Cognitive Computing Market Size, Technology, Competitive Analysis, Growth Drivers and Opportunities by 2023

The global cognitive computing market is growing at a CAGR of 34.2% during 2018 - 2023 and will reach $35.7 billion by 2023. Due to significant advancements in big data technologies such as analyzing volumes for structured and unstructured data, and data mining techniques, the adoption of cognitive computing in various industries has increased over the past few years. This has further led to increase in incorporation of advanced data analytics technology by business organizations for measuring the various risks associated with their strategic initiatives.

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Cloud deployment segment has been the larger revenue generator as compared to the on-premise deployment segment in the global cognitive computing market. Further, among the various technologies, natural language processing technology leads the global cognitive computing market. However, machine learning technology is expected to grow at the fastest rate during the forecast period.

Geographically, North America has been the largest market for cognitive computing, while, Asia-Pacific is expected to witness the fastest growth, during the forecast period. The anticipated growth in the market can be attributed to factors such as rapid adoption of big data technologies, growth in industry digitalization, and advancement in data analytics software industry in the region. In Asia-Pacific, the investments in cognitive computing technology and centers of excellence by major players such as IBM and Microsoft, to tap the huge potential for business are further expected to bolster market growth, across the globe.

Factors driving growth in the global cognitive computing market include significant increase in large and complex data set, evolution in computing platforms such as mobile and cloud, decreasing cost and availability of cognitive computing services, and increased adoption of new analytics based technologies for effective business transformations, globally.

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Some of the key players operating in the global cognitive computing market are IBM, Google Inc., Hewlett Packard (HP), Microsoft Corporation, Nuance Communication Inc., Oracle Corporation, SAP, Tibco Software and 3M.

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