IMARC Group’s latest research report, titled “Cognitive Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global cognitive computing market reached a value of US$ 25.30 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 110.66 Billion by 2027, exhibiting a CAGR of 25.70% during 2022-2027. Cognitive computing (CC) solutions rely on natural language understanding (NLU), artificial intelligence (AI), machine learning (ML), speech and image recognition, conversant human interface, distributed and high-performance computing, etc. They offer troubleshooting and error detection services, improved data collection and interpretation, and enhanced customer retention to businesses. Cognitive computing also assists in informed and strategic decision-making, improving efficiency, intelligent financial decisions, and increasing the cost savings. As a result, these solutions find widespread applications across numerous industries, such as retail, healthcare, telecommunications, banking, financial services and insurance (BFSI), etc.
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Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation by technology, deployment type, enterprise size and industry vertical.
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape for Cognitive Computing Market
- Strategies of major players and product offerings
The escalating employment of these advanced technologies by small and medium-sized enterprises (SMEs) across the globe is primarily driving the cognitive computing market. Besides this, the rising utilization of CC in the healthcare industry by medical professionals in disease diagnosis and to determine the course of treatment for patients is further stimulating the market growth. Apart from this, the elevating usage of these solutions in assisting the investment strategists to make decisions while buying or selling in the marketplace and in providing sporting tips to athletes during a game or competition is also catalyzing the global market. Moreover, the inflating demand for CC tools in producing accurate results, assessing risks in real-time, and understanding human languages to interact with workers and customers is acting as another significant growth-inducing factor. Furthermore, the expanding information technology (IT) industry is expected to bolster the cognitive computing market in the coming years.
Key Players Included in Global Cognitive Computing Market Research Report:
- Acuiti Group
- Cisco Systems Inc.
- Enterra Solutions LLC
- Expert .AI, e-Zest Solutions Ltd
- Google LLC (Alphabet Inc.)
- International Business Machines Corporation
- Marlabs LLC
- Microsoft Corporation
- Red Skios Ltd.
- Sas Institute Inc.
- Tata Consultancy Services Ltd.
- Vantage Labs LLC
- Virtusa Corporation.
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COVID-19 Impact Overview:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Key Market Segmentation:
Breakup by Technology:
- Natural Language Processing
- Machine Learning
- Automated Reasoning
Breakup by Deployment Type:
Breakup by Enterprise Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Industry Vertical:
- IT and Telecom
- Energy and Power
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
TOC for the Cognitive Computing Market Research Report:
- Scope and Methodology
- Executive Summary
- Global Cognitive Computing Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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