Reports
Global Cognitive Computing Market Size, Share, Growth, Forecast: By Technology: Natural Language Processing, Machine Learning, Automated Reasoning, Others; By Deployment Type: On-Premise, Cloud; By Enterprise Size: Large Enterprises, Others; By Industry Vertical; Regional Analysis; Competitive Landscape; 2024-2032
Global Cognitive Computing Market Outlook
The global cognitive computing market size attained a value of approximately USD 31.17 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 25.60%, reaching a value of around USD 124.31 billion by 2032.
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As the efficiency and accuracy of cognitive computing continue to rise, the market is expected to witness substantial growth and increasing applications, particularly across crucial industries. With expansion of healthcare infrastructure and rapidly rising number of patients, cognitive computing is increasingly being utilised in the healthcare sector, supported by increasing penetration of machine learning and artificial intelligence (AI). Advancements in the broader cognitive computing market are aiding the seamless integration of cognitive computing with public dealing in multiple fields.
Over the forecast period, the anticipated increase in healthcare expenditure of emerging economies and incorporation of advanced medtech products like medical sensors are expected to fuel the market growth for cognitive computing. Furthermore, rapid digitalisation across sectors such as IT and telecom, BFSI, energy and power, and military and defence, are also projected to add to the market growth.
Rising Use of Natural Language Processing to Propel the Cognitive Computing Market Growth
Based on technology, natural language processing accounts for a sizable share of the cognitive computing market, supported by the increasing use of natural language processing for various applications across industries. Natural language processing examines human language in the form of text or voice data to comprehend its full meaning along with the speaker or writer’s intentions. It combines computational linguistics with statistical, machine learning, and deep learning models to give useful results. This technology helps in streamlining business operations, simplifying critical business processes, and increasing employee productivity, which is further likely to strengthen the cognitive computing market.
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 expanding the market for cognitive computing. Additionally, natural language processing offers several advantages, such as cost-effectiveness, faster customer service, and easy implementation. Advancements in machine learning and natural language processing are expected to create better results and capabilities in multiple applications, which is likely to aid the market for cognitive computing and the cognitive computing technology market growth over the forecast period.
Market Segmentation
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Cognitive computing refers to the use of machine learning, neural networks, natural language processing, and other technologies 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. Cognitive computing technology is used in speech recognition, sentiment analysis, face detection, risk assessment, and fraud detection, among others.
By technology, the market for cognitive computing is divided into:
- Natural Language Processing
- Machine Learning
- Automated Reasoning
- Others
Based on deployment type, 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 are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Increasing Deployment in Various Sectors to Drive the Market Growth of Cognitive Computing
Rising demand for cognitive computing in various sectors due to its ability to analyse vast volumes of structured as well as unstructured data to help humans make better decisions is significantly catalysing the market growth. The growing importance of cognitive computing in the education sector to offer personalised course materials to students is providing impetus to the market. In this regard, the technological advancements across schools and colleges, with innovative digital learning models are adding to the growth of the cognitive computing market.
Meanwhile, 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. Hence, the rapid digitalisation of the retail sector and introduction of computing systems in convenience stores are key trends in the cognitive computing market.
Increasing risk of cyber-attacks and the lack of skilled workers are major concerns that are addressed through the use of cognitive computing to deal with cyber threats and security analytics. Various governments are making significant investments to promote collaboration between industries, government bodies, and academic institutions to develop data-driven cognitive computing solutions. Over the forecast period, rapid technological advancements and the development of new capabilities based on cognitive computing are expected to enlarge the market size for cognitive computing technology in the overall cognitive computing market.
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.
- Amazon Web Services, Inc.
- SAS Institute Inc
- Enterra Solutions LLC
- Cognitive Scale Inc.
- Numenta, Inc.
- SparkCognition, Inc.
- COGNIWARE, S.R.O
- Acuiti Group
- Vantage Labs
- Red Skios S.A.
- BurstIQ
- TATA Consultancy Services Limited
- expert.ai S.p.A.
- C3.ai, 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 | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
|
| Breakup by Deployment Type |
|
| Breakup by Enterprise Size |
|
| Breakup by Industry Vertical |
|
| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| 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 Opportunities and Challenges in the Market
8 Global Cognitive Computing Market Analysis
8.1 Key Industry Highlights
8.2 Global Cognitive Computing Historical Market (2018-2023)
8.3 Global Cognitive Computing Market Forecast (2024-2032)
8.4 Global Cognitive Computing Market by Technology
8.4.1 Natural Language Processing
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Machine Learning
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Automated Reasoning
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Cognitive Computing Market by Deployment Type
8.5.1 On-Premise
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Cloud
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Cognitive Computing Market by Enterprise Size
8.6.1 Large Enterprises
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Small and Medium-Sized Enterprises (SMEs)
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Cognitive Computing Market by Industry Vertical
8.7.1 Healthcare
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 BFSI
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Retail
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Government and Defence
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 IT and Telecom
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 Energy and Power
8.7.6.1 Historical Trend (2018-2023)
8.7.6.2 Forecast Trend (2024-2032)
8.7.7 Others
8.8 Global Cognitive Computing Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Cognitive Computing Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Cognitive Computing Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Cognitive Computing Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Cognitive Computing Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Cognitive Computing Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
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 Amazon Web Services, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 SAS Institute Inc
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Enterra Solutions LLC
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Cognitive Scale Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Numenta, Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 SparkCognition, Inc.
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 COGNIWARE, S.R.O.
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.13 Acuiti Group
15.2.13.1 Company Overview
15.2.13.2 Product Portfolio
15.2.13.3 Demographic Reach and Achievements
15.2.13.4 Certifications
15.2.14 Vantage Labs
15.2.14.1 Company Overview
15.2.14.2 Product Portfolio
15.2.14.3 Demographic Reach and Achievements
15.2.14.4 Certifications
15.2.15 Red Skios S.A.
15.2.15.1 Company Overview
15.2.15.2 Product Portfolio
15.2.15.3 Demographic Reach and Achievements
15.2.15.4 Certifications
15.2.16 BurstIQ
15.2.16.1 Company Overview
15.2.16.2 Product Portfolio
15.2.16.3 Demographic Reach and Achievements
15.2.16.4 Certifications
15.2.17 TATA Consultancy Services Limited
15.2.17.1 Company Overview
15.2.17.2 Product Portfolio
15.2.17.3 Demographic Reach and Achievements
15.2.17.4 Certifications
15.2.18 expert.ai S.p.A.
15.2.18.1 Company Overview
15.2.18.2 Product Portfolio
15.2.18.3 Demographic Reach and Achievements
15.2.18.4 Certifications
15.2.19 C3.ai, Inc.
15.2.19.1 Company Overview
15.2.19.2 Product Portfolio
15.2.19.4 Certifications
15.2.19.3 Demographic Reach and Achievements
15.2.20 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 2032
2. Global Cognitive Computing Historical Market: Breakup by Technology (USD Billion), 2018-2023
3. Global Cognitive Computing Market Forecast: Breakup by Technology (USD Billion), 2024-2032
4. Global Cognitive Computing Historical Market: Breakup by Deployment Type (USD Billion), 2018-2023
5. Global Cognitive Computing Market Forecast: Breakup by Deployment Type (USD Billion), 2024-2032
6. Global Cognitive Computing Historical Market: Breakup by Enterprise Size (USD Billion), 2018-2023
7. Global Cognitive Computing Market Forecast: Breakup by Enterprise Size (USD Billion), 2024-2032
8. Global Cognitive Computing Historical Market: Breakup by Industry Vertical (USD Billion), 2018-2023
9. Global Cognitive Computing Market Forecast: Breakup by Industry Vertical (USD Billion), 2024-2032
10. Global Cognitive Computing Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Cognitive Computing Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Cognitive Computing Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Cognitive Computing Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Cognitive Computing Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Cognitive Computing Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Cognitive Computing Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Cognitive Computing Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Cognitive Computing Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Cognitive Computing Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Cognitive Computing Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Cognitive Computing Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Cognitive Computing Market Structure
Key Questions Answered in the Report
In 2023, the global market for cognitive computing attained a value of approximately USD 31.17 billion.
The market is assessed to grow at a CAGR of 25.60% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach almost USD 124.31 billion by 2032.
The major market drivers include the rising demand for cognitive computing in various sectors, increasing use of natural language processing, expanding retail sector, and adoption of digital solutions to simplify critical business processes and increase employee productivity.
The key cognitive computing market trends include rapid technological advancements, increasing risks of cyber-attacks, and initiatives of various governments 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 primary deployment types of cognitive computing in the market are on-premise and cloud.
The leading enterprise sizes for cognitive computing in the market are large enterprises, and small and medium-sized enterprises.
The various industry verticals in the market for cognitive computing include healthcare, BFSI, retail, government and defence, IT and telecom, and energy and power, among others.
The major players in the market, according to the report, include e-Zest Solutions, Virtusa Corp, IBM Corporation, Microsoft Corporation, Cisco Systems, Inc., Amazon Web Services, Inc., SAS Institute Inc, Enterra Solutions LLC, Cognitive Scale Inc., Numenta, Inc., SparkCognition, Inc., COGNIWARE, S.R.O., SparkCognition, Inc., Acuiti Group, Vantage Labs, Red Skios S.A., BurstIQ, TATA Consultancy Services Limited, expert.ai S.p.A., and C3.ai, Inc., among others.
Analyst Review
The global cognitive computing market attained a value of approximately USD 31.17 billion in 2023, 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 2024-2032, growing at a CAGR of 25.60%. The market is estimated to reach about USD 124.31 billion by 2032.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. By technology, the market for cognitive computing is divided into natural language processing, machine learning, and automated reasoning, among others. Based on deployment type, 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 (SMEs). 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, Cisco Systems, Inc., Amazon Web Services, Inc., SAS Institute Inc, Enterra Solutions LLC, Cognitive Scale Inc., Numenta, Inc., SparkCognition, Inc., COGNIWARE, S.R.O., SparkCognition, Inc., Acuiti Group, Vantage Labs, Red Skios S.A., BurstIQ, TATA Consultancy Services Limited, expert.ai S.p.A., and C3.ai, 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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