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Cognitive Operations Market Share, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Cognitive Operations Market Share
According to The Business Research Company's, The cognitive operations market size has grown exponentially in recent years. It will grow from $10.67 billion in 2023 to $13.17 billion in 2024 at a compound annual growth rate (CAGR) of 23.4%. The growth in the historic period can be attributed to increasing cyber threats, rising incidents of cyberattacks, incident response challenges, growing sophistication of malware, global connectivity..
The cognitive operations market size is expected to see exponential growth in the next few years. It will grow to $28.64 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to increasing adoption of iot, cloud security requirements, zero trust security models, evolving threat landscape, advanced persistent threats.. Major trends in the forecast period include increased integration with cloud security, ai-driven threat intelligence, continuous adaptive risk and trust assessment, privacy-preserving technologies, collaborative threat intelligence sharing..
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Market Drivers and Trends:
The surge in digital transformation is expected to propel the growth of cognitive operations market going forward. Digital transformation refers to the strategic integration and optimization of digital technologies, data-driven processes and innovative business models to enhance operational efficiency, customer experiences and overall competitiveness within an organization. Digital transformation enhances cognitive operations by leveraging advanced technologies, such as artificial intelligence and machine learning, to automate routine tasks, analyze vast amounts of data for informed decision-making, and empower cognitive processes that lead to more adaptive, efficient, and intelligent business operations. For instance, in December 2021, according to The Robot Report by WTWH Media LLC, a US-based media company, China unveiled a comprehensive five-year digital transformation plan led by the Ministry of Industry and Information Technology. By 2025, more than 70 percent of large-scale Chinese enterprises were expected to be digitalized, accompanied by the construction of over 500 demonstration manufacturing facilities nationwide. Therefore, the surge in digital transformation is driving the growth of the cognitive operations market.
Major companies operating in the cognitive operations market are developing new products, such as cognitive AI platforms, to gain a competitive edge in the market. A cognitive AI platform refers to an advanced technological system that integrates cognitive computing capabilities, such as machine learning, natural language processing and pattern recognition, to simulate human-like intelligence and decision-making processes. For instance, in November 2023, Burson Cohn & Wolfe, a US-based public relations company, launched the Decipher Index, a platform leveraging cognitive artificial intelligence (AI) to predict upcoming top global macro trends. Developed in collaboration with Limbik, a US-based cognitive AI company, the Decipher Index identifies over 20 macro themes and issues expected to shape global interest in the next 12 months, offering businesses and organizations valuable insights to anticipate and navigate potential crises or capitalize on emerging opportunities. The platform's cognitive AI continuously analyzes data, providing weekly updates and regional rankings, with themes ranging from elections and artificial intelligence to sustainability and cultural issues. It aims to empower leaders with real-time information for proactive decision-making in a complex and transformative landscape.
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Major Key Players of the Market:
Major companies operating in the cognitive operations market report are Alphabet Inc., Microsoft Corporation, AppDynamics, International Business Machines Corporation (IBM), Cisco Systems Inc., Broadcom Inc., VMware Inc., ServiceNow Inc., SAS Institute Inc., Micro Focus International Plc, Splunk Inc., BMC Software, Inc., Palantir Technologies Inc., Dynatrace LLC, New Relic Inc., Sumo Logic, Kofax Inc., HCL Technologies, ScienceLogic Inc., CA Technologies, Corvil, Interlink Software Services Ltd, Bay Dynamics Inc., DEVO Technology Inc., Risc Networks, Loom Systems Inc., Correlata Solutions Inc., Cloudfabrix Software Inc., Logz.io, Zenoss Inc.
Cognitive Operations Market 2024 Key Insights:
• The cognitive operations market is expected to grow to $28.64 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%.
• Rise In Digital Transformation Drives Growth In The Cognitive Operations Market
• Cognitive AI Platforms Transforming The Cognitive Operations Market
• North America was the largest region in the cognitive operations market in 2023
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