Global Cognitive Computing Market

Cognitive Computing Market Size, Share, Growth Analysis, By Deployment Type(on-premises and cloud), By Technology(natural language processing, machine learning, automated reasoning, and information retrieval), By Application(BFSI, healthcare, security, retail), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45A2227 | Region: Global | Published Date: February, 2024
Pages: 197 | Tables: 93 | Figures: 76

Cognitive Computing Market Dynamics

Global Cognitive Computing Market Drivers

Growing demand for intelligent virtual assistants

  • Intelligent virtual assistants, powered by cognitive computing technologies, have gained significant popularity in various industries. These virtual assistants, such as chatbots and voice assistants, provide personalized and interactive experiences to users, improving customer service, reducing costs, and increasing operational efficiency. The demand for intelligent virtual assistants is driven by factors like 24/7 availability, quick response times, and the ability to handle multiple customer queries simultaneously. For example, companies like Amazon with its virtual assistant Alexa and Apple with Siri have successfully integrated cognitive computing technologies into their products.

Global Cognitive Computing Market Restraints

Data privacy and security concerns

  • Cognitive computing relies heavily on collecting and analyzing vast amounts of data, including personal and sensitive information. This poses significant challenges regarding data privacy and security. Organizations must ensure that they have robust data protection measures in place to safeguard user information and comply with regulations such as the General Data Protection Regulation (GDPR). Failure to address these concerns can lead to reputational damage, legal consequences, and loss of customer trust. For example, in 2018, Facebook faced a massive data breach scandal that exposed the personal information of millions of users, highlighting the importance of data security.
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FAQs

Cognitive Computing Market size was valued at USD 25.62 billion in 2021 and is poised to grow from USD 32.75 billion in 2022 to USD 233.33 billion by 2030, at a CAGR of 27.82% during the forecast period (2023-2030).

The Cognitive Computing Market is characterized by intense competition among key players operating in the industry. Some of the major companies are focused on developing advanced cognitive computing solutions and platforms to meet the evolving demands of various industries. They heavily invest in research and development activities to enhance their existing products and develop innovative solutions. Additionally, strategic partnerships, collaborations, and acquisitions are common strategies employed by these companies to expand their market presence and gain a competitive edge. The competitive landscape is further intensified by the entry of new players and the emergence of startups offering specialized cognitive computing solutions. 'IBM (US)', 'Google (US)', 'Microsoft (US)', 'Amazon Web Services (US)', 'SAS Institute Inc. (US)', 'Intel Corporation (US)', 'Oracle Corporation (US)', 'Cisco Systems, Inc. (US)', 'Hewlett Packard Enterprise (US)', 'Nuance Communications, Inc. (US)', 'Numenta (US)', 'Salesforce.com, Inc. (US)', 'CognitiveScale (US)', 'IPsoft Inc. (US)', 'Sentient Technologies (US)', 'Expert System (Italy)', 'Vicarious (US)', 'Saffron Technology (US)', 'SparkCognition (US)', 'Rainbird Technologies (UK)'

Intelligent virtual assistants, powered by cognitive computing technologies, have gained significant popularity in various industries. These virtual assistants, such as chatbots and voice assistants, provide personalized and interactive experiences to users, improving customer service, reducing costs, and increasing operational efficiency. The demand for intelligent virtual assistants is driven by factors like 24/7 availability, quick response times, and the ability to handle multiple customer queries simultaneously. For example, companies like Amazon with its virtual assistant Alexa and Apple with Siri have successfully integrated cognitive computing technologies into their products.

Integration of cognitive computing with IoT devices: The integration of cognitive computing with Internet of Things (IoT) devices is a growing trend in the market. IoT devices generate vast amounts of data that can be leveraged by cognitive computing systems to extract meaningful insights and enable intelligent decision-making. For example, in the manufacturing industry, cognitive computing can analyze real-time data from IoT sensors to optimize production processes, predict equipment failures, and enhance operational efficiency.

North America is currently the dominating market in the cognitive computing industry, with a significant market share of more than 40.6%. The region's dominance is due to the presence of several leading market players, extensive research and development activities, and the adoption of advanced technologies across various industry verticals. An example of the North American market's dominance is IBM Corporation, which holds a significant share in the cognitive computing market due to its strong focus on research and development in artificial intelligence and machine learning. Another example is Microsoft Corporation, which has developed various cognitive computing solutions such as the Azure Cognitive Services platform, enhancing its market position and driving the market's growth in the region.

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Global Cognitive Computing Market

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