Global Cognitive Computing Market Report and Forecast 2024-2032

Global Cognitive Computing Market Size

The global cognitive computing market attained a value of approximately USD 39.15 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 25.60%, reaching a value of around USD 309.36 billion by 2032.

As the efficiency and accuracy of cognitive computing continue to rise, the market is expected to witness substantial growth and increasing applications, particularly across crucial industries. With expansion of healthcare infrastructure and rapidly rising number of patients, cognitive computing is increasingly being utilised in the healthcare sector, supported by increasing penetration of machine learning and artificial intelligence (AI). Advancements in the broader cognitive computing market are aiding the seamless integration of cognitive computing with public dealing in multiple fields.

Over the forecast period, the anticipated increase in healthcare expenditure of emerging economies and incorporation of advanced medtech products like medical sensors are expected to fuel the market growth for cognitive computing. Furthermore, rapid digitalisation across sectors such as IT and telecom, BFSI, energy and power, and military and defence, are also projected to add to the market growth.

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Rising Use of Natural Language Processing to Propel the Cognitive Computing Market Growth

Based on technology, natural language processing accounts for a sizable share of the cognitive computing market, supported by the increasing use of natural language processing for various applications across industries. Natural language processing examines human language in the form of text or voice data to comprehend its full meaning along with the speaker or writer’s intentions. It combines computational linguistics with statistical, machine learning, and deep learning models to give useful results. This technology helps in streamlining business operations, simplifying critical business processes, and increasing employee productivity, which is further likely to strengthen the cognitive computing market.

The increasing use of natural processing language technology in spam detection, machine translation, virtual agents, chat boxes, social media sentiment analysis, and text summarisation is playing a critical role in expanding the market for cognitive computing. Additionally, natural language processing offers several advantages, such as cost-effectiveness, faster customer service, and easy implementation. Advancements in machine learning and natural language processing are expected to create better results and capabilities in multiple applications, which is likely to aid the  market for cognitive computing and the cognitive computing technology market growth over the forecast period.

Market Segmentation

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Cognitive computing refers to the use of machine learning, neural networks, natural language processing, and other technologies to analyse large amounts of data and offer better solutions in order to improve human decisions. It is based on the scientific disciplines of artificial intelligence and signal processing. Cognitive computing technology is used in speech recognition, sentiment analysis, face detection, risk assessment, and fraud detection, among others.

By technology, the market for cognitive computing is divided into:

• Natural Language Processing

• Machine Learning

• Automated Reasoning

• Others

Based on deployment type, the market is bifurcated into:

• On-Premise

• Cloud

On the basis of enterprise size, the market is categorised into:

• Large Enterprises

• Small and Medium-Sized Enterprises (SMEs)

Based on industry vertical, the market is segmented into:

• Healthcare

• BFSI

• Retail

• Government and Defence

• IT and Telecom

• Energy and Power

• Others

The regional markets for cognitive computing are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Deployment in Various Sectors to Drive the Market Growth of Cognitive Computing

Rising demand for cognitive computing in various sectors due to its ability to analyse vast volumes of structured as well as unstructured data to help humans make better decisions is significantly catalysing the market growth. The growing importance of cognitive computing in the education sector to offer personalised course materials to students is providing impetus to the market. In this regard, the technological advancements across schools and colleges, with innovative digital learning models are adding to the growth of the cognitive computing industry.

Meanwhile, cognitive computing systems are being widely adopted in the expanding retail sector as they assist the retailers in boosting sales and providing personalised suggestions to customers. Hence, the rapid digitalisation of the retail sector and introduction of computing systems in convenience stores are key trends in the cognitive computing market.

Increasing risk of cyber-attacks and the lack of skilled workers are major concerns that are addressed through the use of cognitive computing to deal with cyber threats and security analytics. Various governments are making significant investments to promote collaboration between industries, government bodies, and academic institutions to develop data-driven cognitive computing solutions. Over the forecast period, rapid technological advancements and the development of new capabilities based on cognitive computing are expected to enlarge the market size for cognitive computing technology in the overall cognitive computing market.

Key Players in the Global Cognitive Computing Market

The report gives a detailed analysis of the following key players in the global cognitive computing market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• e-Zest Solutions   

• Virtusa Corp 

• IBM Corporation

• Microsoft Corporation

• Cisco Systems, Inc.

• Amazon Web Services, Inc.

• SAS Institute Inc

• Enterra Solutions LLC

• Cognitive Scale Inc.

• Numenta, Inc.

• SparkCognition, Inc.

• COGNIWARE, S.R.O

• Acuiti Group

• Vantage Labs 

• Red Skios S.A. 

• BurstIQ

• TATA Consultancy Services Limited

• expert.ai S.p.A.

• C3.ai, Inc. 

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report