Global Cognitive Systems Market to Reach US$ 512.0 Billion by 2032, Catalyzed by Significant Growth in BFSI Industry

November 23, 2022 | Technology & Media

According to the latest report by IMARC Group, titled “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," the global cognitive systems market size reached US$ 46.9 Billion in 2023. Cognitive systems refer to innovative technologies that use cognitive computing, natural language processing (NLP), and machine learning (ML) to enhance the interaction between humans and machines. They can perform various tasks, such as reading, writing, speaking, visualizing, listening, and learning. Cognitive systems are widely used in brain-machine interfaces, sensory prostheses, software and robotic assistants, autonomous vehicles, production systems, and wireless networks. They aid in understanding complex content, enable natural interaction with humans, make unstructured data usable, and allow continuous learning. Cognitive systems can take context into account, consider conflicting information, and analyze various inputs, such as reasoning, senses, and verbal cues, to draw conclusions and provide optimal solutions.

Global Cognitive Systems Market Trends:

The significant growth in the banking, financial services, and insurance (BFSI) industry across the globe is creating a positive outlook for the market. Cognitive systems are widely used to analyze big data, predict potential changes in business strategies, offer decision-making support, prevent fraud, improve loan underwriting, increase automation, and provide customized investment ideas. In line with this, the widespread product adoption due to growing digital banking trends to improve customer service, recognize natural language queries, and provide guidance to service agents during customer communication is acting as another growth-inducing factor. Furthermore, increasing utilization of cognitive systems in the healthcare industry to improve health information sharing, allow physicians to make better diagnosis and treatment decisions, identify the most critical attributes of a medical case, create personalized treatment plans, and uncover new insights into diseases, is providing an impetus to the market growth.

Additionally, the recent development of the cognitive Internet of things (IoT) provides advanced, intelligent, and interactive programming compared to the traditional IoT and can enhance the efficiency of sensor-driven systems, such as wearables, connected cars, and smart homes through learning, pattern recognition, and faster data processing, which is positively influencing the market growth. Moreover, the increasing product demand in industries to optimize manufacturing processes, improve productivity, reduce downtime, minimize operating costs, automate routine tasks, and generate actionable insights for decision-making, is propelling the market growth. Other factors, including widespread product utilization in education and retail sectors and the increasing demand for the solution to identify criminal activities, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 512.0 Billion by 2032, exhibiting a CAGR of 29.5% during 2024-2032.

Market Summary:

  • On the basis of the product type, the market has been divided into software, services, and hardware. Among these, software dominates the market.
  • Based on the end use sector, the market has been classified into banking, retail, healthcare, and other sectors. At present, cognitive systems are most widely utilized in the banking sector.
  • On a regional basis, the market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Currently, North America holds the largest market share.
  • The competitive landscape of the industry has also been examined, with some of the key players being International Business Machines (IBM) Corporation, Infosys Limited, HP Inc., Microsoft Corporation, and SAP SE.

About Us:

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.

Contact Us:

30 N Gould St, Ste 
Sheridan, WY (Wyoming) 82801 USA
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Cognitive Systems Market to Reach US$ 512.0 Billion by 2032, Catalyzed by Significant Growth in BFSI Industry
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More