Cognitive Systems Market Report by Product Type (Software, Services, Hardware), End-Use Sector (Banking Sector, Retail Sector, Healthcare Sector, and Others), and Region 2024-2032

Cognitive Systems Market Report by Product Type (Software, Services, Hardware), End-Use Sector (Banking Sector, Retail Sector, Healthcare Sector, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A860
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Market Overview:

The global cognitive systems market size reached US$ 46.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 512.0 Billion by 2032, exhibiting a growth rate (CAGR) of 29.5% during 2024-2032.

Report Attribute
 Key Statistics 
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 46.9 Billion
Market Forecast in 2032
US$ 512.0 Billion
Market Growth Rate 2024-2032 29.5%


Cognitive systems are self-learning technologies combining natural language processing and machine learning (ML) to ease the interaction between humans and machines. They process a considerable amount of data to respond to queries and make intelligent recommendations according to the requirements of an individual. They mimic the way a human brain works by analyzing, learning, and assessing human thought processes and improving decision making. In addition, they analyze developing patterns, identify business possibilities, and manage crucial process-related issues in real-time. As they improve consumer relationships by giving useful, relevant, and contextual information, cognitive systems find extensive applications in the manufacturing, healthcare, and banking, financial services and insurance sectors across the globe.

Cognitive Systems Market

Cognitive Systems Market Trends:

At present, there is a rise in the utilization of cognitive systems in banking and financial institutes for speeding operations and meeting the escalating demand of customers. This, along with the growing need for predictive analytics to improve the cost-effectiveness of the production process, represents one of the key factors driving the market. Moreover, there is an increase in the demand for cognitive systems to manage large unstructured data in various industries. This, coupled with the rising adoption of the internet of things (IoT) in cognitive systems, is propelling the growth of the market. Besides this, the growing employment of cognitive systems in the healthcare industry for data assimilation and advanced data analytics technologies to understand different patterns of the disease and discover a new drug for treatment is positively influencing the market. In addition, researchers are relying on the potential of cognitive solutions to enhance clinical trials and unlock new opportunities in the healthcare industry.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global cognitive systems market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on product type and end-use sector.

Breakup by Product Type:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Software
  • Services
  • Hardware
     

Software currently holds the dominant market share, due to the increasing need for efficient business processes and enhanced customer communication.

Breakup by End-Use Sector:

  • Banking Sector
  • Retail Sector
  • Healthcare Sector
  • Others
     

Cognitive systems are widely utilized in the banking sector to minimize potential risks and assist customers and employees via human interfaces.

Breakup by Region:

 

 
 

 

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  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
     

North America holds the largest market share due to the growing commercialization of predictive analytics, along with the favorable government initiatives implemented in various countries to promote the utilization of cognitive systems.

Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are International Business Machines (IBM) Corporation, Infosys Limited, HP Inc., Microsoft Corporation, and SAP SE.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, End-User Sector, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered International Business Machines (IBM) Corporation, Infosys Limited, HP Inc., Microsoft Corporation, and SAP SE
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global cognitive systems market was valued at US$ 46.9 Billion in 2023.

We expect the global cognitive systems market to exhibit a CAGR of 29.5% during 2024-2032.

The rising demand for cognitive systems in the manufacturing, healthcare, and BFSI sectors to analyze the developing patterns, identify business possibilities, and manage crucial process-related issues in real-time is primarily driving the global cognitive systems market.

The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of cognitive solutions to enhance the clinical trials for understanding the patterns of the coronavirus disease and developing effective drugs for its treatment.

Based on the product type, the global cognitive systems market has been segmented into software, services, and hardware. Currently, software holds the majority of the total market share.

Based on the end-use sector, the global cognitive systems market can be categorized into banking sector, retail sector, healthcare sector, and others. Among these, the banking sector accounts for the largest market share.

On a regional level, the market has been classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa, where North America currently dominates the global market.

Some of the major players in the global cognitive systems market include International Business Machines (IBM) Corporation, Infosys Limited, HP Inc., Microsoft Corporation, and SAP SE.

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Cognitive Systems Market Report by Product Type (Software, Services, Hardware), End-Use Sector (Banking Sector, Retail Sector, Healthcare Sector, and Others), and Region 2024-2032
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