The global cognitive computing market accounted for a value of USD 18.4 billion in 2019 and is projected to register growth at a CAGR of 27.1% during forecast period.
COVID-19 has impacted the cognitive computing market. The major industries across the world have to halt or shift its culture to work from home due to lockdown. The adoption of different software is increasing across the world for smooth functioning. The cognitive computing largely helps in analyzing large volume of data and enables smooth functioning of organizations and with work from home culture the adoption of cognitive computing is declining. The growth of this market is likely to be sluggish due to pandemic.
For more details, visit: Global Cognitive Computing Market By Component (Platform & Service), By Deployment Mode (Hybrid, Cloud, Others), By Technology (NLP, ML, Others), By Business Functions, By Application, By Region, Forecast & Opportunities to 2026
The concern for analyze large volume of data to estimate the risk associated with strategic initiative is increasing among major organizations. The industries such as retail, healthcare and financial industries are adopting cognitive computing to analyze large volumes of data optimally on a real-time basis. This increases growth in cognitive computing market during forecast period.
On the basis of deployment mode, the cognitive computing market is segmented into on-premise, hybrid and cloud. The hybrid segment is estimated to grow at highest CAGR during forecast period. The major player in cognitive computing market offers hybrid based cognitive solutions to maximize profitability. It helps in effectively automate the equipment maintenance process. The adoption of hybrid based cognitive solutions is increasing as it offers benefits such as agility, cost-effectiveness, scalability, easy maintenance of generated data and flexibility. Hybrid cognitive solutions help overcome complexities in organizations. This increases demand and adoption of hybrid deployment and drives growth in this segment during forecast period.
On the basis of deployment mode, the cognitive computing market is segmented into human resources, finance, operations, marketing & sales and others. The operations segment is estimated to grow at highest CAGR during forecast period. The cognitive computing solutions enable organizations to reduce cost and increase operational efficiencies. The adoption of cognitive computing solutions is increasing around the world. The cognitive services and solutions help in achieving the highest employee engagement and enhance operations of organizations. This drives growth in operations segment during forecast period.
North America region is estimated to hold the largest market share during forecast period. The technological developments are higher in this region. The usage of internet is higher in this region and various startups are there that adopts cognitive computing widely. The companies in this region use cognitive computing solutions and services to analyze high volumes of data in order to provide better solutions. The technological advancements are widely adopted and installed in this region. This drives growth in North America region during forecast period.
The key market players in cognitive computing industry are Google, Microsoft, IBM, SAS, AWS, Artificial Solutions, Numenta, Enteraa Solutions, Cognitivescale, Sparkcognition, TCS, Expert System, Cisco, Virtusa, Acuiti and E-Zest.
- What are the expected industry trends over the next three to five years?
- Which of the cognitive computing technology is likely to lead by 2026?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?