Cognitive Computing Market Share, Growth Prospects and Key Opportunities by 2025
The report “Cognitive Computing Market Trends by Component, Deployment Mode, Business Function, Application (IVA and Chatbot and Behavioral Analysis), Technology (Human Computer Interface and Deep Learning), Industry Vertical, and Region – Global Forecast to 2025″, is expected to grow from USD 20.5 billion in 2020 to USD 77.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 30.5% during the forecast period. The major growth factors of the cognitive computing market include the increasing adoption of digitization and automation across various industry verticals. The increasing demand for intelligent business processes to enhance decision-making, the benefit of cost-effectiveness offered by cognitive solutions, and fulfilling the enterprise need to adopt advanced cognitive abilities to reduce operational costs.
Large enterprises segment to hold a larger market size during the forecast period
The cognitive computing market is segmented by organization size into large enterprises and Small and Medium-sized Enterprises (SMEs). The large enterprises segment is expected to have a larger market size during the forecast period, due to the inclination of large enterprises to adopt Artificial Intelligence (AI) and Machine Learning (ML) technologies for processing large volumes of data being generated from multiple data sources. Large enterprises have a huge corporate network and organize many events. Cognitive solutions enable large enterprises to gain customer experience and have better cognitive capabilities for business decisions. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs are growing at a rapid rate and are keen to implement intelligent chatbots to ensure better customer service for engaging and retaining customers.
By industry vertical, the healthcare and life sciences vertical to grow at the highest CAGR during the forecast period
The cognitive computing market by industry vertical is segmented into nine categories: component, service, business function, application, technology, deployment mode, organization size, industry vertical (Banking, Financial Services and Insurance {BFSI}, retail and eCommerce, travel and hospitality, Government, IT and telecommunications, healthcare and lifesciences, manufacturing and media and entertainment), and region.
The healthcare and life sciences industry vertical is expected to grow at the highest CAGR during the forecast period. These organizations are adopting cognitive computing solutions to enhance the patient experience and provide remote assistance to access patient health records. These solutions offer healthcare and life sciences organizations with cost-effective and scalable architecture for the collection and processing of large volumes of disparate data types. Cognitive solutions enable healthcare organizations to offer remote assistance based on intelligent virtual chat agents.
North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the global cognitive computing market. The region is witnessing significant developments in the cognitive computing market. Factors that contribute to the growth of cognitive computing market in North America are rising development of various technologies in the region and the growth of various cognitive computing players in the market. Companies of all sizes are facing pressure of managing huge volumes of data. The enterprises are concentrating on integrating AI and ML capabilities through cognitive computing solutions on cloud. The cognitive computing market is expected to grow tremendously during the forecast period due to the increasing dependency on Internet of Things (IoT) devices which can easily track and analyze huge volumes of data for making strategic business decisions. Major North American vendors in the cognitive computing market are Microsoft (US), Google (US), IBM (US), Numenta (US), SAS Institute (US), AWS (US), Enterra Solutions (US), CognitiveScale (US), SparkCognition (US), Expert System (US), Cisco (US), Virtusa (US), Vantage Labs US) and BurstIQ (US).
The report includes the study of the key players offering cognitive computing solutions and services. The major vendors Microsoft (US), Google (US), IBM (US), Numenta (US), SAS Institute (US), AWS (US), Enterra Solutions (US), CognitiveScale (US), SparkCognition (US), TCS (India), Expert System (US), Cisco (US), Virtusa (US), Cognitive Software Group (Australia), Red Skios (Spain), Artificial Solutions (Sweden), Acuiti (Australia), Vantage Labs (US), E-Zest (India) and Burstiq (US). It also includes an in-depth competitive analysis of the key players in the cognitive computing market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
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