Cognitive Computing Market Size: Gross Margin, Cost, And Revenue Forecasts For 2023-2031

Natural language processing and machine learning have generated nearly 44% and 30% of the revenue respectively, in 2014. Retail and security would be the fastest growing application segments registering CAGR of 35.8% and 36.5% respectively, during the forecast period. Cognitive computing processes extraordinary volumes of complex data and dramatically enhances the productivity levels in enterprises. Cognitive computing is considered as a next-generation system that interacts in human language and helps human experts to make better decisions by understanding the complexity of big data. Cognitive computing can process human language, unstructured data and can even self-learn by experience and perform tasks similar to the ones done by humans.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

In the current scenario, big data is increasing due to digitalization and most of the data is received in unstructured form such as images, videos, natural language and symbols. Cognitive computing, with the help of different technologies such as natural language processing, machine learning and automated reasoning, translates unstructured data to sense, and infers and predicts the best solution. Cognitive computing is majorly used in BFSI, healthcare, security, and retail applications. Increasing volume of unstructured data and advancements in technology largely drive the cognitive computing market. Cloud based technological advancements, development of innovative hardware and software systems and cognitive experience interfaces would further create opportunities for the cognitive computing market.

The Cognitive computing market for cognitive computing is segmented on the basis of technology, applications, end user, deployment type and geography. Natural language processing technology accounted for the maximum revenue share in 2014 and this segment would continue to dominate during the forecast period (2015 - 2020).

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The key players in the market are acquiring specialized technology companies to gain technical expertise in order to develop innovative solutions. In March 2015, IBM acquired AlchemyAPI, one of the leading providers of scalable API services and deep learning technology, which would aid the development of IBM’s next generation cognitive computing applications. In Jan 2014, Google acquired the cognitive computing start-up DeepMind with the aim to integrate DeepMind’s NLP technology into its core search product for better understanding the queries written in a natural language.

KEY BENEFITS

The report provides an in depth analysis of the market and offers current and future trends to identify lucrative investment pockets in the market

The report identifies the key drivers, opportunities and restraints along with their impact analysis

Porters five forces analysis provides a clear idea regarding the potency of the buyers and suppliers participating in this market. This would further lend competitive advantage to the stakeholders in making profitable business decisions

Current and future trends are outlined to determine the overall attractiveness and figure out profitable trends in order to gain a stronger foothold in the market

A detailed qualitative and quantitative analysis of the market through 2014 - 2020 is provided to highlight the market potential

MARKET SEGMENTATION

The market is segmented on the basis of technology, application, end user, deployment type and geography.

Global Market - By Technology Type

Natural Language Processing

Machine Learning

Automated Reasoning

Others (Information Retrieval)

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Global Market - By Applications

Healthcare

BFSI

Retail

Government (Defense)

IT & Telecom

Security

Others (Travel & Tourism, Media and Entertainment, Energy & Power, Research & Education)

Global Market - By End User

Large Enterprises

Small and medium businesses (SMBs)

Global Market - By Deployment Type

On-Premise Software

Cloud-based Services

Global Market - By Geography

North America

Europe

Asia-Pacific

LAMEA

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