Cognitive Computing Market

Analysts at GMI Research estimates that the Cognitive Computing Market was worth USD 26.9 billion in 2021, and forecast to touch USD 200.0 billion in 2029, growing at a significant higher CAGR of 28.5% from 2022-2029.

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Key Drivers

The significant factors boosting the growth of the Global Cognitive Computing market include the increasing number of complex and large dataset, rising demand of intelligent business process, continuous evolution in computing environment, and rise in customer engagement through social media platform across the globe. In present digital landscape, businesses are focusing on one-to-one interaction with customers on completely new level. Business-to-customer companies are adopting cognitive technology to enhance customer shopping experience and to learn about customer aspiration. Cognitive computing combines structured and unstructured data, which provides powerful new tools that can analyze and process assisted customer interactions at scale, in real time. Therefore, businesses derive powerful insights into customer thinking as customers can easily find the offering that suits them and exhibits superior loyalty and engagement towards the brand. For instance, Macy’s Inc, one of the department store retailers in the U.S. launched cognitive mobile web tool named Macy’s On Call, which helps shoppers to locate items and enhance in-store experience.

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Business Function – Segment Analysis

Based on the business function, the market is segmented into human resource, operation, finance, marketing & sales, and others. The operation segment is expected to grow at a higher CAGR over the forecast period. Cognitive computing solutions enables companies to enhance operational efficiencies and reduce overhead cost. Operations segment are adopting cognitive solutions and services as it aids them in catering real time use cases such as, supply chain and production optimization to obtain higher return on investment (ROI).

Deployment Mode – Segment Analysis

Based on deployment, the market is segmented into on-premises, cloud, and hybrid. The hybrid segment is anticipated to lead the market during the forecast period due to its feature to automate equipment maintenance process and maximize profits. Businesses are adopting hybrid solutions as it helps them overcome the drawbacks related to traditional IT methodologies by providing cost-efficiency, flexibility, agility, scalability and ease in data generation.

Organization size – Segment Analysis

Based on the Organization size, the SMEs are projected to grow at a higher CAGR over the forecast period. The cognitive computing solutions supports workloads in the SMEs without increasing employee headcount. The technology provides automation which reduces the need of traditional IT infrastructure and provide real time data by eliminating manual errors.

Industry Vertical – Segment Analysis

Based on the industry, the market is segmented into BFSI, retail & e-commerce, telecommunication & IT, healthcare & life sciences, manufacturing, government & defense, media & entertainment, travel & hospitality, and others. The healthcare & life science segment is anticipated to lead the market during the forecast period. The cognitive computing solutions helps in expanding the knowledge of clinicians in designing customized treatment modules. Moreover, it makes the diagnosis process faster as cognitive computing technology is efficient in recognizing and understanding patterns and helps in understanding what the patient is suffering from and what actions are required to be taken.

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Regional – Segment Analysis

Based on the region, the North America region is projected to grow at a higher CAGR over the forecast period due to the high usage of internet and increasing adoption of cognitive computing technology by start-ups. Moreover, technologies like IoT and 5G has boosted the growth of cognitive computing technology in North America. On Contrary, Asia-Pacific region is expected to grow at a high CAGR over the forecast period owing to the adoption of cloud-based services in SMEs across the region.

Top Market Players

Various notable players of the Global Cognitive Computing Market include Microsoft Corporation, Google LLC, IBM Corporation, Numenta Inc, SAS Institute, AWS, Cisco Systems Inc, Spark Cognition, CognitiveScale, and Cognitive Software Group among others.

Key Developments

• • In 2019, Microsoft Corporation, Schlumberger Limited, and Chevron Corporation collaborated to accelerate creation of innovative digital and petrotechnical technologies. As a part of collaboration, the three companies worked together to build Azure-native applications in DELFI* cognitive E&P environment. This enabled companies to visualize, process, interpret, and obtain meaningful insights from numerous data sources.

Segments covered in the Report:

Global Cognitive Computing Market has been segmented based on Component, Business Function, Application, Technology, Deployment Mode, Organization Size, and Industry Vertical. Based on Component, the market is segmented into Platform and Services. Based on Business Function, the market is segmented into Human Resource, Operation, Finance, Marketing and Sales, and Others. Based on Application, the market is segmented into Automation, Intelligent Virtual Assistants and Chatbots, Behavioral Analysis, Biometrics, and Others. Based on technology, the market is segmented into Machine Learning, HMI/HCI, Natural Language Processing, and Deep Learning. Based on Deployment Mode, the market is segmented into On-Premises, Cloud, and Hybrid. Based on Organization Size, the market is segmented into SMEs, and Large Enterprises. Based on Industry Vertical, the market is segmented into BFSI, Retail & e-commerce, Travel & Hospitality, Government and Defense, IT & Telecommunications, Healthcare & Life Sciences, Manufacturing, Media & Entertainment, and Others.

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Key questions answered in this research report:

• • At what pace is the global Cognitive Computing market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global Cognitive Computing market? What will be the impact of drivers and restraints in the future?
  • What is the Global Cognitive Computing Market Size in 2021?
  • What are the various technologies of the global Cognitive Computing market and how they are poised to grow?
  • Which component generated maximum revenues in 2021 and identify the most promising components during the forecast period?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Cognitive Computing market?

Market Segmentation

Global Cognitive Computing Market by Component

• • Platform
  • Service
    • Managed Services
    • Professional Services

Global Cognitive Computing Market by Business Function

• • Human Resource
  • Operation
  • Finance
  • Marketing and Sales
  • Others

Global Cognitive Computing Market by Technology

• • Machine Learning (ML)
  • Human Computer Interaction
    • Computer Vision
    • Machine Vision
    • Robotics
  • Natural Language Processing (NLP)
  • Deep Learning
    • Prescriptive and Predictive Modeling
    • Decision Making

Global Cognitive Computing Market by Application

• • Automation
  • Intelligent Virtual Assistants
  • Behavioural Analysis
  • Biometrics
  • Others (eLearning and smart education and eTherapy)

Global Cognitive Computing Market by Deployment Mode

• • On-premise
  • Cloud
  • Hybrid

Global Cognitive Computing Market by Organization Size

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

Global Cognitive Computing Market by Industry Vertical

• • BFSI
  • Retail and eCommerce
  • Telecommunication and IT
  • Healthcare and Life Sciences
  • Manufacturing
  • Government and Defense
  • Media and Entertainment
  • Travel and Hospitality
  • Others (Energy and Utilities, Transportation and Logistics, and Education)

Global Cognitive Computing Market by region

• • North America Cognitive Computing Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Technology
    • By Application
    • By Deployment Mode
    • By Organization Size
    • By Business Function
    • By Industry Vertical
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Cognitive Computing Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Technology
    • By Application
    • By Deployment Mode
    • By Organization Size
    • By Business Function
    • By Industry Vertical
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Cognitive Computing Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Technology
    • By Application
    • By Deployment Mode
    • By Organization Size
    • By Business Function
    • By Industry Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Cognitive Computing Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Technology
    • By Application
    • By Deployment Mode
    • By Organization Size
    • By Business Function
    • By Industry Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Leading Market Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • Microsoft Corporation
  • Google LLC
  • IBM Corporation
  • Numenta Inc
  • SAS Institute
  • AWS
  • Cisco Systems Inc
  • Spark Cognition
  • CognitiveScale
  • Cognitive Software Group