Cognitive Computing Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F
The global cognitive computing market is predicted to proliferate during the upcoming years owing to the growing adoption of customer service activities among numerous enterprises to decrease operating costs. Cognitive computing is a technology based on the principles of Artificial Intelligence (AI), signal processing, machine learning, and natural language processing. It helps add intelligence similar to that of a human being to various business applications that use big data. A well-known cognitive computing technique is primarily designed for processing and analyzing huge, unstructured collections. Cognitive computing is considered the next-generation technology that helps understand the complexity of unstructured data with the help of human data and helps experts make better decisions. Technologies, including natural language processing (NPL), automated reasoning, machine learning, and information retrieval, are used to translate unstructured data into a sense, inference, and prediction of the optimum solution.
The market's growth is primarily attributed to the increasing penetration of artificial intelligence, machine learning, neural networks, and integrated cloud platforms across industrial applications. Moreover, other factors driving the market include an increase in the adoption of big data analytics, the development of machine-to-machine technologies, and a rise in demand for better customer experience. Additionally, a large dataset deployment across numerous sectors is a critical trend in the cloud computing industry. This dataset includes massive amounts of information and traditional data analysis methods incompatible with processing information. Thus, organizations all over the world are focusing on the use of cognitive systems.
The growth in the demand for cognitive systems in large organizations is attributed to cloud-based services, which is anticipated to grow in small & medium-sized firms. The demand for cloud-based services in the market increases as cloud-based deployment decreases the cost of implementing cognitive computing within the organization. IBM Watson, a major player in the market for cognitive computing, is planning to launch Watson Analytics in the upcoming years. This cloud-based service is expected to accelerate the adoption of cognitive computing through the cloud. In developed countries, the demand for cognitive computing is increasing rapidly and is expected to proliferate during the forecast period. Furthermore, increasing technological advancements in artificial intelligence and machine learning have improved computing technology, which is predicted to become an emerging technology during the forecast period.
Increasing demand for computing in Retail Industry is Fueling the Market Growth
Cognitive computing trends in the retail industry have entered as a game-changer. It helps the marketing team to gather more data and then analyze it to make retailers more efficient and adaptive. Cognitive computing trends guide companies to make more profit and offer personalized suggestions to customers. Cognitive computing trends have brought countless advancements to the industry. With demand forecasting, price optimization, and website design, cognitive computing has given retailers the tools to build more agile businesses.
Growing usage of Computing for Banking & Finance is Driving the Market Growth
Cognitive computing in the banking industry is expected to help upgrade operational efficiency, customer engagement, and customer experience and growth revenues. Cognitive banking can completely reshape the banking and financial industry on three dimensions: deeper contextual engagement, new analytics insights, and enterprise transformation. Major companies have already adopted modifications for tasks such as performing various banking transactions digitally, opening a new retail account, and processing claims and loans in minutes.
Expanding the AI Technology for Sentiment Analysis is Stimulating the Market Growth
Sentiment analysis is the science of understanding emotions conveyed in communication. While it is easy for humans to understand tone, intent, etc., in a conversation, it is far more complicated for machines. For helping the machines to understand human communication, the need to feed training data from human conversations is required for the accuracy of the analysis. Sentiment analysis is popularly used to analyze social media communications such as tweets, comments, reviews, complaints, etc. Thus, along with the expanding AI Technology, the demand for sentiment analysis is expected to drive the cognitive computing market during the forecast period.
Market Segmentation
Based on Component, the market is segmented into platform and services. Based on technology, the market is fragmented into natural language processing, machine learning, deep learning, human computer technology, automated reasoning, and information retrieval. On the basis of deployment mode, the market is divided into on-premises and cloud. On the basis of organization size, the market is split into small & medium enterprises and large enterprises. Based on industry vertical, the market is disintegrated into healthcare & lifesciences, retail & e-Commerce, BFSI, security, IT & Telecom, media & entertainment, aerospace & defense, and manufacturing. On the basis of region, the market is divided North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Company Profiles
IBM Corporation, Microsoft Corporation, Oracle Corporation, Google LLC, SparkCognition, Inc., Expert System, Cisco Systems, Inc., SAP SE, Hewlett Packard Enterprise Development LP, and Enterra Solutions, are among the major players that are driving the market growth of the global Cognitive Computing market.
Report Scope:
In this report, the global Cognitive Computing market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Cognitive Computing Market, By Component:
- Platform
- Services
- Cognitive Computing Market, By Technology:
- Natural Language Processing
- Machine Learning
- Deep Learning
- Human Computer Technology
- Automated Reasoning
- nformation Retrieval
- Cognitive Computing Market, By Deployment Mode:
- On-Premises
- Cloud
- Cognitive Computing Market, By Organization Size:
- Small & Medium Enterprises
- Large Enterprises
- Cognitive Computing Market, By Industry Vertical:
- Healthcare & Lifesciences
- Retail & E-Commerce
- BFSI
- Security
- T & Telecom
- Media & Entertainment
- Aerospace & Defense
- Manufacturing
- Cognitive Computing Market, By Region:
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- North America
- United States
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Spain
- Italy
- Middle East & Africa
- Israel
- Turkey
- Saudi Arabia
- UAE
- South America
- Brazil
- Argentina
- Colombia
Company Profiles: Detailed analysis of the major companies present in the global Cognitive Computing market.
Company Information
- Detailed analysis and profiling of additional market players (up to five).
- 1. Service Overview
- 2. Research Methodology
- 3. Impact of COVID-19 on Global Cognitive Computing Market
- 4. Executive Summary
- 5. Voice of Customers
- 6. Global Cognitive Computing Market Outlook
- 6.1. Market Size & Forecast
- 6.1.1. By Value
- 6.2. Market Share & Forecast
- 6.2.1. By Component (Platform, Services)
- 6.2.2. By Technology (Natural Language Processing, Machine Learning, Deep Learning, Human Computer Technology, Automated Reasoning, Information Retrieval)
- 6.2.3. By Deployment Mode (On-Premises, Cloud)
- 6.2.4. By Organization Size (Small & Medium Enterprises, Large Enterprises)
- 6.2.5. By Industry Vertical (Healthcare & Lifesciences, Retail & E-Commerce, BFSI, Security, IT & Telecom, Media & Entertainment, Aerospace & Defense, Manufacturing)
- 6.2.6. By Region
- 6.3. By Company (2022)
- 6.4. Market Map
- 7. North America Cognitive Computing Market Outlook
- 7.1. Market Size & Forecast
- 7.1.1. By Value
- 7.2. Market Share & Forecast
- 7.2.1. By Component
- 7.2.2. By Technology
- 7.2.3. By Deployment Mode
- 7.2.4. By Organization Size
- 7.2.5. By Industry Vertical
- 7.2.6. By Country
- 7.3. North America: Country Analysis
- 7.3.1. United States Cognitive Computing Market Outlook
- 7.3.1.1. Market Size & Forecast
- 7.3.1.1.1. By Value
- 7.3.1.2. Market Share & Forecast
- 7.3.1.2.1. By Component
- 7.3.1.2.2. By Technology
- 7.3.1.2.3. By Deployment Mode
- 7.3.1.2.4. By Organization Size
- 7.3.1.2.5. By Industry Vertical
- 7.3.2. Canada Cognitive Computing Market Outlook
- 7.3.2.1. Market Size & Forecast
- 7.3.2.1.1. By Value
- 7.3.2.2. Market Share & Forecast
- 7.3.2.2.1. By Component
- 7.3.2.2.2. By Technology
- 7.3.2.2.3. By Deployment Mode
- 7.3.2.2.4. By Organization Size
- 7.3.2.2.5. By Industry Vertical
- 7.3.3. Mexico Cognitive Computing Market Outlook
- 7.3.3.1. Market Size & Forecast
- 7.3.3.1.1. By Value
- 7.3.3.2. Market Share & Forecast
- 7.3.3.2.1. By Component
- 7.3.3.2.2. By Technology
- 7.3.3.2.3. By Deployment Mode
- 7.3.3.2.4. By Organization Size
- 7.3.3.2.5. By Industry Vertical
- 8. Asia-Pacific Cognitive Computing Market Outlook
- 8.1. Market Size & Forecast
- 8.1.1. By Value
- 8.2. Market Share & Forecast
- 8.2.1. By Component
- 8.2.2. By Technology
- 8.2.3. By Deployment Mode
- 8.2.4. By Organization Size
- 8.2.5. By Industry Vertical
- 8.2.6. By Country
- 8.3. Asia-Pacific: Country Analysis
- 8.3.1. China Cognitive Computing Market Outlook
- 8.3.1.1. Market Size & Forecast
- 8.3.1.1.1. By Value
- 8.3.1.2. Market Share & Forecast
- 8.3.1.2.1. By Component
- 8.3.1.2.2. By Technology
- 8.3.1.2.3. By Deployment Mode
- 8.3.1.2.4. By Organization Size
- 8.3.1.2.5. By Industry Vertical
- 8.3.2. Japan Cognitive Computing Market Outlook
- 8.3.2.1. Market Size & Forecast
- 8.3.2.1.1. By Value
- 8.3.2.2. Market Share & Forecast
- 8.3.2.2.1. By Component
- 8.3.2.2.2. By Technology
- 8.3.2.2.3. By Deployment Mode
- 8.3.2.2.4. By Organization Size
- 8.3.2.2.5. By Industry Vertical
- 8.3.3. South Korea Cognitive Computing Market Outlook
- 8.3.3.1. Market Size & Forecast
- 8.3.3.1.1. By Value
- 8.3.3.2. Market Share & Forecast
- 8.3.3.2.1. By Component
- 8.3.3.2.2. By Technology
- 8.3.3.2.3. By Deployment Mode
- 8.3.3.2.4. By Organization Size
- 8.3.3.2.5. By Industry Vertical
- 8.3.4. India Cognitive Computing Market Outlook
- 8.3.4.1. Market Size & Forecast
- 8.3.4.1.1. By Value
- 8.3.4.2. Market Share & Forecast
- 8.3.4.2.1. By Component
- 8.3.4.2.2. By Technology
- 8.3.4.2.3. By Deployment Mode
- 8.3.4.2.4. By Organization Size
- 8.3.4.2.5. By Industry Vertical
- 8.3.5. Australia Cognitive Computing Market Outlook
- 8.3.5.1. Market Size & Forecast
- 8.3.5.1.1. By Value
- 8.3.5.2. Market Share & Forecast
- 8.3.5.2.1. By Component
- 8.3.5.2.2. By Technology
- 8.3.5.2.3. By Deployment Mode
- 8.3.5.2.4. By Organization Size
- 8.3.5.2.5. By Industry Vertical
- 9. Europe Cognitive Computing Market Outlook
- 9.1. Market Size & Forecast
- 9.1.1. By Value
- 9.2. Market Share & Forecast
- 9.2.1. By Component
- 9.2.2. By Technology
- 9.2.3. By Deployment Mode
- 9.2.4. By Organization Size
- 9.2.5. By Industry Vertical
- 9.2.6. By Country
- 9.3. Europe: Country Analysis
- 9.3.1. Germany Cognitive Computing Market Outlook
- 9.3.1.1. Market Size & Forecast
- 9.3.1.1.1. By Value
- 9.3.1.2. Market Share & Forecast
- 9.3.1.2.1. By Component
- 9.3.1.2.2. By Technology
- 9.3.1.2.3. By Deployment Mode
- 9.3.1.2.4. By Organization Size
- 9.3.1.2.5. By Industry Vertical
- 9.3.2. United Kingdom Cognitive Computing Market Outlook
- 9.3.2.1. Market Size & Forecast
- 9.3.2.1.1. By Value
- 9.3.2.2. Market Share & Forecast
- 9.3.2.2.1. By Component
- 9.3.2.2.2. By Technology
- 9.3.2.2.3. By Deployment Mode
- 9.3.2.2.4. By Organization Size
- 9.3.2.2.5. By Industry Vertical
- 9.3.3. France Cognitive Computing Market Outlook
- 9.3.3.1. Market Size & Forecast
- 9.3.3.1.1. By Value
- 9.3.3.2. Market Share & Forecast
- 9.3.3.2.1. By Component
- 9.3.3.2.2. By Technology
- 9.3.3.2.3. By Deployment Mode
- 9.3.3.2.4. By Organization Size
- 9.3.3.2.5. By Industry Vertical
- 9.3.4. Italy Cognitive Computing Market Outlook
- 9.3.4.1. Market Size & Forecast
- 9.3.4.1.1. By Value
- 9.3.4.2. Market Share & Forecast
- 9.3.4.2.1. By Component
- 9.3.4.2.2. By Technology
- 9.3.4.2.3. By Deployment Mode
- 9.3.4.2.4. By Organization Size
- 9.3.4.2.5. By Industry Vertical
- 9.3.5. Spain Cognitive Computing Market Outlook
- 9.3.5.1. Market Size & Forecast
- 9.3.5.1.1. By Value
- 9.3.5.2. Market Share & Forecast
- 9.3.5.2.1. By Component
- 9.3.5.2.2. By Technology
- 9.3.5.2.3. By Deployment Mode
- 9.3.5.2.4. By Organization Size
- 9.3.5.2.5. By Industry Vertical
- 10. South America Cognitive Computing Market Outlook
- 10.1. Market Size & Forecast
- 10.1.1. By Value
- 10.2. Market Share & Forecast
- 10.2.1. By Component
- 10.2.2. By Technology
- 10.2.3. By Deployment Mode
- 10.2.4. By Organization Size
- 10.2.5. By Industry Vertical
- 10.2.6. By Country
- 10.3. South America: Country Analysis
- 10.3.1. Brazil Cognitive Computing Market Outlook
- 10.3.1.1. Market Size & Forecast
- 10.3.1.1.1. By Value
- 10.3.1.2. Market Share & Forecast
- 10.3.1.2.1. By Component
- 10.3.1.2.2. By Technology
- 10.3.1.2.3. By Deployment Mode
- 10.3.1.2.4. By Organization Size
- 10.3.1.2.5. By Industry Vertical
- 10.3.2. Argentina Cognitive Computing Market Outlook
- 10.3.2.1. Market Size & Forecast
- 10.3.2.1.1. By Value
- 10.3.2.2. Market Share & Forecast
- 10.3.2.2.1. By Component
- 10.3.2.2.2. By Technology
- 10.3.2.2.3. By Deployment Mode
- 10.3.2.2.4. By Organization Size
- 10.3.2.2.5. By Industry Vertical
- 10.3.3. Colombia Cognitive Computing Market Outlook
- 10.3.3.1. Market Size & Forecast
- 10.3.3.1.1. By Value
- 10.3.3.2. Market Share & Forecast
- 10.3.3.2.1. By Component
- 10.3.3.2.2. By Technology
- 10.3.3.2.3. By Deployment Mode
- 10.3.3.2.4. By Organization Size
- 10.3.3.2.5. By Industry Vertical
- 11. Middle East & Africa Cognitive Computing Market Outlook
- 11.1. Market Size & Forecast
- 11.1.1. By Value
- 11.2. Market Share & Forecast
- 11.2.1. By Component
- 11.2.2. By Technology
- 11.2.3. By Deployment Mode
- 11.2.4. By Organization Size
- 11.2.5. By Industry Vertical
- 11.2.6. By Country
- 11.3. Middle East & Africa: Country Analysis
- 11.3.1. Israel Cognitive Computing Market Outlook
- 11.3.1.1. Market Size & Forecast
- 11.3.1.1.1. By Value
- 11.3.1.2. Market Share & Forecast
- 11.3.1.2.1. By Component
- 11.3.1.2.2. By Technology
- 11.3.1.2.3. By Deployment Mode
- 11.3.1.2.4. By Organization Size
- 11.3.1.2.5. By Industry Vertical
- 11.3.2. Turkey Cognitive Computing Market Outlook
- 11.3.2.1. Market Size & Forecast
- 11.3.2.1.1. By Value
- 11.3.2.2. Market Share & Forecast
- 11.3.2.2.1. By Component
- 11.3.2.2.2. By Technology
- 11.3.2.2.3. By Deployment Mode
- 11.3.2.2.4. By Organization Size
- 11.3.2.2.5. By Industry Vertical
- 11.3.3. UAE Cognitive Computing Market Outlook
- 11.3.3.1. Market Size & Forecast
- 11.3.3.1.1. By Value
- 11.3.3.2. Market Share & Forecast
- 11.3.3.2.1. By Component
- 11.3.3.2.2. By Technology
- 11.3.3.2.3. By Deployment Mode
- 11.3.3.2.4. By Organization Size
- 11.3.3.2.5. By Industry Vertical
- 11.3.4. Saudi Arabia Cognitive Computing Market Outlook
- 11.3.4.1. Market Size & Forecast
- 11.3.4.1.1. By Value
- 11.3.4.2. Market Share & Forecast
- 11.3.4.2.1. By Component
- 11.3.4.2.2. By Technology
- 11.3.4.2.3. By Deployment Mode
- 11.3.4.2.4. By Organization Size
- 11.3.4.2.5. By Industry Vertical
- 12. Market Dynamics
- 12.1. Drivers
- 12.1.1. Growing Evolution of Computing Environment
- 12.1.2. Rise in Customer Engagement Through Social Media Platforms
- 12.1.3. Increasing Demand for Intelligent Business Processes
- 12.2. Challenges
- 12.2.1. Lack of Data Management & Regulations
- 12.2.2. Concerns over Next Generation Software Development
- 13. Market Trends & Developments
- 13.1. Increasing demand for computing in Retail Industry
- 13.2. Growing usage of Computing for Banking & Finance
- 13.3. Rising Demand for Chatbots in Business
- 13.4. Expanding the AI Technology for Sentiment Analysis
- 13.5. Trend of Employing Cognitive Computing in OTT Platforms
- 14. Company Profiles
- 14.1. IBM Corporation
- 14.1.1. Business Overview
- 14.1.2. Key Revenue
- 14.1.3. Recent Developments
- 14.1.4. Key Personnel
- 14.1.5. Key Services Offered
- 14.1.6. Target Market Segments
- 14.2. Microsoft Corporation
- 14.2.1. Business Overview
- 14.2.2. Key Revenue
- 14.2.3. Recent Developments
- 14.2.4. Key Personnel
- 14.2.5. Key Services Offered
- 14.2.6. Target Market Segments
- 14.3. Oracle Corporation
- 14.3.1. Business Overview
- 14.3.2. Key Revenue
- 14.3.3. Recent Developments
- 14.3.4. Key Personnel
- 14.3.5. Key Services Offered
- 14.3.6. Target Market Segments
- 14.4. Google LLC
- 14.4.1. Business Overview
- 14.4.2. Key Revenue
- 14.4.3. Recent Developments
- 14.4.4. Key Personnel
- 14.4.5. Key Services Offered
- 14.4.6. Target Market Segments
- 14.5. SparkCognition, Inc.
- 14.5.1. Business Overview
- 14.5.2. Key Revenue
- 14.5.3. Recent Developments
- 14.5.4. Key Personnel
- 14.5.5. Key Services Offered
- 14.5.6. Target Market Segments
- 14.6. Expert System
- 14.6.1. Business Overview
- 14.6.2. Key Revenue
- 14.6.3. Recent Developments
- 14.6.4. Key Personnel
- 14.6.5. Key Services Offered
- 14.6.6. Target Market Segments
- 14.7. Cisco Systems, Inc.
- 14.7.1. Business Overview
- 14.7.2. Key Revenue
- 14.7.3. Recent Developments
- 14.7.4. Key Personnel
- 14.7.5. Key Services Offered
- 14.7.6. Target Market Segments
- 14.8. SAP SE
- 14.8.1. Business Overview
- 14.8.2. Key Revenue
- 14.8.3. Recent Developments
- 14.8.4. Key Personnel
- 14.8.5. Key Services Offered
- 14.8.6. Target Market Segments
- 14.9. Hewlett Packard Enterprise Development LP
- 14.9.1. Business Overview
- 14.9.2. Key Revenue
- 14.9.3. Recent Developments
- 14.9.4. Key Personnel
- 14.9.5. Key Services Offered
- 14.9.6. Target Market Segments
- 14.10. Enterra Solutions
- 14.10.1. Business Overview
- 14.10.2. Key Revenue
- 14.10.3. Recent Developments
- 14.10.4. Key Personnel
- 14.10.5. Key Services Offered
- 14.10.6. Target Market Segments
- 15. Strategic Recommendations
- 16. About Us & Disclaimer
- (Note: The companies list can be customized based on the client requirements.)
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