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)
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)
Global Cognitive Computing Market by Deployment Outlook (Revenue, USD Billion, 2021-2027)
Global Cognitive Computing Market by Organization Size Outlook (Revenue, USD Billion, 2021-2027)
Global Cognitive Computing Market by Business Functions Outlook (Revenue, USD Billion, 2021-2027)
Global Cognitive Computing Market by Application Outlook (Revenue, USD Billion, 2021-2027)
Global Cognitive Computing Market by End-use Industry Outlook (Revenue, USD Billion, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the global cognitive computing market are: