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Cognitive Computing Market Size, Driving Factors, Growth Statistics, Competitive Landscape And Forecast To 2033
Cognitive Computing Market Size
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
Major companies operating in the cognitive computing market are focused on adopting new technologies, such as 5G, to increase their profitability in the market. 5G in cognitive computing refers to the use of fifth-generation wireless technology to enhance the speed, efficiency, and connectivity of cognitive computing systems, enabling faster data processing and improved artificial intelligence functionalities. For instance, in March 2023, Tata Consultancy Services Ltd., an India-based information technology company, introduced Cognitive Plant Operations Adviser, a 5G-powered solution integrating AI, 5G, and edge computing to enable autonomous production processes including monitoring, diagnosing, optimizing, and learning capabilities. It is designed to serve sectors like manufacturing and pharmaceuticals, this tool is part of the TCS Enterprise 5G Edge suite on Microsoft Azure, aiming to revolutionize production with smarter, more flexible, and more resilient operations. It also features the creation of plant information models and offers knowledge guidance to operators.
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Major Key Players of the Market:
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, 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.
Cognitive Computing Market 2024 Key Insights:
• The cognitive computing market is expected to grow to $122.98 billion in 2028 at a compound annual growth rate (CAGR) of 24.5%.
• Rise Of Cognitive Computing In An Era Of Expanding Unstructured Data
• Advancements In AI And Machine Learning Transforming The Cognitive Computing Market
• North America was the largest region in the cognitive computing market in 2023
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