Cognitive Computing Market 2024 Rapidly Grow By Industry Players: Palantir, Tibco Software, IBM, Cognitive Scale, Microsoft Corporation, Saffron Technology, Google, ArisGlobal, Oracle Corporation, SAP SE

Market Overview: -

Cognitive Computing Market size is projected to experience a significant growth during the forecast time frame owing to the high demand for predictive analytics and workplace performance enhancements. Predictive analytics is largely adopted by various industries such as BFSI, healthcare, pharmaceuticals, retail, and others. This technology offers machine learning capabilities and natural language query processing for real-time computing applications and decision-making. The organizational shift toward big data can lead to issues regarding inadequate sources to mine useful data from large datasets.


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Top Key Players: -

Some of the key players in the cognitive computing market include Palantir, Tibco Software, IBM, Cognitive Scale, Microsoft Corporation, Saffron Technology, Google, ArisGlobal, Oracle Corporation, and SAP SE. In June 2017, ArisGlobal announced the launch of cloud-based ArisGlobal LifeSphere to support an entire product lifecycle of an organization from clinical development to the marketing and commercialization.

Market share calculation in this report is not done based on companies covered in it. The calculation of Cognitive Computing Market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

Regional Segmentations: -

Adoption of integrated cloud platforms and the growing application of big data analytics are the key factors promoting the domination of North America cognitive computing market. Additionally, the high focus on data security and cyber breach instances have led to the increase in regulations and mandates favoring the growth of this software.

Asia Pacific cognitive computing market is anticipated to have a high CAGR during the forecast time span owing to the growth of e-commerce sector, which relies heavily on understanding the customer to aid in the organization’s decision-making process.

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The high cost of developing, deploying, and maintaining this technology is a major factor hindering the growth of the cognitive computing market. As the world is continuously changing, the software needs to be constantly updated and connected to the internet to function efficiently. The excessive cost can severely prohibit its adoption by SMEs having limited financial resources. The growing prominence of cloud technology in the cognitive computing market is posing a threat to the market’s growth in the short-term and can leave it vulnerable to third-party attacks of information theft and hacking attempts. Low awareness amongst businesses about the benefits and applications of the technology can decrease the pace of the industry growth.

The fast-growing trend of IoT is creating new avenues for the cognitive computing market. Data acquired by IoT devices is massive and unstructured and the technology helps in managing volume, unpredictability, and complexity of this information. Moreover, this will allow businesses that were earlier unable to recognize insights and patterns from disparate sources to aid in improved decision-making. Growing instances of cybercrime and hacking attacks are motivating vendors in the cognitive computing market to develop their technology to tackle this issue. IBM initialized the Watson for Cyber Security project to aid professionals in identifying threats, detecting malware, and send alerts on the level of threat imposed on the user. The technology aids organizations to identify suspicious behavior by application of behavioral biometrics and pattern analysis.

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