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Global Cognitive Systems Market 2024 New Trends, Business Growth, Segmentation And Key Players Analysis Till 2033
Cognitive Systems Market
The Business Research Company presents an extensive market research report on the Cognitive Systems Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The cognitive systems market size has grown rapidly in recent years. It will grow from $38.33 billion in 2023 to $42.5 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to rise in crime rates, regulatory compliance requirements, increased awareness of security risks, integration with building management systems, remote monitoring and management.
The cognitive systems market size is expected to see strong growth in the next few years. It will grow to $60.79 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to artificial intelligence (AI) integration, cloud-based solutions, smart city initiatives, biometric access control growth, focus on sustainability. Major trends in the forecast period include cybersecurity concerns, technological advancements, integration with access control systems, biometric authentication, artificial intelligence (AI) for video analytics.
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Key Market Players:
Major companies operating in the cognitive systems market report are Alphabet Inc. , Microsoft Corporation, Dell Technologies Inc., General Electric Company, Intel Corporation, HP Inc., International Business Machines Corporation, Deloitte LLP, Cisco Systems Inc., Oracle Corporation, 3M, SAP SE, Hewlett Packard Enterprise Development LP, Tata Consultancy Services Limited, Salesforce Inc., Infosys Limited, Baidu Inc., Wipro Limited, SAS Institute Inc., Nuance Communications Inc., Tibco Software Inc., Synechron Inc., Amelia, Amazon.com Inc., CognitiveScale , Expert System S.p.A., Attivio, Enterra Solutions LLC, Numenta Inc.
Market Drivers:
The increasing demand for automation is expected to propel the growth of the cognitive systems market going forward. Automation refers to the creation and application of tools and systems that can operate with little to no need for manual intervention. Cognitive systems are used in robotics and automation, enabling machines to perform complex tasks more efficiently and effectively by providing them with the ability to monitor and analyze complex processes and handle unstructured data to improve their performance over time. For instance, in September 2023, according to the International Federation of Robotics (IFR), a Germany-based professional non-profit organization, the total number of service robots sold for professional use hit 158,000 units in 2022-an increase of 48%. Further, it is recorded that 553,052 industrial robot installations are in factories around the world-a growth rate of 5% in 2022, year-on-year. Therefore, the increasing demand for automation is driving the growth of the cognitive systems market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/cognitive-systems-global-market-report
The cognitive systems market covered in this report is segmented -
1) By Type: Hardware, Software, Services
2) By Deployment: On Premises, Cloud
3) By Application: Banking, Education, Government, Healthcare, Insurance, Manufacturing, Securities and Investment Services, Telecommunications, Transportation
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