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 (2021-2027).
The Global Cognitive Computing Market Definition:
Cognitive computing are the computerised models which are used to simulate the human thought processes to assist humans to find solutions to complex problems and helps in critical decision making. Cognitive computing technology is based on Natural Language Processing (NLP), machine learning, deep learning, neural networks, and sentiment analysis, and is purposed to augment human capabilities in a practical manner. Cognitive computing finds its applications majorly in industries such as healthcare, industrial sector, and customer services.
The Global Cognitive Computing Market Dynamics:
The global cognitive computing market is accounted to grow at the highest compound annual growth rate (CAGR) during the forecast period. The growth is majorly attributed to growing demand for big data analytics across several industries such as healthcare, IT and telecom, defence, and aerospace which is resulting in growth for global cognitive computing market. According to article published by Data Science Association, a non-profit professional association of data scientists, the global revenue for the big data analytics solution was accounted to hold for USD 189.1 billion in the year 2020. The market for big data analytics is increasing and thus, the market players are rapidly investing in startups to expand their business. For instance in December 2019, an Indian private equity firm named Multiples Alternate Asset Management Private Limited (MAAM) invested in Quantiphi, Inc., an Indian artificial intelligence and big data company for approximately USD 20 million. With the investment, the MAAM is expected to provide technological support such as machine learning, artificial intelligence, and big data solutions availed to various industries such as retail, healthcare, media and entertainment, and insurance among others.
The accelerating demand for the cognitive computing solutions in the large enterprises and several small and medium sized enterprises is further propelling the growth for global cognitive computing market. The cloud-based deployment is responsible for rapid decease in deployment cost for cognitive computing in the organization, thus the demand for overall cloud-based deployment services in the SMEs is increasing at a significant pace. Companies providing cognitive computing are developing the cloud-based solution to capture the growing cognitive computing market. For instance, IBM Watson, a prominent cognitive computing market player providing solutions within the cognitive computing market, has announced a launch of Watson Analytics cloud-based services that are expected to promote the adoption of cognitive computing through the cloud.
The Global Cognitive Computing Market Segmentation:
By Organization Size
By Business Functions
By End-Use Industry
Company Profiles and Competitive Intelligence
The key players operating in the cognitive computing market are:
Based on deployment type, the hybrid deployment segment is expanding at a highest growth rate for global cognitive computing market during the period owing to easy maintenance of generated data coupled with cost efficiency
Based on deployment type, the global cognitive computing market is segmented into on-premise, cloud, and hybrid deployment type. The hybrid deployment type is anticipated to grow with a fastest growth rate during the forecast period. The growth is majorly attributed to various advantages provided by the hybrid deployment based cognitive computing technology such as cost-effectiveness, flexibility, easy maintenance of generated data, agility, scalability, and effective maintenance of these advantages. Organizations are observed to extensively adopt the hybrid environment as it benefits them to overcome the traditional IT environments complexities and that leads to positively impact the global cognitive computing market. For instance, Amazon Web Services had launched a hybrid solution on their platform to cut the extra operational expenses, and increase the work efficiency.
Based on the end-use industry, the healthcare sector accounted for the largest market share in the overall cognitive computing market size owing to extensive utilization of cognitive computing technology in the analysis, treatment, and research sector
The cognitive computing technology is enormously applied in various industries owing to the adoption of big data and cloud computing, amongst all the healthcare industry segment is anticipated to hold the largest market share in the global cognitive computing market. As the pandemic increases the burden over the healthcare industry, there is rapid adoption of technological advancements by the healthcare industry. The cognitive computing technology is majorly employed into the healthcare activities such as research, disease diagnosis, and treatment and improves patient outcomes, and thus the rapid adoption in such activities is observed in global cognitive computing market during the forecast period.
Based on regions, the cognitive computing market in North America accounted for the largest share in 2020 owing to presence of key market players along with presence of well-developed technological infrastructure, followed by Asia Pacific and Europe
Geographically, the North American region held the dominating market share in 2020 and is also anticipated to continue its dominance throughout the forecast period for global cognitive computing market. The growth is majorly attributed to the extensive presence of key market players in the region coupled with well-developed technological infrastructure. The major market players such as Microsoft Corporation, IBM Corporation, and Google LLC are creating a lucrative opportunity for the global cognitive computing market during the forecast period. Companies invest into the cognitive computing technology, responsible for technological advancements into the market and also the product availability in the region is anticipated to drive the global cognitive computing market. For instance, in December 2019, the Intel Corporation announced a successful acquisition over Artificial Intelligence Chipmaker Habana Labs. The acquisition is expected to deliver an efficient computing performance and efficiency for AI workloads in the data center.
The report also provides an in-depth analysis of cognitive computing market dynamics such as drivers, restraints opportunities and challenges
Note: Challenges along with in-depth market dynamics analysis is mentioned in the report.
COVID-19 Impact on the Cognitive Computing Market Analysis
The outbreak of covid-19 has created an industrial shutdown situation for many sectors; on a contrary the cognitive computing market is witnessing a growth in recent years. The cognitive technology platform is being widely adopted in the organizations. In the covid-19 scenario the cognitive computing technology was beneficially used for examining the huge population and in assessing the infectious risk amongst people. Owing to these benefits provided by the computing systems, huge growth is being observed in the cognitive computing market growth.
Technologies such as Machine Learning (ML), Internet of Things (IoT), cognitive technology, Artificial Intelligence (AI), and cloud computing are proved to be beneficial in early detection, alleviating economic crises risks, diagnosis of diseases, and analyzing environmental situations among others and thus is driving the market for cognitive computing market The organizations including the government are aggressively investing into such technological advancements to avail these benefits. Several companies are also observed to invest, innovate, and launch new products to enhance the customer experience. For instance, in May 2020, the United kingdom-based company named Deeper Insights, launched ‘COVID-Insights’ a free research discovery application. The app is expected to help medical professionals with latest data regarding covid-19 and find detailed information related to covid.
The report also provides an in-depth analysis of key trends in cognitive computing market
|1||Expanding adoption of big data and cloud computing in the healthcare sector is driving the global cognitive computing market||Positive|
|2||The increasing adoption of the Internet of Things (IoT) in various industries is anticipated to drive the market growth for global cognitive computing market||Positive|
|3||The constant evolution of computing environment such as mobile, cloud and analytics is propelling the market growth for global cognitive computing market||Positive|
The report also provides an in-depth analysis of recent news developments and investments
The unique insight provided by this report also includes the following:
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