Cognitive Computing Market Size Worth USD 305.23 Billion at CAGR of 31.0%, by 2030

Reports and Data
Increasing demand for cognitive computing in the cloud deployment mode coupled with high investments in R&D of cognitive computing are fueling the market growth.
Market Size – USD 26.85 Billion in 2021, Market Growth – CAGR of 31.0%, Market Trends – Increase in demand for cognitive computing in healthcare end-use verticals.

The global cognitive computing market is forecast to reach USD 305.23 Billion by 2030, according to a new report by Reports and Data. The cognitive computing technology derives the answers and works like the human brains. Literally, the computerized models adapt algorithms that self-learn and utilize machine learning models to mimic the way the human brain works. The models formed by cognitive computing, provide a real-life roadmap for artificial intelligence and machine learning and eventually facilitate the automated systems, which would work without human assistance. The rising requirement of virtual assistance and eloquent interactive voice response (IVR) for customer support in various sectors are being highly insistent in the market. Cloud deployment is likely to enrich broadly due to the higher adoption rate of the cloud-based services in the financial SMEs’.

APAC is forecasted to achieve the fastest growth of about 35.4% in the period 2022 – 2030, due to its extensive development in information technology engineering coupled with the massive proliferation of internet availability and digital marketing. India and China are some of the fastest-growing countries due to the immense growth in their potential consumer base throughout all the major industry verticals and high rise in big data.

Key participants include Microsoft, IBM, Google, Saffron Technology, Enterra Solutions, Numenta, HP, Oracle Corporation, CognitiveScale, Inc., and Vicarious.

To understand how our Cognitive Computing Market can bring difference to your business strategy:https://www.reportsanddata.com/download-summary-form/2158

 


Further key findings from the report suggest

Having access to databases for the past treatment procedures and records of all the requisite activities regarding the diseases the cognitive computing can allow forming meaningful insights for physicians. The smart band or other heath-tracker manufacturers incorporate this technology in their R&D to improve their products for their customers. The segment is expected to reach a market share of 27.9% by 2026, having grown with a CAGR of 39.2% during the forecast period.
Smart virtual assistance and interactive voice response require cognitive computing for real-time, meaningful customer support services. The automated responses itself would be capable of answering various queries and would solve the problems of the customers. Customer care segment had a market valuation of USD 6.82 Billion in 2018.
Neural networks are the series of algorithms that are designed to imitate the human brains in terms of the thought process; likewise, the systems of neurons. Neural network assists in the financial forecast, credit risk modeling, and regression analysis, among others. The market share of this segment is forecasted to reach 20.8% in 2026.
North America is leading the global market, with 39.4% of market possession in 2018 and would continue dominating with a CAGR of 38.3% during the forecast period. The US possessed the highest market share in the global market in 2018.
APAC is forecasted to achieve the fastest growth of about 35.4% throughout the forecast period, owing to its extensive growth in the overall potential consumer base coupled with the growing trend of digital marketing in countries such as China, India, and Singapore.
Europe would reach a market share of 23.7% by 2026 and would grow at a CAGR of 36.8% in the forecast period. United Kingdom and Germany are the highest contributors to this region.

For the purpose of this report, Reports and Data have segmented the global cognitive computing market on the basis of the end-users, technology, development mode, end-use verticals, and region:

Technology Outlook (Revenue, USD Billion; 2019-2030)

Natural Language Processing (NLP)
Information Retrieval
Machine Learning
Automated Reasoning

Deployment Type Outlook (Revenue, USD Billion; 2019-2030)

Cloud
Hybrid
On-Premise

Application Type Outlook (Revenue, USD Billion; 2019-2030)

Automation
Intelligent Virtual Assistants
Behavioral Analysis
Biometrics
Others

Business Functions Type Outlook (Revenue, USD Billion; 2019-2030)

Human Resources (HR)
Marketing and Advertising
Legal
Finance
Others

Industry Verticals Outlook (Revenue, USD Billion; 2019-2030)

Healthcare
BFSI
Retail
Government
Energy and Power
IT & Telecom
Others

End-Use Outlook (Revenue, USD Billion; 2019-2030)

Small and Medium-Sized Enterprises (SMEs)
Large Enterprises
Other

Regional Outlook (Revenue, USD Billion; 2019-2030)

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

Key Advantages of Cognitive Computing Report:

Identification and analysis of the market size and competition
Qualitative and quantitative analysis of the market data
Data validated by industry experts after extensive primary and secondary research
Extensive regional analysis of the Cognitive Computing industry
Profiling of key players along with their business overview,  business strategies, deals and partnerships, and product portfolio
SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
Feasibility analysis and investment analysis to enable strategic investment decisions
Analysis of opportunities, drivers, restraints, challenges, risks, and limitations


Browse More Reports:

Anti-Money Laundering (AML) Market Size, Share, Trends, By Component Type (Solutions, Services), By Technology, By Deployment Type, By Organization Size, By End-use, and By Region Forecast to 2030

Magnet Wire Market Size, Share, Trends, By Shape (Round, Rectangle, Square), By Type (Copper, Aluminum), By Application (Motor, Home Appliance, Transformer, Others), By End-use, and By Region Forecast to 2030

Voice Cloning Market Size, Share, Trends, By Component Type (Solutions, Services), By Deployment Type (Cloud, On-premises), By Application (Chatbots & Assistants, Digital Games, Interactive learning), By End-use, and By Region Forecast to 2030

Media Contact
Company Name: Reports and Data
Contact Person: John Watson
Email: Send Email
Phone: +1-212-710-1370
Address:40 Wall St. 28th floor
City: New York City
State: NY 10005
Country: United States
Website: https://www.reportsanddata.com/report-detail/cognitive-computing-market

Are you a market researcher?

Explore our research partnership options.

Partnerships

Find out what people like and dislike about your competitors, and compare it with your brand performance.

Competitor Analyzer

Generated by Feedzy
%d bloggers like this: