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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.
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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
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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.
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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:
|
| Breakup by Technology |
|
| Breakup by Deployment Type |
|
| Breakup by Enterprise Size |
|
| Breakup by Industry Vertical |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| 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 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 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Machine Learning
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Automated Reasoning
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 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 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Cloud
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.6 Global Cognitive Computing Market by Enterprise Size
8.6.1 Large Enterprises
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Small and Medium-Sized Enterprises (SMEs)
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.7 Global Cognitive Computing Market by Industry Vertical
8.7.1 Healthcare
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 BFSI
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Retail
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Government and Defence
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 IT and Telecom
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
8.7.6 Energy and Power
8.7.6.1 Historical Trend (2018-2022)
8.7.6.2 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 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
9 North America Cognitive Computing Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Cognitive Computing Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Cognitive Computing Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Cognitive Computing Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Cognitive Computing Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 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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