Cognitive Computing Market Size, Trends and Business Growth Analysis 2023-2028

What is the Market Size of Cognitive Computing ? :

IMARC Group's latest report, titled "Cognitive Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the cognitive computing technology market. The report also includes competitor and regional analysis, and contemporary advancements in the market. the global cognitive computing market size reached US$ 32.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 138.8 Billion by 2028, exhibiting a growth rate (CAGR) of 25% during 2023-2028.

What is Cognitive Computing Technology ? :

Cognitive computing refers to a computer-operated technology that uses artificial intelligence (AI) and machine learning algorithms to simulate human thought processes for reasoning, decision-making, and problem-solving. It involves systems that can learn, reason, and adapt over time by processing large amounts of data and identifying patterns and insights. It offers improved data collection and interpretation, troubleshooting and error detection, and enhanced customer retention to businesses. It also assists in informed and strategic decision-making, smart financial decisions, improving efficiency, and increasing cost savings.

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Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being

• Acuiti Group
• Cisco Systems Inc
• Enterra Solutions LLC
• Expert .AI
• e-Zest Solutions Ltd
• Google LLC (Alphabet Inc.)
• International Business Machines Corporation
• Marlabs LLC
• Microsoft Corporation
• Red Skios Ltd
• Sas Institute Inc
• Tata Consultancy Services Ltd
• Vantage Labs LLC
• Virtusa Corporation

Cognitive Computing Market Demand and Development:

The increasing demand for cognitive systems in large organizations is driving the global market. Moreover, the continuous expansion in cloud computing, the increasing use of mobile devices, and the proliferation of the internet of things (IoT) are contributing to the expansion of the cognitive computing market. In line with this, the development of advanced artificial intelligence and machine learning technologies to make cognitive computing systems more intelligent and efficient is providing a boost to the demand for cognitive computing.

Moreover, the rising demand for sophisticated data analysis and decision-making tools by various industries, including healthcare, finance, and retail, is further supporting the market. Other factors, such as continual developments of machine-to-machine technologies and the rising demand for better customer experience, are also influencing the demand.

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Key Market Segmentation:

Breakup by Technology:

• Natural Language Processing
• Machine Learning
• Automated Reasoning
• Others

Breakup by Deployment Type:

• On-premises
• Cloud-based

Breakup by Enterprise Size:

• Small and Medium-sized Enterprises
• Large Enterprises

Breakup by Industry Vertical:

• Healthcare
• BFSI
• Retail
• Government
• IT and Telecom
• Energy and Power
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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