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Cognitive Computing Global Market Report 2024 - By Growth, Size, Share, Report, Outlook By 2033
Cognitive Computing Market
The Business Research Company presents an extensive market research report on the Cognitive Computing 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 computing market size has grown exponentially in recent years. It will grow from $39.95 billion in 2023 to $51.03 billion in 2024 at a compound annual growth rate (CAGR) of 27.7%. The growth in the historic period can be attributed to rising adoption of iot devices and big data analytics, government and defense applications, retail and e-commerce customization, demand for data-driven insights, demand for smart assistants.
The cognitive computing market size is expected to see exponential growth in the next few years. It will grow to $122.98 billion in 2028 at a compound annual growth rate (CAGR) of 24.5%. The growth in the forecast period can be attributed to increased data volumes, growth of cloud computing, demand for enhanced customer experiences, autonomous systems evolution, cybersecurity enhancements. Major trends in the forecast period include advancements in machine learning and AI, advances in quantum computing, integration with 5G technology, convergence with blockchain, natural language processing advances, augmented reality (AR) and virtual reality (VR) integration.
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Key Market Players:
Major companies operating in the cognitive computing market report are Amazon.com Inc., Alphabet Inc., Samsung Group, Microsoft Corporation, Meta Platforms Inc., Dell Technologies Inc., Huawei Technologies Co. Ltd., Tencent Holdings Ltd., Siemens AG, General Electric Company, Accenture* PLC, International Business Machines Corporation, Qualcomm Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Hewlett-Packard Enterprise Company, Nvidia Corporation, Salesforce Inc., Baidu Inc., Palantir Technologies Inc., OpenAI, UiPath, C3.ai Inc., DataRobot Inc., Clarifai Inc.
Market Drivers:
The increase in the volume of unstructured data is expected to propel the growth of the cognitive computing market going forward. Unstructured data refers to information that does not have a pre-defined data model or is not organized in a pre-determined manner, making it difficult to process and analyze using conventional databases and tools. Cognitive computing is used to analyze, interpret, and understand natural language, images, and patterns, enabling machines to mimic human decision-making processes in unstructured data. For instance, in August 2021, according to LXA, a UK-based educational business organization, it was projected that by 2025, unstructured data volumes would increase to 175 zettabytes, or 175 billion terabytes. Therefore, an increase in the volume of unstructured data is driving the growth of the cognitive computing market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/cognitive-computing-global-market-report
The cognitive computing market covered in this report is segmented -
1) By Component: Platform, Service
2) By Technology: Machine Learning (ML), Human Computer Interaction, Natural Language Processing (NLP), Deep Learning
3) By Deployment mode: On-Premise, Cloud, Hybrid
4) By End-User: Banking, Financial Services And Insurance (BFSI), Healthcare, Retail And E-commerce, Information Technology And Telecom, Government And Defense, Other End Users
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