Overview and Scope
Cognitive computing refers to technology platforms that mimic human thought processes in a computerized model, employing self-learning algorithms that use data mining, pattern recognition, and natural language processing to mimic the human brain. Its use involves enhancing decision-making by analyzing complex data, improving interaction between humans and computer systems, and automating complex processes, thereby bridging the gap between human capabilities and artificial intelligence.
Sizing and Forecast
The cognitive computing market size has grown exponentially in recent years. It will grow from $39.95 billion in 2023 to $51.03 billion in 2024 at a compound annual growth rate (CAGR) of 27.7%. The growth in the historic period can be attributed to rising adoption of iot devices and big data analytics, government and defense applications, retail and e-commerce customization, demand for data-driven insights, demand for smart assistants.
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Segmentation & Regional Insights
The cognitive computing market covered in this report is segmented –
1) By Component: Platform, Service
2) By Technology: Machine Learning (ML), Human Computer Interaction, Natural Language Processing (NLP), Deep Learning
3) By Deployment mode: On-Premise, Cloud, Hybrid
4) By End-User: Banking, Financial Services And Insurance (BFSI), Healthcare, Retail And E-commerce, Information Technology And Telecom, Government And Defense, Other End Users
North America was the largest region in the cognitive computing market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in the volume of unstructured data is expected to propel the growth of the cognitive computing market going forward. Unstructured data refers to information that does not have a pre-defined data model or is not organized in a pre-determined manner, making it difficult to process and analyze using conventional databases and tools. Cognitive computing is used to analyze, interpret, and understand natural language, images, and patterns, enabling machines to mimic human decision-making processes in unstructured data. For instance, in August 2021, according to LXA, a UK-based educational business organization, it was projected that by 2025, unstructured data volumes would increase to 175 zettabytes, or 175 billion terabytes. Therefore, an increase in the volume of unstructured data is driving the growth of the cognitive computing market.
Key Industry Players
Major companies operating in the cognitive computing market report are Amazon.com Inc., Alphabet Inc., Samsung Group, Microsoft Corporation, Meta Platforms Inc., Dell Technologies Inc., Huawei Technologies Co. Ltd., Tencent Holdings Ltd., Siemens AG, General Electric Company, Accenture PLC, International Business Machines Corporation, Qualcomm Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Hewlett-Packard Enterprise Company, Nvidia Corporation, Salesforce Inc., Baidu Inc., Palantir Technologies Inc., OpenAI, UiPath, C3.ai Inc., DataRobot Inc., Clarifai Inc.
The cognitive computing market report table of contents includes:
1. Executive Summary
2. Cognitive Computing Market Characteristics
3. Cognitive Computing Market Trends And Strategies
4. Cognitive Computing Market – Macro Economic Scenario
5. Global Cognitive Computing Market Size and Growth
…
32. Global Cognitive Computing Market Competitive Benchmarking
33. Global Cognitive Computing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cognitive Computing Market
35. Cognitive Computing Market Future Outlook and Potential Analysis
36. Appendix
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