According to the DataM report, the global cognitive computing market is expected to grow at a CAGR of 21% during the forecast period (2023-2030). Increasing demand for cognitive computing solutions for the Internet of Things (IoT), information retrieval, and Machine Learning (ML) is driving market revenue growth. Cognitive computing is a new paradigm of intelligent computing approaches and their systems are rapidly integrated into IoT devices for easing day-to-day business operations.
Globally, a large number of profit or non-profit organizations are transforming their service process and implementing cognitive computing in the IoT ecosystem. According to The World Trade Organization (WTO), globally, 51% of their members has implemented IoT in business processes such as automated license plate and readers, e-seals, QR code scanning, X-ray scanning, and in many other essential business applications.
One of the market’s emerging trends is the shift in corporate objectives toward the use of cloud-based cognitive technology. Businesses benefit from cognitive cloud computing’s ability to increase revenue, reduce costs, and enhance organizational efficiency.
To satisfy the needs of real-time user cases like supply chain optimization and product development, companies are also focusing on implementing cognitive cloud computing solutions and other types of cloud-based services. To meet the rising demand from different industries and commercial groups, the main market participants are concentrating on developing the cognitive cloud computing platform.
Cognitive computing technologies rely heavily on large amounts of data, which can raise concerns about data privacy and security. Many organizations are hesitant to adopt these technologies due to concerns about data breaches or misuse of sensitive information.
The cognitive computing market is the lack of skilled professionals. There is a shortage of professionals with the necessary expertise to develop, implement, and manage cognitive computing technologies. This shortage can limit the growth of the market and hinder the adoption of cognitive computing technologies.
The global cognitive computing market offers many opportunities for businesses and individuals looking to enter the field. Cognitive computing is a form of AI that uses ML algorithms to simulate human thought processes, allowing computers to analyze and interpret vast amounts of data to solve complex problems. The market for cognitive computing is growing rapidly, with increasing demand for advanced analytics, natural language processing, and image recognition technologies.
This has created opportunities for businesses to develop innovative cognitive computing solutions for various industries, including healthcare, finance, and retail. Additionally, there is a high demand for skilled professionals in this field, providing opportunities for individuals with expertise in data science, computer engineering, and AI to build successful careers in cognitive computing.
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COVID-19 Impact Analysis:
The COVID-19 pandemic has had a significant impact on the global cognitive computing market, both in terms of challenges and opportunities. On one hand, the pandemic has disrupted supply chains and caused economic uncertainty, which has led to a slowdown in investment in many industries. On the other hand, the pandemic has also highlighted the need for advanced technologies, such as cognitive computing to address the challenges of the crisis.
The market for cognitive computing has shifted toward remote work and virtual collaboration. As more businesses have had to operate remotely, there has been a greater demand for technologies that can support remote collaboration and communication. This has created opportunities for cognitive computing solutions that can help teams collaborate effectively and manage large volumes.
Russia-Ukraine Conflict Analysis:
As soon as Russia began its illegitimate and unjustified full-scale invasion of Ukraine, the U.S., the UN, and other countries-imposed sanctions on the country. Numerous businesses are starting to cease operations in Russia as a result of the current turmoil. As companies begin to exit the Russian market, these sanctions will undoubtedly have a big impact on the global industry.
Recent Developments in the Industry:
- In November 2021, IBM, a multinational technology company with headquarters in Armonk, New York, announced that Watson Discovery’s natural language processing would be enhanced. The startup anticipates it will assist businesses, particularly those offering financial, legal and insurance services.
- Udacity, a platform for online tuition, has declared the start of a new AI healthcare program for May 2020. The new AI course, according to the digital educator, instructs students on the application of AI in electronic health records, medical image processing, and other fields.
- Clarity Insights, a deep data analytics and machine learning company based in the United States, was acquired by Accenture Inc., an Irish company, in December 2019 to advance AI.
As per the research analysis, the global cognitive computing market is segmented by deployment into on-premises and cloud; by technology into machine learning, natural language processing (NLP), automated reasoning, and others; and by application into IT & telecom, healthcare, travel and tourism, BFSI, consumer goods & retails and others.
- Based on technology, the NLP segment accounted for the largest revenue share in 2021. NLP technology has a primary capability of cognitive computing systems that aid in the analysis of unstructured data to improve consumer experiences and productivity. NLP is widely adopted in functionality such as text summarization, sentiments, autocorrect, auto-completion, speech recognition, and in many other branches. Language identification, translation, and hierarchical extraction are the most frequently occurring functions, which are solved by NLP technology. These inherent abilities of the natural language program contribute to the growth of this segment.
- NLP research has concentrated on semi-supervised or unsupervised learning strategies that make use of enormous volumes of hand-annotated and unannotated data to learn from. Expansion is expected as a result of the increasing use of NLP techniques in healthcare and pharmaceutical industries to assist healthcare practitioners, which is driving the growth of this segment.
The global cognitive computing market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Global Cognitive Computing Market
The North America region held a dominant position in the cognitive computing market in 2022, with a revenue share of over 39.8%. The rapid uptake of integrated cloud systems and the rise of new business models are credited with this increase. The importance of data security is likely to be promoted by strong government policies in the United States and Canada, hastening the implementation of these systems in the region.
The competitive landscape of the global cognitive computing market is moderately consolidated, with few key players operating on global and regional levels. Key players are engaged in strategic alliances to expand their respective portfolios and gain a robust footing in the global market.
The major global players include IBM, Google, Saffron Technology, Cognitive Scale, Numenta, Vicarious, Enterra Solutions, Microsoft Corporation, Palantir, and Cold Light.
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The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
- Visualize the composition of the global cognitive computing market segmentation by product type, application, end user and region, highlighting the key commercial assets and players.
- By Deployment: On-premises, cloud
- By Technology: machine learning, natural language processing (NLP), automated reasoning, others
- By Application: IT & telecom, healthcare, travel and tourism, BFSI, consumer goods & retails, others
- By Region: North America, South America, Europe, Asia Pacific, Middle East & Africa
- Identify commercial opportunities in the global cognitive computing market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as Porter’s five forces analysis, supply chain analysis, pricing analysis, regulatory analysis.
- Excel data sheet with thousands of data points of global cognitive computing market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in Excel for the key product of all major market players
- The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.
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