NEW YORK, USA, September 16, 2024 (GLOBE NEWSWIRE) — Market Overview:
Global, according to a new report released by Polaris Market Research Cognitive computing market Its size is estimated at US$ 38.13 billion in 2023 and is expected to reach US$ 333.53 billion in 2032. It is expected to generate a CAGR of 27.2% during the forecast period of 2024 to 2032.
Market Introduction:
What is cognitive computing?
Cognitive computing refers to Artificial Intelligence (AI), which mimics the human ability to think, learn and make decisions. These computerized models are capable of processing large amounts of data and recommending optimal responses that are difficult or impossible for humans. The technology also uses other techniques such as natural language processing and machine learning.
Cognitive computing systems are commonly used where large amounts of data processing are required in a variety of applications including healthcare, packaging & finance, and manufacturing. Whether data is structured or unstructured, cognitive computing is adept at integrating and cross-referencing data from various sources such as images, videos, and text.
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Market Report Attributes
| Report attributes | Details |
| Market value in 2023 | 38.13 billion US dollars |
| Market value by 2032 | 333.53 billion USD |
| CAGR | 27.2% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019–2022 |
| Forecast period | 2024–2032 |
What is the current state of the cognitive computing market?
- The growth of the cognitive computing market can be attributed to various factors such as Internet of Things (IoT), increasing demand for cognitive systems within businesses, advancement in flexible technology, and increasing investments in advanced technologies by governments and corporations. .
- The market is segmented based on technology, deployment, application, and region.
- On the basis of region, North America holds the largest market share in 2023.
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Cognitive Computing Market Key Players:
- Cold light
- Cognitive scale
- Enterra Solutions
- Google, Inc.
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Palandir
- Saffron technology
Growth drivers and trends
- Technological Advances: In the field of data science, the demand for advanced technologies is increasing, leading to the need for the development and adaptation of technologies such as automated reasoning, big data, machine learning and artificial intelligence. Hence, increasing innovations in Internet of Things (IoT) are accelerating the cognitive computing market growth.
- Increasing demand for cognitive systems: With the growing popularity of cloud services essential for processing large amounts of data, both small and large companies are adopting cognitive systems. The cost-effectiveness of cloud-based services is driving the adoption of cognitive computing in enterprises, thereby driving cognitive computing market growth.
- Investments in advanced technologies: Governments and enterprises are increasingly investing in technologies such as artificial intelligence (AI), machine learning (ML), cognitive technology, Internet of Things (IoT) and cloud computing. These findings are important for early disease detection, improving diagnostic capabilities, monitoring environmental changes, mitigating risks during economic crises, and analyzing vast amounts of data.
Which region dominates the global cognitive computing market?
In 2023, North America held the largest cognitive computing market share. The region is experiencing rapid growth in this sector due to increased internet penetration, robust IT infrastructure, widespread adoption of robotics, advancements in healthcare and rapid integration of cognitive computing into various business activities.
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Segment Outlook
Through technology
- Natural language processing
- Machine learning
- Automated reasoning
- Others
By sorting
By application
- Hygiene
- Retail sales
- BFSI
- IT & Telecom
- Government & Defence
- Security
- Others
By region
- North America (USA, Canada)
- Europe (France, Germany, England, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Browse PMR’s Cognitive Computing Market Report coverage from various publications:
Universal Cognitive computing market Its volume is expected to reach USD 333.53 billion by 2032, is expected to grow at USD 333.53 billion by 2032 and is expected to grow at a CAGR of 27.2% during the forecast period.
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting firm. The firm specializes in providing exceptional market intelligence and in-depth business research services to PMR’s clients spanning diverse industries. At Polaris, we at Polaris are committed to serving PMR’s diverse customer base in industries such as healthcare, technology, semiconductors and chemicals across various industries worldwide. We strive to provide PMR’s clients with updated information on innovative technologies, high-growth markets, evolving business environments and the latest business-focused applications. Empowered with a highly skilled, experienced and highly qualified team of professionals comprising of SMEs, Analysts and Consultants, we at Polaris strive to provide value added business solutions to PMR’s clients.
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