Cognitive Computing Market is Growing at CAGR of 31.5% by 2027

The cognitive computing market is forecasted to grow at a high rate owing to the accelerating demand to manage large complex data

The Global Cognitive Computing Market was valued at USD 21.5 Bn in 2020 and is expected to reach USD 146.0 Bn by 2027, with a growing CAGR of 31.5% during the forecast period.

The global cognitive computing market is anticipated to grow at a faster pace during the forecast period owing to constant evolution and adoption of computing environment such as data analytics, mobile, and cloud. The increasing adoption of cloud based technology in various industries especially in the information and technology and healthcare organizations has resulted in constant development in the business processes. For instance, in April 2021, Verizon, the US-based multinational telecommunications conglomerate launched a new BlueJeans Telehealth technology, a virtual care platform to virtually connect the patient and healthcare professional via video.

According to a report published by Statista, in May 2021, the number of smartphones users has gradually increased during the recent years from 6.05 billion users worldwide in the year 2020 to 6.37 billion users in 2021. The increasing popularity of mobile devices such as smartphones, tablets, and laptops has a major impact on the rapid adoption of cloud computing which in turn is anticipated to boost the global cognitive computing market during the forecast period.

The extensive presence of huge number of organizations working in the cognitive computing market such as IBM Corp., Microsoft Corp., Google LLC, and Apple, Inc. among others is boosting the market for global cognitive computing market. Along with this, the increasing number of startups entering the cognitive computing market are also propelling the cognitive computing market growth during the forecast period. Global players are responsible for the innovative launches and increased availability of the technological platforms across the globe. For instance, February 2018, the IBM Corporation had launched a cognitive computing hardware unit for the Watson, a question-answering computer system capable of answering questions posed in natural language. The hardware is expected to speed up the training time for Watson with integrated systems that'll produce insights almost in real-time.

Global Cognitive Computing Market by Region Outlook (Revenue, USD Billion, 2021-2027)

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

In terms of geography, the North American region is expected to witness a significant growth during the forecast period owing to the accelerating adoption of cognitive computing systems especially in the healthcare sector. For instance, the U.S. healthcare sector is extensively working with Watson, an application debugger included with the Microsoft Windows operating system. The Watson renders the proper treatment to cancer patients and help doctors to make critical decision making during various healthcare processes. Watson uses past medical records of the patients to analyze the medical condition. Watson system is able to deliver answers in natural language and thus providing best course of treatment to the patients. The adoption of such technologies in the regional markets boosts the adoption of cognitive computing systems and thus benefits the global cognitive computing market.

The Global Cognitive Computing Market Segmentation:

Global Cognitive Computing Market by Technology Outlook (Revenue, USD Billion, 2021-2027)

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

Global Cognitive Computing Market by Deployment Outlook (Revenue, USD Billion, 2021-2027)

• Hybrid
• Cloud
• On-Premises

Global Cognitive Computing Market by Organization Size Outlook (Revenue, USD Billion, 2021-2027)

• Small and Medium Enterprises (SMEs)
• Large Enterprises

Global Cognitive Computing Market by Business Functions Outlook (Revenue, USD Billion, 2021-2027)

• Operations
• Marketing and Advertising
• Legal
• Human Resources (HR)
• Finance

Global Cognitive Computing Market by Application Outlook (Revenue, USD Billion, 2021-2027)

• E-Learning
• Asset Management
• Fraud and Risk Management
• Social Media Monitoring
• Supply chain management
• Sales and Marketing Management
• Self-Driving Cars
• Others

Global Cognitive Computing Market by End-use Industry Outlook (Revenue, USD Billion, 2021-2027)

• Healthcare
• Retail
• Media and Entertainment
• Education and Research
• Energy and Utilities
• Others (IT & Telecom , BFSI, Aerospace and Defense, Transportation & Logistics, Government)

Key Findings:

• Based on technology, the Natural Language Processing (NLP) segment held the majority of market share for global cognitive computing market in year 2020
• Based on the deployment, the hybrid deployment segment held the largest market share in 2020 for cognitive computing market
• Based on organization size, the small and medium size enterprises are accounted for the largest market share in 2020 for global cognitive computing market
• Operations function, based on business functions held the significant market share for global cognitive computing market in the year 2020
• Based on applications category, the e-learning segment is accounted to grow at a fastest rate in global cognitive computing market during the forecast period
• Based on end-use industry, the healthcare segment held the majority of market share in 2020 for global cognitive computing market
• According to the cognitive computing market analysis the North America, based on region is anticipated to hold a dominating market share in the year 2027

Company Profiles and Competitive Intelligence

The key players operating in the global cognitive computing market are:

1. Amazon Web Services, Inc.
2. Intel Corporation
3. Apple Inc.
4. IBM Corporation
5. 3M Corporation
6. Wipro Limited
7. Google Inc.
8. Microsoft Corporation
9. Oracle Corporation
10. Cisco Systems, Inc.
11. TCS
12. Hewlett Packard Enterprise Development LP
13. Dell Inc.
14. Tibco Software Inc.
15. SAS Institute Inc. 
16. Saffron Technology, Inc.
17. Red Skios
18. Inbenta Technologies Inc.
19. Baidu Inc.
20. BurstIQ
21. Nuance Communications Inc.
22. CognitiveScale, Inc.
23. Enterra Solutions LLC
24. SAP SE
25. Artificial Solutions
26. SparkCognition, Inc.
27. NakaTech
28. Expert System
29. Marlabs
30. e-Zest Solutions

Recent News:

• In August 2019, Wipro Limited global information technology, consulting and business process services corporation announced the launch of Wipro-AWS Launch Pad, an immersive co-innovation center. The center is built in the strategic collaboration of Amazon Web Services (AWS) and Wipro limited.
• In May 2019, Microsoft Corporation announced a series of new Azure services and developer technologies with new advancements in Azure from cloud to edge ahead of Microsoft Build conference. The new Azure services employ advanced capabilities spanning AI, IoT, blockchain, and mixed reality in the hands of developers.