Pune, India, Sept. 26, 2022 (GLOBE NEWSWIRE) — The Cognitive Computing Market Size is expected to gain momentum by exhibiting a stellar CAGR of 26.6% between 2020 and 2027. This is attributable to the increasing adoption of advanced technologies such as artificial intelligence (AI), machine learning, and the internet of things (IoT) in the healthcare industry across the globe. This information is published by Fortune Business Insights, in its latest report, titled “Cognitive Computing Market Size, Share & COVID-19 Impact Analysis, By Component (Platform, and Services), By Technology (Machine Learning (ML), Natural Language Processing (NLP), Automated Reasoning, and Others, By Deployment (Cloud-based, and On-premise), By Enterprise Size (Small & Medium Enterprise (SMEs), and Large Enterprise), By End-user (BFSI, Healthcare, Retail & e-commerce, IT & Telecom, Government & Defence, and Others, and Regional Forecast, 2020-2027.” The report further observes that the market was worth USD 11.11 billion in 2019 and is projected to reach USD 72.26 billion by 2027.
Cognitive computing involves the adoption of computerized models such as self-learning algorithms to simulate the human decision-making process. By using pattern recognition, data mining, and natural language processing systems, computers can accurately predict the way a human brain functions in diverse situations with the help of cognitive services. Additionally, these services are widely adopted in several business applications such as customer support bots, tutors, diagnostics, personal shopping bots, and consumer behavior analysis.
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May 2020: Udacity, an online educational tutor, announced the launch of its new AI healthcare program. According to the online educator, the new AI course will provide insights to the students about the application of AI in electronic health records, medical imaging, and others.
COVID-19 to Positively Impact Cognitive Computing Services Globally
The onslaught of the novel coronavirus, COVID-19 that has resulted in millions of human casualties and unprecedented economic loss has led to turbulent times across the globe. However, the advent of digitalization has accounted for a thriving cognitive computing platform across the globe. Several enterprises are adopting cognitive solutions to enhance productivity and security in their operations.
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Increasing Adoption of Cognitive Computing Solutions in Healthcare to Bolster Growth
The adoption of modern technologies has led to tremendous improvement in the healthcare treatment services that are enabling the doctors to run better diagnostics and save scores of lives lately. The notable advantages of adopting these computing solutions include:
- Foster Health Patient Behavior: The smarter algorithms aid in early detection of chronic diseases that help the medical professionals to advise patients to follow healthy habits to prevent the severity of the disease in the future.
- Enhances Daily Activity: The medical practitioners can efficiently optimize their clinical and operational activities by analyzing the patient information and providing them with the best medical aid.
Owing to their several benefits, the cognitive solutions are in huge demand across the healthcare sector that is expected to drive the global cognitive computing market during the forecast period.
North America Poised to Remain Dominant; Increasing Adoption of Core Technologies to Surge Demand
Among all regions, North America was worth USD 4.42 billion in 2019 and is expected to showcase significant growth in the global market in the forthcoming years. This is attributed to the increasing adoption of core technologies such as AI, big data, and IoT by major companies such as Alphabet, Inc. and Microsoft in the region. The Asia-Pacific market is likely to experience considerable growth owing to the rising investment in R&D activities by the major organizations between 2020 and 2027.
What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnership, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
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Product Launches by Major Companies to Strengthen Product Portfolio
Fortune Business Insights observes that the global cognitive computing market is fragmented into small, medium, and large companies that are striving to consolidate their positions in the fiercely competitive global marketplace. They are doing so by adopting strategies such as the introduction of new products, collaboration, partnership, and merger and acquisition to strengthen their product portfolio.
Platform Segment Held a Share of 72.9% in the U.S.
The segment platform, based on component, commanded a market share of 72.9% in the U.S. in 2019 and is expected to showcase considerable growth owing to the increasing adoption of cognitive platforms such as cloud by the enterprises.
List of Key Players Mentioned in the Report:
- Alphabet, Inc. (Google LCC) (U.S.)
- Microsoft Corporation (U.S.)
- IBM Corporation (U.S.)
- SparkCognition, Inc. (U.S.)
- Tata Consultancy Services (TCS) (India)
- Red Skios (Spain)
- Saffron Technology, Inc. (U.S.)
- Acuiti (Australia)
- Enterra Solutions (U.S.)
- Cognitive Scale, Inc. (U.S.)
- Palantir Technologies (U.S.)
- ColdLight Solutions, LLC (U.S.)
- Numenta (U.S.)
- Vicarious (U.S.)
Major Table of Contents:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Cognitive Computing Market Share Analysis and Matrix, 2019
- Key Cognitive Computing Market Insights and Analysis, By Segments
- Global Cognitive Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- By Technology (Value)
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Automated Reasoning
- Others (Computer Vision, Deep Learning, Robotics, etc.)
- By Deployment (Value)
- By Enterprise Size (Value)
- By End-user (Value)
- Retail & ecommerce
- IT & Telecom
- Government & Defense
- Others (Energy & Utilities, Transportation, etc.)
- By Region (Value)
- North America
- Asia Pacific
- Middle East & Africa
How big is the Cognitive Computing Market?
The global cognitive computing market size was valued at USD 11.11 billion in 2019 and is projected to reach USD 72.26 billion by 2027, exhibiting a CAGR of 26.6% during the forecast period.
How big is Cognitive Computing Market In North America?
The market in North America stood at USD 4.42 billion in 2019 and is expected to gain a huge portion of the market share in the coming years.
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