Global Cognitive Computing Market Size is Estimated to Reach USD 308,759.47 million by 2031, Growing at a CAGR of 31.4%: Straits Research
Europe’s cognitive computing market grows at 30.1% CAGR, driven by demand in healthcare, finance, and research sectors. Government backing and advanced IT infrastructure fuel innovation, empowering diverse industries to leverage data for informed decision-making.
New York, United States, Feb. 06, 2024 (GLOBE NEWSWIRE) — Cognitive computing refers to simulating the human mind process using a computer system model. These systems utilize natural language processing capabilities to address complicated issues and acquire knowledge through experience. They can engage with humans in a natural/human manner and assist with learning-based decision-making. Cognitive computing includes self-learning systems that employ pattern recognition, data mining, and natural language processing to mimic how the human brain functions or makes judgments.
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Advancement in Enabling Technology Drives the Global Market
According to Straits Research, “The global cognitive computing market revenue was valued at USD 26,440.42 million in 2022. It is estimated to reach USD 308,759.47 million by 2031, growing at a CAGR of 31.4% during the forecast period (2023–2031).” Companies attempt to extract meaning from the vast amounts of available data. The ability of cognitive technology to anticipate every conceivable solution necessary to resolve specific problems has led to a considerable increase in its use by R&D businesses, a key component in the market’s expansion. Using machine learning techniques and natural language processing (NLP), cognitive computing systems are designed to assess, forecast, and draw conclusions about a given situation. In addition, commercialization investments in these technologies have improved the sale and deployment of cognitive computing applications, which has favorably affected the market expansion.
Impact on Business Application Creates Tremendous Opportunities
Large enterprises are expanding their demand for cognitive systems due to the widespread adoption of cloud-based services. Due to the decreased cost of deploying cognitive computing within a business, the total demand for cloud-based services has increased. IBM Watson, a market leader in cognitive computing, intends to provide the Watson Analytics cloud-based service in the following years to accelerate the adoption of cognitive computing via the cloud. Cognitive computing is gaining momentum in industrialized nations. This attribute of cloud-based services is anticipated to generate expansion chances for the worldwide cognitive computing market.
North American cognitive computing industry expansion rate expected to grow at a CAGR of 29.4% over the forecast period. Due to the prevalence of multiple huge industries and IT infrastructure, North America is one of the largest marketplaces for cognitive computing. Government initiatives have aided the expansion of the region’s IT infrastructure by using advanced computer systems to better serve the populace. Cognitive computing is being widely applied in the North American healthcare industry. In addition, hospitals in the United States are collaborating with Watson to improve the treatment of cancer patients and assist physicians. This is accomplished by reviewing the patient’s previous medical records. Watson is able to respond to inquiries in natural language, thereby aiding in the selection of the optimal course of therapy for patients. In addition, IBM is collaborating with the Cleveland Clinic and the New York Genome Institute to develop a Watson application that can recognize patterns in genome sequencing. This application would assist doctors and patients in making better health-related decisions.
Europe is predicted to grow at a CAGR of 30.1% over the forecast period. Europe is the second-largest revenue contributor to the cognitive computing market due to increased demand from several verticals, including healthcare, banking and finance, research and education, and government assistance. European nations are improving their IT infrastructure to remain competitive in a technologically advanced environment. For instance, the Science and Technology Facilities Council (STFC), a publicly-funded research organization, has assisted the region in becoming a leader in international science and technology. This council has assisted the region in overcoming numerous societal issues, including research and education, global energy and power, and climate change. In addition, government sponsorship is one of the primary factors contributing to the expansion of cognitive computing in Europe.
- Based on technology, the global cognitive computing market is divided into natural language processing, machine learning, automated reasoning, and others. The natural language processing segment is the highest contributor to the market and is projected to grow at a CAGR of 29.6% over the forecast period.
- Based on deployment type, the global cognitive computing market is bifurcated into on-premise and cloud. The on-premise segment owns the largest market share and is expected to grow at a CAGR of 29.0% over the forecast period.
- Based on enterprise size, the global cognitive computing market is bifurcated into small and medium enterprises and large enterprises. The small and medium enterprises segment is the highest contributor to the market and is predicted to grow at a CAGR of 30.9% over the forecast period.
- Based on industry vertical, the global cognitive computing market is divided into healthcare, BFSI, retail, government and defense, IT and telecom, energy and power, and others. The healthcare segment owns the largest market stake and is predicted to grow at a CAGR of 29.7% during the forecast period.
- North America is the most significant shareholder in the global cognitive computing market and is expected to grow at a CAGR of 29.4% over the forecast period.
The top 10 players in the global cognitive computing industry are 3M, Hewlett Packard Enterprise Development LP, Google LLC, International Business Machines Corporation, Nuance Communications Inc., Microsoft Corporation, Oracle Corporation, SAS Institute Inc., SAP SE, and Tibco Software Inc.
- In November 2022, Camgian Corporation announced the successful delivery and implementation of Taylor360, an artificial intelligence (AI)-enabled maintenance optimization platform, to Taylor Machine Works. Taylor360 utilizes Camgian’s Cognitive Computing Services to give production-ready digital capabilities that increase automation, productivity, and scale.
- In March 2023, Sanctuary Cognitive Systems Corporation (Sanctuary AI), a business to develop the world’s-first human-like intelligence in general-purpose robots, announced that it had completed the first deployment of a unique system designed to deliver the world’s-first human-like intelligence in general-purpose robots at a commercial customer facility through its partnership with Canadian Tire Corporation.
Global Cognitive Computing Market: Segmentation
- Natural Language Processing
- Machine Learning
- Automated Reasoning
By Deployment Type
By Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
By Industry Vertical
- Government and Defense
- IT and Telecom
- Energy and Power
- North America
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