in various business sectors expected to help organizations to provide more sophisticated prescriptive analytics such as intelligence and modeling to forecast accurate and precise outcomes, these are some factors expected to support growth of the global cognitive computing market in the near future.
In addition, software application services provide various benefits such as optimized operations, continuous learning processes, and improved accuracy in forecasting. For example, to predict cyberattacks cognitive computing technology help to make real-time decisions and provide an accurate response by analyzing the real-time environment, context, and intent for fast recovery.
These factors are expected to leverage challenges such as scaling human expertise and augmenting human intelligence in the development of a highly effective responsive system against any cyberattack.
Increasing demand for advanced data analytics for scheduling and planning automated procedure is expected to proliferate the adoption of cognitive computing across the globe. For example, the integration of cognitive computing technology with the Mars rover vehicle or Hubble space telescope help to generate patterns for successful process execution by the intelligent system in dynamic environments.
However, the high initial investment is a major factor expected to hamper the growth of the cognitive computing market over the forecast period. In addition, the lack of prevalent skills among end-user that are required for efficient implementation of cognitive computing is another factor expected to restrain the growth of the global cognitive computing market to a certain extent.
North America is expected to dominate the global cognitive technology market, owing to well-developed and advanced IT infrastructure in countries in the region. Asia Pacific is expected to witness the fastest growth in terms of revenue owing to the high penetration of IT technology and the adoption of technologically advanced solutions in various industry verticals in this region.
Latin America and the Middle East and Africa are expected to witness significant growth over the coming years owing to the rising need for IT services in the private and government sector.
In addition, increasing awareness about advanced analytics for the enhancement of business processes is supporting the growth of the cognitive computing market in Europe.
Global Cognitive Computing Market Segmentation:
Global market segmentation, by technology:
- Natural Language Processing
- Machine Learning
- Automated Reasoning
- Information Retrieval
Global market segmentation, by deployment:
Global market segmentation, by application:
- Cyber Security
- Social Media Monitoring
- Self-driving cars
- Video Surveillance
Global market segmentation, by end-use:
- Banking, Financial Services, and Insurance (BFSI)
- Media & Communication Services
- Manufacturing and Natural Resources
- Aerospace and Defence
- Transportation and Logistics
- Government and Utilities
- Others (Food & Beverages, Oil & Gas, Real Estate)
Global market segmentation, by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Google LLC
- IBM corporation
- Microsoft corporation
- Oracle corporation
- SAP, Inc.
- Statistical Analysis System (SAS) Software Ltd.
- Saffron Technology, Inc.
- Vicarious FPC, Inc.
- Palantir Technologies, Inc.
- Enterra Solutions LLC
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