Global Cognitive Computing Market to Reach US$ 138.8 Billion by 2028, Catalyzed by Increasing Data Complexity

May 29, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Cognitive Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global cognitive computing market size reached US$ 32.8 Billion in 2022. Cognitive computing refers to a technology platform capable of simulating human thought processes and providing solutions to complex problems. It involves the utilization of various advanced technologies, such as machine learning (ML), artificial intelligence (AI), natural language processing (NLP), computer vision, and automated reasoning. Cognitive computing is widely used in drug discovery, medical image analysis, customer services, banking, algorithmic trading, educational facilities, manufacturing plants, supply chain operations, and academic research. It is a highly intelligent system that can emulate human cognition processes, such as perception, decision-making, problem-solving, and language understanding. Cognitive computing also provides advanced data analysis capabilities, improves customer experience, accelerates innovations, and enhances production efficiency.

Cognitive Computing Market Trends:

The increasing data complexity across the globe owing to digital transformation and the rapid proliferation of smart devices is one of the primary factors propelling the market growth. Cognitive computing is widely used to process and analyze vast amounts of structured and unstructured data, which enables organizations to derive valuable insights, identify patterns, discover hidden relationships, and make data-driven decisions. Along with this, the widespread utilization of cognitive computing to provide personalized experiences to customers based on user data, preferences, and behavior is acting as another growth-inducing factor. Furthermore, the growing demand for cloud-based solutions that offer enhanced performance and extended storage space, enable faster processing, reduce operational costs, enhance data security, and provide remote accessibility, is contributing to the market growth. Additionally, the integration of deep learning (DL) models to improve the performance of cognitive computing systems and enable a more accurate and sophisticated analysis of complex data, such as images, texts, and videos, is positively influencing the market growth. Moreover, the widespread adoption of cognitive computing in smart city initiatives to improve urban planning, transportation systems, energy management, and public safety is providing a considerable boost to the market growth. Other factors, including the implementation of favorable government policies, extensive research and development (R&D) activities, and rapid proliferation of the Internet of Things (IoT) devices, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 138.8 Billion by 2028, exhibiting a CAGR of 25% during 2023-2028.

Market Summary:

  • On the basis of technology, the market has been divided into natural language processing, machine learning, automated reasoning, and others.
  • Based on the deployment type, the market has been bifurcated into on-premises and cloud-based.
  • On the basis of enterprise size, the market has been bifurcated into small and medium-sized and large enterprises.
  • Based on the industry vertical, the market has been classified into healthcare, BFSI, retail, government, IT and telecom, energy and power, and others.
  • On a regional basis, the market has been categorized into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being 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 and Virtusa Corporation.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Technology, Deployment Type, Enterprise Size, Industry Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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 and Virtusa Corporation.
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Global Cognitive Computing Market to Reach US$ 138.8 Billion by 2028, Catalyzed by Increasing Data Complexity
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