According to the report by Expert Market Research (EMR), the global cognitive computing market size is projected to grow at a CAGR of 25.60% between 2024 and 2032. Aided by the increasing integration of AI and machine learning in various sectors, aiming to enhance decision-making processes and customer experiences, the market is expected to grow significantly by 2032.
Cognitive computing represents a blend of artificial intelligence, natural language processing, machine learning, and human-centric interfaces, enabling machines to mimic human thought processes. It goes beyond traditional computing by not just processing data but understanding, learning, and interacting in a human-like manner. This advanced technology is increasingly being adopted in sectors like healthcare, finance, education, and customer service, revolutionising how businesses operate and interact with customers.
The exponential cognitive computing market growth is driven by several factors. Foremost among these is the ever-increasing volume of data generated by businesses and the need for advanced analytics to derive actionable insights. Cognitive computing systems excel in processing vast amounts of unstructured data, making sense of complex patterns, and providing predictive analytics.
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Additionally, the rise in cloud-based services and the proliferation of internet-of-things (IoT) devices have contributed significantly to the cognitive computing market demand. The growing demand for enhanced customer service with personalised experiences has also fuelled the adoption of cognitive computing solutions, particularly in the retail and banking sectors.
In healthcare, cognitive computing is being used for personalised medicine, aiding in diagnostics and treatment plans tailored to individual patients. In finance, these systems help in risk assessment, fraud detection, and customer relationship management. The education sector benefits through personalised learning experiences and adaptive learning platforms.
Geographically, North America accounts for a significant portion of the cognitive computing market share, owing to its advanced technological infrastructure and early adoption of AI technologies. However, Asia-Pacific is rapidly catching up, driven by significant investments in AI and cognitive technologies by emerging economies like China and India.
Strategic partnerships between technology providers and industry players are crucial in driving the market forward. There is also a growing trend of collaborations between universities and tech companies for research in cognitive computing, contributing to the development of more advanced and ethical AI systems.
Cognitive Computing Market Segmentation
The market can be divided based on technology, deployment type, enterprise size, industry vertical, and region.
Market Breakup by Technology
- Natural Language Processing
- Machine Learning
- Automated Reasoning
- Others
Market Breakup by Deployment Type
- On-Premise
- Cloud
Market Breakup by Enterprise Size
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
Market Breakup by Industry Vertical
- Healthcare
- BFSI
- Retail
- Government and Defence
- IT and Telecom
- Energy and Power
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Cognitive Computing Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global cognitive computing market. Some of the major players explored in the report by Expert Market Research are as follows:
- e-Zest Solutions
- Virtusa Corp
- IBM Corporation
- Microsoft Corporation
- Cisco Systems, Inc.
- Amazon Web Services, Inc.
- SAS Institute Inc
- Enterra Solutions LLC
- Cognitive Scale Inc.
- Numenta, Inc.
- SparkCognition, Inc.
- COGNIWARE, S.R.O.
- Acuiti Group
- Vantage Labs
- Red Skios S.A.
- BurstIQ
- TATA Consultancy Services Limited
- ai S.p.A.
- ai, Inc.
- Others
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