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Global Cognitive Computing Market: By Technology: Natural Language Processing, Machine Learning, Automated Reasoning, Others; By Deployment Type; By Enterprise Size; By Industry Vertical; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Cognitive Computing Market Outlook

The global cognitive computing market reached a value of about USD 26.9 billion in 2021. The market is further estimated to grow at a CAGR of 28.30% in the forecast period of 2023-2028 to reach a value of around USD 121.8 billion by 2027.

 

cognitive computing market

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Rising Use of Natural Language Processing to Propel the Market Growth of Cognitive Computing

Based on technology, the market is witnessing an increasing use of natural language processing for various applications across industries. Natural language processing processes human language in the form of text or voice data to comprehend its full meaning along with the speaker or writer’s intentions. This is leading to the growing importance of natural language processing, which combines computational linguistics with statistical, machine learning and deep learning models in large and small enterprises. The technology helps in streamlining business operations, simplifying critical business processes, and increasing employee productivity. The increasing use of natural processing language technology in spam detection, machine translation, virtual agents, chat boxes, social media sentiment analysis, and text summarisation is playing a critical role in the market development. Additionally, natural language processing offers several advantages, such as cost-effectiveness, faster customer service, and easy implementation. The advancements in machine learning and the dependence of natural language processing on the same are expected to create better results and capabilities in multiple applications, which is likely to aid the market over the forecast period.

 

Market Segmentation

 

cognitive computing market by segments

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Cognitive computing refers to the use of machine learning, neural networks, natural language processing, and others to analyse large amounts of data and offer better solutions in order to improve human decisions. It is based on the scientific disciplines of artificial intelligence and signal processing. The technology is used in speech recognition, sentiment analysis, face detection, risk assessment, and fraud detection, among others.

The market for cognitive computing, by technology, is divided into:

  • Natural Language Processing
  • Machine Learning
  • Automated Reasoning
  • Others

Based on deployment model, the market is bifurcated into:

  • On-Premise
  • Cloud

On the basis of enterprise size, the market is categorised into:

  • Large Enterprises
  • Small and Medium-Sized Enterprises (SMEs)

Based on industry vertical, the market is segmented into:

  • Healthcare
  • BFSI
  • Retail
  • Government and Defence
  • IT and Telecom
  • Energy and Power
  • Others

The regional markets for cognitive computing can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

cognitive computing market by region

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Increasing Deployment in Various Sectors to Drive the Market Growth of Cognitive Computing

The rising demand for cognitive computing in various sectors due to its ability to analyse the enormous structured as well as unstructured data to help humans make better decisions is significantly catalysing the market growth. Amid the COVID-19 outbreak, technologies including cognitive computing were widely utilised to support the collection, analysis, and processing of medical data for generating smart recommendations. Also, the growing importance of cognitive computing in the education sector to offer personalised course materials to students is providing impetus to the market expansion. Cognitive computing systems are being widely adopted in the expanding retail sector as they assist the retailers in boosting sales and providing personalised suggestions to customers. Additionally, the increasing cyber-attacks and the lack of skilled workers are leading to the introduction of cognitive computing to deal with cyber threats and security analytics. The governments are making significant investments to promote collaboration between industries, government bodies, and academic institutions to develop data-driven cognitive computing solutions. For instance, in August 2021, the Government of India funded Rs 100 crore to set up a cognitive computing hub at the Indraprastha Institute of Information Technology Delhi (IIIT), Delhi. Over the forecast period, the rapid technological advancements and the development of new capabilities based on cognitive computing are expected to further propel the market forward.

 

Key Players in the Global Cognitive Computing Market

The report gives a detailed analysis of the following key players in the global cognitive computing market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • e-Zest Solutions   
  • Virtusa Corp 
  • IBM Corporation
  • Microsoft Corporation
  • Cisco Systems, Inc.
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Technology
  • Deployment Type
  • Enterprise Size
  • Industry Vertical
  • Region
Breakup by Technology
  • Natural Language Processing
  • Machine Learning
  • Automated Reasoning
  • Others
Breakup by Deployment Type
  • On-Premise
  • Cloud
Breakup by Enterprise Size
  • Large Enterprises
  • Small and Medium-Sized Enterprises (SMEs)
Breakup by Industry Vertical
  • Healthcare
  • BFSI
  • Retail
  • Government and Defence
  • IT and Telecom
  • Energy and Power
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • e-Zest Solutions   
  • Virtusa Corp 
  • IBM Corporation
  • Microsoft Corporation
  • Cisco Systems, Inc.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface  
2    Report Coverage – Key Segmentation and Scope
3    Report Description 

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Cognitive Computing Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Cognitive Computing Historical Market (2018-2022) 
    8.3    Global Cognitive Computing Market Forecast (2023-2028)
    8.4    Global Cognitive Computing Market by Technology
        8.4.1    Natural Language Processing
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Machine Learning
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Automated Reasoning
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
        8.4.4    Others
    8.5    Global Cognitive Computing Market by Deployment Type
        8.5.1    On-Premise
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Cloud
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
    8.6    Global Cognitive Computing Market by Enterprise Size
        8.6.1    Large Enterprises
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Small and Medium-Sized Enterprises (SMEs)
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
    8.7    Global Cognitive Computing Market by Industry Vertical
        8.7.1    Healthcare
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    BFSI
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Retail
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2018-2022)
            8.7.3.3    Forecast Trend (2023-2028)
        8.7.4    Government and Defence
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2018-2022)
            8.7.4.3    Forecast Trend (2023-2028)
        8.7.5    IT and Telecom
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2018-2022)
            8.7.5.3    Forecast Trend (2023-2028)
        8.7.6    Energy and Power
            8.7.6.1    Market Share
            8.7.6.2    Historical Trend (2018-2022)
            8.7.6.3    Forecast Trend (2023-2028)
        8.7.7    Others
    8.8    Global Cognitive Computing Market by Region       
       8.8.1    North America
           8.8.1.1    Market Share
           8.8.1.2    Historical Trend (2018-2022) 
           8.8.1.3    Forecast Trend (2023-2028)
       8.8.2    Europe
           8.8.2.1    Market Share
           8.8.2.2    Historical Trend (2018-2022) 
           8.8.2.3    Forecast Trend (2023-2028)
       8.8.3    Asia Pacific
           8.8.3.1    Market Share
           8.8.3.2    Historical Trend (2018-2022) 
           8.8.3.3    Forecast Trend (2023-2028)
       8.8.4    Latin America
           8.8.4.1    Market Share
           8.8.4.2    Historical Trend (2018-2022) 
           8.8.4.3    Forecast Trend (2023-2028)
       8.8.5    Middle East and Africa
           8.8.5.1    Market Share
           8.8.5.2    Historical Trend (2018-2022) 
           8.8.5.3    Forecast Trend (2023-2028)
9    North America Cognitive Computing Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Cognitive Computing Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Cognitive Computing Market Analysis
    11.1    China    
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Cognitive Computing Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Cognitive Computing Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    e-Zest Solutions   
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Virtusa Corp 
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    IBM Corporation
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Microsoft Corporation
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Cisco Systems, Inc.
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Others
16    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Cognitive Computing Market: Key Industry Highlights, 2018 and 2028
2.    Global Cognitive Computing Historical Market: Breakup by Technology (USD Billion), 2018-2022
3.    Global Cognitive Computing Market Forecast: Breakup by Technology (USD Billion), 2023-2028
4.    Global Cognitive Computing Historical Market: Breakup by Deployment Type (USD Billion), 2018-2022
5.    Global Cognitive Computing Market Forecast: Breakup by Deployment Type (USD Billion), 2023-2028
6.    Global Cognitive Computing Historical Market: Breakup by Enterprise Size (USD Billion), 2018-2022
7.    Global Cognitive Computing Market Forecast: Breakup by Enterprise Size (USD Billion), 2023-2028
8.    Global Cognitive Computing Historical Market: Breakup by Industry Vertical (USD Billion), 2018-2022
9.    Global Cognitive Computing Market Forecast: Breakup by Industry Vertical (USD Billion), 2023-2028
10.    Global Cognitive Computing Historical Market: Breakup by Region (USD Billion), 2018-2022
11.    Global Cognitive Computing Market Forecast: Breakup by Region (USD Billion), 2023-2028
12.    North America Cognitive Computing Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    North America Cognitive Computing Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Europe Cognitive Computing Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Europe Cognitive Computing Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Asia Pacific Cognitive Computing Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Asia Pacific Cognitive Computing Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Latin America Cognitive Computing Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Latin America Cognitive Computing Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Middle East and Africa Cognitive Computing Historical Market: Breakup by Country (USD Billion), 2018-2022
21.    Middle East and Africa Cognitive Computing Market Forecast: Breakup by Country (USD Billion), 2023-2028
22.    Global Cognitive Computing Market Structure

Key Questions Answered in the Report

In 2021, the global cognitive computing market attained a value of nearly USD 26.9 billion.

The market is assessed to grow at a CAGR of 28.30% between 2023 and 2028.

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach almost USD 121.8 billion by 2027.

The major market drivers include the rising use of natural language processing and its cost-effectiveness, expanding retail sector, adoption of digital solutions to simplify critical business processes and increase employee productivity, and rising demand for cognitive computing in various sectors.

The key trends guiding the growth of the market include the rapid technological advancements, increasing risks of cyber-attacks, and government initiatives to promote advanced digital solutions.

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The significant technologies of cognitive computing include natural language processing, machine learning, and automated reasoning, among others.

The major segments, based on deployment model, include on-premise and cloud.

The major market segments, based on enterprise size, include large enterprises, and small and medium-sized enterprises.

The different industry verticals of cognitive computing include healthcare, BFSI, retail, government and defence, IT and telecom, and energy and power, among others.

The major players in the market are e-Zest Solutions, Virtusa Corp, IBM Corporation, Microsoft Corporation, and Cisco Systems, Inc., among others.

Analyst Review

The global cognitive computing market attained a value of nearly USD 26.9 billion in 2021, driven by the rising utilisation of cognitive computing across various industry verticals. Aided by the rapid technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 28.30%. The market is estimated to reach about USD 121.8 billion by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market for cognitive computing, by technology, is divided into natural language processing, machine learning, and automated reasoning, among others. Based on deployment model, the market is bifurcated into on-premise and cloud. On the basis of enterprise size, the market is classified into large enterprises, and small and medium-sized enterprises. Based on industry vertical, the market is segmented into healthcare, BFSI, retail, government and defence, IT and telecom, and energy and power, among others. The major regional markets for cognitive computing are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include e-Zest Solutions, Virtusa Corp, IBM Corporation, Microsoft Corporation, and Cisco Systems, Inc., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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