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Cognitive Cloud Computing Market Size, Share, Growth & Forecast 2024-2033 | Analysis & Key Players
Cognitive Cloud Computing Market Size
According to The Business Research Company's, The cognitive cloud computing market size has grown exponentially in recent years. It will grow from $32.21 billion in 2023 to $42.36 billion in 2024 at a compound annual growth rate (CAGR) of 31.5%. The growth in the historic period can be attributed to adoption of cloud computing infrastructure and services, demand for data analytics and insights across various industries, expansion of hybrid and multi-cloud strategies, and rise of Internet of Things (IoT) devices.
The cognitive cloud computing market size is expected to see exponential growth in the next few years. It will grow to $127.99 billion in 2028 at a compound annual growth rate (CAGR) of 31.8%. The growth in the forecast period can be attributed to increasing adoption of AI and machine learning, growing need for advanced cloud computing solutions, proliferation of Internet of Things (IoT) devices, rise of personalized customer experiences, and demand for cost-efficient IT solutions. Major trends in the forecast period include increased adoption of cognitive cloud computing solutions, increasing adopt hybrid and multi-cloud strategies, integration of AI technologies, growing trend towards incorporating cognitive capabilities into edge computing environments, and increasing regulatory requirements.
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Market Drivers and Trends:
The increasing volume of raw data is expected to propel the growth of the cognitive cloud computing market going forward. Raw data refers to unprocessed, unorganized, and unstructured information collected directly from its source. It has not undergone any analysis, transformation, or manipulation. The increase in the volume of raw data is due to the proliferation of digital devices, the growth of online activities, the Internet of Things (IoT) devices, and the increasing digitization of various industries. Cognitive cloud computing utilizes sophisticated AI algorithms to effectively handle and analyze vast amounts of data, facilitating quicker insights and decision-making through automated learning and adaptable features. For instance, in December 2022, according to the Linux Foundation, a US-based non-profit consortium, an average end-user organization with a storage capacity of up to 20 petabytes experienced annual data growth of 566 TB in 2021 and 1,746 TB in 2022. Further, yearly data growth for organizations with a storage capacity of up to 25 petabytes reached a significant 2,208 TB in 2022, three times more than in 2021 (700 TB). Therefore, the increasing volume of data is driving the growth of the cognitive cloud computing market.
Major companies operating in the compliance management software market focus on developing innovative solutions such as compliance managers, to meet the growing demand for enhanced digital compliance and regulatory requirements. A compliance manager streamlines the compliance process for customers, offering an end-to-end experience from purchasing and setup to centralized management and support. For instance, in March 2024, Zoom Video Communications, Inc., a US-based communications technology company, launched its new IT Zoom compliance manager to enhance digital compliance by providing an all-in-one solution. It offers unique features such as integrated platform compliance capabilities, archiving, eDiscovery, legal hold, risk detection, data loss prevention, automated alerts, task management, and reporting to enhance communications compliance effectively. This comprehensive solution aims to assist organizations in meeting regulatory requirements and minimizing communication compliance risks amid stricter regulations and potential threats.
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Major Key Players of the Market:
Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, Dell Inc., Amazon Web Services, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Cisco Systems Inc., PricewaterhouseCoopers International Limited, Oracle Corporation, SAP SE, NVIDIA Corporation, Hewlett Packard Enterprise Company, Tata Consultancy Services Limited, Salesforce.com Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Adobe Inc., VMware Inc., HCL Technologies Limited, Wipro Limited, Red Hat Inc., BMC Software Inc., Mphasis Limited
Cognitive Cloud Computing Market 2024 Key Insights:
• The cognitive cloud computing market size is expected to see exponential growth in the next few years. It will grow to $127.99 billion in 2028 at a compound annual growth rate (CAGR) of 31.8%.
• The Growth Of Cognitive Cloud Computing Fueled By Rising Data Volumes
• Advancements In Generative Artificial Intelligence (AI) Transforming Document Processing
• North America was the largest region in the cognitive cloud computing market in 2023
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