Cognitive Computing Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Cognitive Computing Market
The cognitive computing market size was valued at USD 11.11 billion in 2019, and the market is now projected to grow from USD 72.26 billion in 2027 to USD 185.62 billion by 2031, exhibiting a CAGR of 26.6% during the forecast period of 2020-2027.
The COVID-19 creates social stress and economic difficulties, while the utilization of technologies based on artificial intelligence and cognitive computing has accelerated. These platforms help in population screening and the risk of infection. Nevertheless, losses, which the market displayed in the beginning of its existence, can be compensated in the nearest years, and the market can increase several times.
The reason for increased market growth could be attributed to the rapidly growing need for big data services in various sectors such as IT, healthcare, and aerospace. Business expansion through big data tool application and growing data amounts are also driving the market, which was worth $189.1 billion in 2018. They are pursuing various sources, including $20 million investment by MAAM in Quantiphi for availing, AI, machine learning and big data solutions across all industries.
Cognitive technology is an emerging market that allows organizations to shift towards cloud solutions which increases their revenues, decreases costs and increases operational effectiveness. Businesses are deploying cognitive cloud solutions for immediate business purposes including supply chain management and product development. To continue to fulfill the growing demand of the industry, key players are now designing cognitive cloud platforms. This focus is increasing growth across business organizations worldwide.
Comprehensive Analysis of Cognitive Computing Market
The cognitive computing market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by components analysis, by technology analysis, by deployment analysis, by enterprise size analysis and by end-user analysis. By components analysis include platform and services. By technology analysis include machine learning (ML), natural language processing (NLP), automated reasoning, and others. By deployment analysis include on-premises and cloud. By enterprise size analysis include small & medium-sized enterprises (SME’s) and large enterprises. By end-user analysis include BFSI, healthcare, retail & e-commerce, IT & telecom, government & defense, and others.
The North America region lead the cognitive computing market share by benefitting a market size of USD 4.42 billion in 2019 due to the rising penetration of core technologies such as AI, IoT, big data.
The top players in the markets have a central responsibility in the information & communication technology industry to be sure of industrial prospectus development and to establish the market norms. These players include, Alphabet, Inc. (Google LLC), Microsoft Corporation, IBM Corporation, SparkCognition, Inc., Tata Consultancy Services (TCS), Red Skios, Saffron Technology, Inc., Acuiti, Enterra Solutions, Cognitive Scale, Inc., Palantir Technologies, ColdLight Solutions, LLC, Numenta, Vicarious these market players provide a level-playing competitive landscape.
In March 2023, Tata Consultancy Services launched the TCS Cognitive Plant Operations Adviser, a 5G-enabled solution on Microsoft Azure PMEC, to optimize production in industries like manufacturing and pharmaceuticals.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2016–2027
Base Year 2019
Forecast Period 2020–2027
Historical Period 2016 – 2018
Unit Value (USD billion)
Segmentation Component, Technology, Deployment, Enterprise Size, End-User and Region
By ComponentPlatform
Services
By TechnologyMachine Learning (ML)
Natural Language Processing (NLP)
Automated Reasoning
Others (Computer Vision, Deep Learning, Robotics, etc.)
By DeploymentCloud-based
On-premise
By Enterprise SizeSmall & Medium Enterprise (SMEs)
Large Enterprise
By End-userBFSI
Healthcare
Retail & e-commerce
IT & Telecom
Government & Defense
Others (Energy & Utilities, Transportation, etc.)
By Region
North America (the U.S., Canada, and Mexico)
Europe (U.K., Germany, France, Italy, Spain, and the Rest of Europe)
Asia-Pacific (Japan, China, India, South Korea, Australia, and the Rest of Asia- Pacific)
South America (Brazil, Argentina, and the Rest of South America)
The Middle East & Africa (South Africa, UAE, Saudi Arabia and the Rest of the Middle East & Africa)
Please Note: It will take 5-6 business days to complete the report upon order confirmation.
- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of COVID-19
- 3.3.1. Short-term Impact
- 3.3.2. Long-term Impact
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Porter’s Five Force Analysis
- 4.4. Global Cognitive Computing Market Share Analysis and Matrix, 2019
- 5. Key Cognitive Computing Market Insights and Analysis, By Segments
- 6. Global Cognitive Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 6.1. By Component (Value)
- 6.1.1. Platform
- 6.1.2. Services
- 6.2. By Technology (Value)
- 6.2.1. Machine Learning (ML)
- 6.2.2. Natural Language Processing (NLP)
- 6.2.3. Automated Reasoning
- 6.2.4. Others (Computer Vision, Deep Learning, Robotics, etc.)
- 6.3. By Deployment (Value)
- 6.3.1. Cloud
- 6.3.2. On-premises
- 6.4. By Enterprise Size (Value)
- 6.4.1. SMEs
- 6.4.2. Large Enterprises
- 6.5. By End-user (Value)
- 6.5.1. BFSI
- 6.5.2. Healthcare
- 6.5.3. Retail & ecommerce
- 6.5.4. IT & Telecom
- 6.5.5. Government & Defense
- 6.5.6. Others (Energy & Utilities, Transportation, etc.)
- 6.6. By Region (Value)
- 6.6.1. North America
- 6.6.2. Europe
- 6.6.3. Asia Pacific
- 6.6.4. Middle East & Africa
- 6.6.5. Latin America
- 7. North America Cognitive Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 7.1. By Component (Value)
- 7.1.1. Platform
- 7.1.2. Services
- 7.2. By Technology (Value)
- 7.2.1. Machine Learning (ML)
- 7.2.2. Natural Language Processing (NLP)
- 7.2.3. Automated Reasoning
- 7.2.4. Others (Computer Vision, Deep Learning, Robotics, etc.)
- 7.3. By Deployment (Value)
- 7.3.1. Cloud
- 7.3.2. On-premises
- 7.4. By Enterprise Size (Value)
- 7.4.1. SMEs
- 7.4.2. Large Enterprises
- 7.5. By End-user (Value)
- 7.5.1. BFSI
- 7.5.2. Healthcare
- 7.5.3. Retail & ecommerce
- 7.5.4. IT & Telecom
- 7.5.5. Government & Defense
- 7.5.6. Others (Energy & Utilities, Transportation, etc.)
- 7.6. By Country (Value)
- 7.6.1. United States
- 7.6.2. Canada
- 8. Europe Cognitive Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 8.1. By Component (Value)
- 8.1.1. Platform
- 8.1.2. Services
- 8.2. By Technology (Value)
- 8.2.1. Machine Learning (ML)
- 8.2.2. Natural Language Processing (NLP)
- 8.2.3. Automated Reasoning
- 8.2.4. Others (Computer Vision, Deep Learning, Robotics, etc.)
- 8.3. By Deployment (Value)
- 8.3.1. Cloud
- 8.3.2. On-premises
- 8.4. By Enterprise Size (Value)
- 8.4.1. SMEs
- 8.4.2. Large Enterprises
- 8.5. By End-user (Value)
- 8.5.1. BFSI
- 8.5.2. Healthcare
- 8.5.3. Retail & ecommerce
- 8.5.4. IT & Telecom
- 8.5.5. Government & Defense
- 8.5.6. Others (Energy & Utilities, Transportation, etc.)
- 8.6. By Country (Value)
- 8.6.1. U.K.
- 8.6.2. Germany
- 8.6.3. France
- 8.6.4. Italy
- 8.6.5. Spain
- 8.6.6. Rest of Europe
- 9. Asia Pacific Cognitive Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 9.1. By Component (Value)
- 9.1.1. Platform
- 9.1.2. Services
- 9.2. By Technology (Value)
- 9.2.1. Machine Learning (ML)
- 9.2.2. Natural Language Processing (NLP)
- 9.2.3. Automated Reasoning
- 9.2.4. Others (Computer Vision, Deep Learning, Robotics, etc.)
- 9.3. By Deployment (Value)
- 9.3.1. Cloud
- 9.3.2. On-premises
- 9.4. By Enterprise Size (Value)
- 9.4.1. SMEs
- 9.4.2. Large Enterprises
- 9.5. By End-user (Value)
- 9.5.1. BFSI
- 9.5.2. Healthcare
- 9.5.3. Retail & ecommerce
- 9.5.4. IT & Telecom
- 9.5.5. Government & Defense
- 9.5.6. Others (Energy & Utilities, Transportation, etc.)
- 9.6. By Country (Value)
- 9.6.1. China
- 9.6.2. Japan
- 9.6.3. India
- 9.6.4. Southeast Asia
- 9.6.5. Rest of Asia Pacific
- 10. Middle East & Africa Cognitive Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 10.1. By Component (Value)
- 10.1.1. Platform
- 10.1.2. Services
- 10.2. By Technology (Value)
- 10.2.1. Machine Learning (ML)
- 10.2.2. Natural Language Processing (NLP)
- 10.2.3. Automated Reasoning
- 10.2.4. Others (Computer Vision, Deep Learning, Robotics, etc.)
- 10.3. By Deployment (Value)
- 10.3.1. Cloud
- 10.3.2. On-premises
- 10.4. By Enterprise Size (Value)
- 10.4.1. SMEs
- 10.4.2. Large Enterprises
- 10.5. By End-user (Value)
- 10.5.1. BFSI
- 10.5.2. Healthcare
- 10.5.3. Retail & ecommerce
- 10.5.4. IT & Telecom
- 10.5.5. Government & Defense
- 10.5.6. Others (Energy & Utilities, Transportation, etc.)
- 10.6. By Country (Value)
- 10.6.1. GCC
- 10.6.2. South Africa
- 10.6.3. Rest of Middle East and Africa
- 11. Latin America Cognitive Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 11.1. By Component (Value)
- 11.1.1. Platform
- 11.1.2. Services
- 11.2. By Technology (Value)
- 11.2.1. Machine Learning (ML)
- 11.2.2. Natural Language Processing (NLP)
- 11.2.3. Automated Reasoning
- 11.2.4. Others (Computer Vision, Deep Learning, Robotics, etc.)
- 11.3. By Deployment (Value)
- 11.3.1. Cloud
- 11.3.2. On-premises
- 11.4. By Enterprise Size (Value)
- 11.4.1. SMEs
- 11.4.2. Large Enterprises
- 11.5. By End-user (Value)
- 11.5.1. BFSI
- 11.5.2. Healthcare
- 11.5.3. Retail & ecommerce
- 11.5.4. IT & Telecom
- 11.5.5. Government & Defense
- 11.5.6. Others (Energy & Utilities, Transportation, etc.)
- 11.6. By Country (Value)
- 11.6.1. Brazil
- 11.6.2. Mexico
- 11.6.3. Rest of Latin America
- 12. Profiles of Key Players (Would be provided for 10 players only)
- 12.1. Overview
- 12.1.1. Key Management
- 12.1.2. Headquarters etc
- 12.2. Offerings/Business Segments
- 12.3. Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- 12.3.1. Employee Size
- 12.3.2. Past and Current Revenue
- 12.3.3. Geographical Share
- 12.3.4. Business Segment Share
- 12.4. Recent Developments
- 12.4.1. Alphabet, Inc. (Google LCC) (U.S.)
- 12.4.2. Microsoft Corporation (U.S.)
- 12.4.3. IBM Corporation (U.S.)
- 12.4.4. SparkCognition, Inc. (U.S.)
- 12.4.5. Tata Consultancy Services (TCS) (India)
- 12.4.6. Red Skios (Spain)
- 12.4.7. Saffron Technology, Inc. (U.S.)
- 12.4.8. Acuiti (Australia)
- 12.4.9. Enterra Solutions (U.S.)
- 12.4.10. Cognitive Scale, Inc. (U.S.)
- 12.4.11. Palantir Technologies (U.S.)
- 12.4.12. ColdLight Solutions, LLC (U.S.)
- 12.4.13. Numenta (U.S.)
- 12.4.14. Vicarious (U.S.)
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