SAN FRANCISCO, Aug. 31, 2022 /PRNewswire/ — The global cognitive computing market size is projected to reach USD 225.33 billion by 2030, registering a CAGR of 27.6% from 2022 to 2030, according to a new study published by Grand View Research, Inc. The surge in demand for cognitive computing technology comes from an increased need for making better decisions, transforming industries, and democratizing expertise. The technology has become sought-after among decision-makers to handle the massive amount of data and iterative analytics. Industry leaders anticipate the use of cognitive computing systems will gain ground from the rising prominence of machine learning and natural language processing.
Key Industry Insights & Findings from the report:
- The natural language processing technology segment dominated with a revenue share of over 42.3% in 2021 due to the surging demand for pattern recognition and optical character recognition.
- Cloud systems are expected to gain momentum as they facilitate secure and integrated data storage solutions according to the business requirements.
- The Asia Pacific region is predicted to emerge as the fastest growing market owing to the rise in small and medium enterprises in emerging countries, such as India and China.
- Prominent vendors operating in the market include Google, IBM, Microsoft Corporation, Oracle Corporation, SAP, Statistical Analysis System (SAS), and Saffron Technology.
- Increased focus on research and development activities and adoption of artificial intelligence are being observed in the industry.
Read 137 page market research report, “Cognitive Computing Market Size, Share & Trends Analysis Report By Technology, By Deployment (On-premises, Cloud), By Application (BFSI, Healthcare, Security, Retail, IT & Telecom, Aerospace), By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Cognitive Computing Market Growth & Trends
Cognitive computing enables business organizations to incorporate advanced data analytics technology in their business processes to measure the risk associated with strategic initiatives. Industry players are progressively investing significantly in adopting modern cognitive solutions through profound research and development. The adoption of Artificial Intelligence and the Internet of Things that enables automated integration between software, hardware platform, and the consumer, has spurred industry growth.
Cognitive computing systems which use real-time analysis, machine learning, and natural language processing (NLP) have become sought-after to provide better results. Some of the prominent attributes, including voice recognition, text analytics, image & visual analytics, and clustering & deep learning, have encouraged leading companies to expedite investments in cognitive computing.
A notable uptick toward data analysis is expected to complement the development of cloud computing platforms and on-premises hardware equipment. Besides, advancements in cognitive technologies have augured well for market growth. For instance, cognitive systems have become the go-to technology for accurate data analysis and boosting customer interaction across industry verticals.
The healthcare industry has exhibited a profound inclination for cognitive systems to collate and assess data, including diagnostic tools, past data, medical journals, and reports. The prevalence of data-powered treatment recommendations has gained ground across emerging and advanced economies.
With companies striving to enhance customer experience, the cognitive computing process has garnered immense popularity. It has also leveraged end-users to provide valuable, contextual, and relevant inputs to the customers. It has the potential to identify strange behavior in the data by inspecting usage patterns to block cyber-attacks.
Cognitive Computing Market Segmentation
Grand View Research has segmented the global cognitive computing market based on technology, deployment, application, and region:
Cognitive Computing Market – Technology Outlook (Revenue, USD Billion, 2017 – 2030)
- Natural Language Processing
- Machine Learning
- Automated Reasoning
- Information Retrieval
Cognitive Computing Market – Deployment Outlook (Revenue, USD Billion, 2017 – 2030)
Cognitive Computing Market – Application Outlook (Revenue, USD Billion, 2017 – 2030)
- IT & Telecom
- Aerospace & Defense
Cognitive Computing Market – Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players in the Cognitive Computing Market
- Enterra Solutions
- HP Development Company, L.P.
- Microsoft Corporation
- Nuance Communications Inc.
- Oracle Corporation
- Saffron Technology
- Statistical Analysis System (SAS)
- Tibco Software
Check out more related studies published by Grand View Research:
- Edge Computing Market – The global edge computing market size is anticipated to reach USD 155.90 billion by 2030, exhibiting a CAGR of above 38.9% during the forecast period, according to a new report by Grand View Research, Inc. Artificial Intelligence (AI) integration into the edge environment is projected to drive the market growth. An edge AI system is estimated to help businesses in making real-time decisions in milliseconds. The need to minimize privacy concerns associated with transmitting huge amounts of data, as well as latency and bandwidth issues that limit an organization’s data transmission capabilities, is projected to fuel market growth in coming years.
- Cloud Computing Market – The global cloud computing market is expected to reach USD 1,554.94 billion by 2030, registering a CAGR of 15.7%, according to a new study conducted by Grand View Research, Inc. Cloud systems thrive at streamlining inter-organizational communication and providing a simplified alternative for managing corporate processes. Due to cost savings, flexibility and scalability, data security, data storage, and team collaboration, about 70% of firms have already shifted to cloud-based computing for part of their services. For instance, in October 2020, Microsoft Corporation joined with ZEISS Group to improve health care and manufacturing quality through data solutions. Together with the simplicity of deployment and lower total cost of ownership, these advantages are likely to raise cloud computing demand throughout the forecast period, driving the market growth.
- High Performance Computing Market – The global high performance computing market size is expected to reach USD 53.6 billion by 2027, expanding at a CAGR of 6.5% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. High-performance computing can be categorized into High Performance Technical Computing (HPTC) and High Performance Business Computing (HPBC). HPTC is highly used in the fields of science and engineering. It is particularly used by government agencies, defense agencies, educational and research institutions, and incumbents of the manufacturing industry, among others. On the other hand, HPBC is suitable for applications such as gaming and fraud detection. Logistics companies and providers of financial services, among others, also opt for HPBC. The rising popularity of High Performance Computing (HPC) systems among manufacturing companies, government departments, and defense agencies are particularly fueling the growth of the market.
Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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