Cognitive system refers to a programme which mimics the functioning of a human mind. It enhances the human engagement, personalisation, knowledge-processing, etc. Cognitive system encompasses four departments, namely, psychology, philosophy, computer science and linguistics. It employs natural language processing as well as a machine learning so as to effortlessly communicate between machines and humans. A new research report by IMARC Group, titled “Cognitive Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” estimates that the global cognitive systems market was worth US$ 25.3 Billion in 2021. The report further anticipates the market is expected to reach a value of US$ 160.2 Billion by 2027, at a projected CAGR of 34.4% during 2022-2027.
Global Cognitive Systems Market Drivers/Constraints:
- One of the primary factors influencing the market demand for cognitive systems is the use of artificial intelligence. Owing to an increase in high complicated data sets, numerous developments are taking place in the field of machine learning and data processing technologies.
- Cognitive systems assist in speeding up the operations of financial institutions like banks in order to suffice the rising demand of the consumers. Apart from this, the adoption of cognitive systems in the healthcare sector helps in collecting real-time data about patients for better decision making by the physician/ doctors.
- Predictive analytics provide customised programmes for users, based on their demand. Moreover, it aids in enhancing the cost-effectiveness of the production process, thereby propelling the growth of the cognitive systems market.
- However, lack of awareness in the end user verticals, particularly in the emerging market acts as one of the major factors that is expected to obstruct the cognitive systems market growth.
Product Type Insights:
On the basis of type, the cognitive systems market is segregated as software, services and hardware. Amongst these, software accounts for majority of the global cognitive systems market.
Based on end-use, the report finds that banking sector currently represents the biggest end-use segment of cognitive systems. Banking sector is followed by retail sector, healthcare sector and others.
On a geographical front, North America enjoys a leading position in the global cognitive systems market accounting for the largest market share. North America is followed by Europe, Asia Pacific, Latin America, and Middle East and Africa.
The market is highly fragmented with the presence of both small as well as large manufacturers who are competing in terms of prices and quality. There is a rigid competition in the market which makes it difficult for small players to enter. Some of the leading players operating in the market are:
- HP Inc.
- Microsoft Corporation
- SAP SE
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