Press release
Cognitive Computing Market Trends, Industry Size and Forecast, 2032 | 3M, Google LLC, SAP SE
The cognitive computing market was valued at $32.2 billion in 2022, and is estimated to reach $476.8 billion by 2032, growing at a CAGR of 31.3% from 2023 to 2032.The cloud segment is expected to witness the highest growth in the upcoming years, as businesses intending to implement cognitive computing technologies find cloud computing's benefits, such as scalability, flexibility, and lower infrastructure costs, compelling.
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Cognitive computing refers to the development of computer systems model that simulates the human thought process as a human brain. These systems use natural language processing capability to tackle complex situations and learn from experience. They are capable of interacting with humans in a natural/human way and help in making decisions based on learning. Cognitive computing includes self-learning systems that use pattern recognition, data mining, and natural language processing to impersonate the way the human brain works or takes decisions.
Moreover, cognitive computing is a sub-technology of artificial intelligence (AI)that includes almost the same underlying technologies to power its applications such as neural networks, expert systems, robotics, and virtual reality.
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By region, North America dominated the market share in 2022 for the cognitive computing market, owing to many of the top technology businesses and research organizations worldwide have their headquarters in North America, especially the U.S., which is expected to drive market revenue growth in the region. Moreover, increasing investement in advanced technology such as AI/ML, cloud computing, business analytics solutions and others are anticipated to propel the growth of the market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. The region has the highest number in the global population. For businesses looking to create and implement cognitive computing solutions, which is fostering the development of innovative technologies like cognitive computing.
The market players operating in the cognitive computing market analysis are 3M, Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Tibco Software Inc. and TATA Consultancy Services Limited (TCS). These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the cognitive computing industry globally.
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