Press release
Cognitive Systems Market Size Projected To Reach $66 Billion By 2034 With A Cagr Of 8.8%
Cognitive Systems
What Is the Expected Cognitive Systems Market Size During the Forecast Period?
In recent times, the cognitive systems market has seen significant expansion. The market, which is worth $42.5 billion in 2024, is projected to increase to $47.08 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 10.8%. The exponential growth during the historical period is attributed to factors such as increasing crime rates, regulatory compliance needs, heightened awareness about security risks, integration with building management systems, and the capabilities for remote monitoring and management.
The market size of cognitive systems is projected to experience significant growth in the upcoming years, expanding to $66 billion in 2029 with an 8.8% compound annual growth rate (CAGR). The predicted growth in this period can be credited to factors such as the incorporation of artificial intelligence (AI), the use of cloud-based solutions, the initiation of smart cities, developments in biometric access control, and focus on sustainability. The forecast period is also likely to witness trends like cybersecurity issues, technological evolution, integration with access control systems, biometric verification, and the application of artificial intelligence (AI) in video analytics.
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What Are the High-Growth Segments in the Cognitive Systems Market?
The cognitive systems market covered in this report is segmented -
1) By Type: Hardware, Software, Services
2) By Deployment: On Premises, Cloud
3) By Application: Banking, Education, Government, Healthcare, Insurance, Manufacturing, Securities And Investment Services, Telecommunications, Transportation
Subsegments:
1) By Hardware: Cognitive Processors, Servers And Storage Solutions, Sensors And IoT Devices, Robotics And Automation Equipment
2) By Software: Cognitive Analytics Software, Machine Learning Platforms, Natural Language Processing (NLP) Software, Data Management And Integration Tools
3) By Services: Consulting Services, Implementation And Integration Services, Support And Maintenance Services, Training And Development Services
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What Key Drivers Are Expected to Influence Future Cognitive Systems Market Growth?
The cognitive systems market is predicted to see substantial growth spurned on by increasing demands for automation. This rise in automation - the design and usage of tools and systems that require minimal human interference - ties directly to cognitive systems application in robotics and automation. These systems empower machines to handle intricate tasks smoothly and effectively, equipped with abilities to scrutinize complex operations and manage unformulated data to enhance their efficiency over time. An example of this advancement was seen in June 2023, when the International Federation of Robotics (IFR), a professional non-profit organization based in Germany, reported that the European Union's (EU) 27 member states installed close to 72,000 units in 2022, marking a 6% increase from the 67,000 units in 2021. As such, it's clear that the amplifying demand for automation is propelling the growth of the cognitive systems market.
Which Companies Hold the Largest Share Across Different Cognitive Systems Market Segments?
Major companies operating in the cognitive systems market report are Alphabet Inc., Microsoft Corporation, Dell Technologies Inc., General Electric Company, Intel Corporation, HP Inc., accenture* PLC, International Business Machines Corporation, Deloitte LLP, Cisco Systems Inc., Oracle Corporation, 3M, SAP SE, Hewlett Packard Enterprise Development LP, Tata Consultancy Services Limited, Salesforce Inc., Infosys Limited, Baidu Inc., Wipro Limited, SAS Institute Inc., Nuance Communications Inc., Tibco Software Inc., Synechron Inc., Amelia, Amazon.com Inc., CognitiveScale, Expert System S.p.A., Attivio, Enterra Solutions LLC, Numenta Inc.
What Trends Are Expected to Dominate the Cognitive Systems Market in the Next 5 Years?
Key players in the cognitive systems market are centering their efforts on forming strategic alliances for offering reliable services to clients. Basically, a strategic alliance is an official joint effort between two or more entities, predominantly businesses, aiming to accomplish shared advantageous long-term objectives. For example, in November 2023, a strategic partnership was formed between Burson Cohn & Wolfe, an American public relations and communications company, and Limbik, a cognitive AI firm from the USA that excels in predicting future worldwide trends using AI technologies. They initiated the Decipher Index, an innovative platform that utilizes cognitive AI to foresee leading themes with substantial potential for future impact. This platform harnesses cognitive AI to detect and predict major themes and trends poised to trigger global interest and participation. It enables clients to foresee emerging trends and assess their potential influence on their businesses. This AI-driven platform provides a complete perspective of worldwide trends, empowering organizations to make enlightened decisions.
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What Are the Emerging Geographies for The Cognitive Systems Market Growth?
North America was the largest region in the cognitive systems market in 2024. The regions covered in the cognitive systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Cognitive Systems Market?
2. What is the CAGR expected in the Cognitive Systems Market?
3. What Are the Key Innovations Transforming the Cognitive Systems Industry?
4. Which Region Is Leading the Cognitive Systems Market?
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