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Global Cognitive Systems Market to Reach US$ 201.1 Billion by 2028, Catalyzed by Significant Growth in BFSI Industry

Published on Nov 23, 2022

According to the latest report by IMARC Group, titled “Cognitive Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global cognitive systems market size reached US$ 35.1 Billion in 2022. 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.

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$ 201.1 Billion by 2028, exhibiting a CAGR of 30.94% during 2023-2028.

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.
     

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