Global Cognitive Computing Market - 2023-2030Market Overview
The global cognitive computing market is estimated to have reached around US$ 22 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 122 billion by 2030. The market is growing at a CAGR of 21% during the forecast period (2023-2030).
Cognitive computing systems may gather, process and interpret the dark data available to business organizations. The systems are a typical combination of hardware and software that comprise natural language processing (NLP) and machine language. The global cognitive computing market is driven by the rising usage of cloud-based computing to manage data. The cloud deployment segment is expected to hold more than 40% of the share driving the market growth.Market Dynamics
The Growing Volume Of Large Complex Data
The development of the global market has been affected by the rise in cognitive computing industry trends such as the application of big data sets across numerous sectors. Businesses all over the world are turning their attention to the use of cognitive computing systems since these data sets include enormous amounts of information and conventional data analytic tools cannot compute this information. During the anticipated period, the shift also serves as a significant driver of the global market's expansion.
The Rising Cybercrimes
Threats to data security and a lack of qualified workers are two issues that can prevent industry growth. The data analytics sector is, nevertheless, exposed to escalating cyber security risks. Cloud services and mobile communications are on the rise, giving thieves a new target. Data security issues remain a major roadblock for the cognitive computing industry. The Insurance Information Institute (III) U.S. reports that, compared to 2020, there were 68% more data breaches in the United States in 2021. Vendors of cognitive computing solutions have a great deal of influence over database administration.COVID-19 Impact Analysis
The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it with pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).Segment Analysis
The global cognitive computing market is segmented based on deployment, tehnology, application and region.
The Rising Cybercrimes To Drive the BFSI Segment’s Growth
More than 30% of the market share was held by the BFSI vertical. Due to its extensive handling of private and sensitive financial data, the BFSI is the industry vertical that receives the most targeting. Since machine-learning algorithms are expected to be utilised in preventing payment scams and cyberterrorism, its impact is anticipated to be greater in the future.Geographical Analysis
The Expansion Of Residential And Commercial Construction in Asia-Pacific
Owing to a surge in cloud computing demand among small and medium-sized organizations (SMEs), Asia-Pacific cognitive computing market is anticipated to expand significantly over the course of the projected period. Countries like Singapore have viewed ICT infrastructure as a crucial enabler in increasing the region's overall competitiveness, based on fostering the development of new industries and businesses. When it comes to neighbouring countries' adoption of cloud computing, the city-state enjoys a leading position. There is currently no developed ecosystem in India that supports cloud IaaS services.Competitive Landscape
The major global players include IBM, Google, Saffron Technology, Cognitive Scale, Numenta, Vicarious, Enterra Solutions, Microsoft Corporation, Palantir and Cold Light.Why Purchase the Report?
• To visualize the global cognitive computing- market segmentation based on deployment, technology, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of cognitive computing market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global cognitive computing market report would provide approximately 61 tables, 60 figures and 205 pages.Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies