The ‘Global Cognitive Computing Market Share, Size, Trends, Growth, Analysis, Key Players, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global cognitive computing market, assessing the market on the basis of its segments like technology, deployment type, enterprise size, industry vertical, and major regions.
Cognitive Computing Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 28.30%
Cognitive computing is gaining traction in the government and defence industry to tackle security breaches, intrusion threats, and to facilitate various tactical military operations. Over the forecast period, the increasing geopolitical tensions are expected to propel the demand for cognitive computing. The heightened dependence on technologies such as facial recognition systems and speech recognition across intelligence agencies, are further adding to the market growth.
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The increasing application of cognitive computing in the healthcare sector is another driving factor of the market. Cognitive computing improves decision-making and efficiency of acquisition of patient data for better diagnosis. Hence, the rising healthcare expenditure, coupled with the rapid digitalisation across the healthcare units are bolstering the cognitive computing market growth. Moreover, the increasing digitalisation of enterprises, supported by the growing adoption of high-end gadgets such as smartphones and laptops, is another driving factor of the market for crucial cognitive computing.
Cognitive Computing Industry Definition and Major Segments
Cognitive computing refers to a digital solution which aims at handling uncertain situations by simulating human brain processes. In other words, cognitive computing mimics human brain in order to handle situations where artificial intelligence is not sufficient. Cognitive computing is incorporated in technologies such as speech recognition, face detection, and detection of sentiments, among others.
Based on technology, the market is segmented into:
- Natural Language Processing
- Machine Learning
- Automated Reasoning
On the basis of deployment type, the market is bifurcated into:
Based on enterprise size, the market is categorised into:
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
By industry vertical, the market is segmented into:
- Government and Defence
- IT and Telecom
- Energy and Power
On the basis of region, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Cognitive Computing Market Trends
The key trends in the global cognitive computing market include the technological advancements in the BFSI industry which are bolstering the incorporation of artificial intelligence (AI) and machine learning (ML). Cognitive computing also helps prevents fraudulent transactions which are likely to witness a surge amidst the rapid adoption of digital payments and smartphones as modes of payment.
The emergence of innovative computing solutions, such as voice recognition, natural language processing, and deep learning, among others, across industries are key trends in the market. Combination of new and emerging technologies with cognitive computing offers extensive opportunities for further applications. In addition, increasing investments in robotic automation are likely to offer opportunities to the global cognitive computing market.
In terms of regions, North America holds a decent share in the cognitive computing market, which is being driven by the presence of strong cloud-based service providers. The favourable initiatives by governments in the region, aimed towards encouraging the digital infrastructure are expected to accelerate the market growth.
Key Market Players
The major players in the cognitive computing market report are:
- e-Zest Solutions
- Virtusa Corp
- IBM Corporation
- Microsoft Corporation
- Cisco Systems, Inc.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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