PUBLISHER: IMARC | PRODUCT CODE: 1423221
PUBLISHER: IMARC | PRODUCT CODE: 1423221
The global cognitive systems market size reached US$ 46.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 512.0 Billion by 2032, exhibiting a growth rate (CAGR) of 29.5% during 2024-2032.
Cognitive systems are self-learning technologies combining natural language processing and machine learning (ML) to ease the interaction between humans and machines. They process a considerable amount of data to respond to queries and make intelligent recommendations according to the requirements of an individual. They mimic the way a human brain works by analyzing, learning, and assessing human thought processes and improving decision making. In addition, they analyze developing patterns, identify business possibilities, and manage crucial process-related issues in real-time. As they improve consumer relationships by giving useful, relevant, and contextual information, cognitive systems find extensive applications in the manufacturing, healthcare, and banking, financial services and insurance sectors across the globe.
At present, there is a rise in the utilization of cognitive systems in banking and financial institutes for speeding operations and meeting the escalating demand of customers. This, along with the growing need for predictive analytics to improve the cost-effectiveness of the production process, represents one of the key factors driving the market. Moreover, there is an increase in the demand for cognitive systems to manage large unstructured data in various industries. This, coupled with the rising adoption of the internet of things (IoT) in cognitive systems, is propelling the growth of the market. Besides this, the growing employment of cognitive systems in the healthcare industry for data assimilation and advanced data analytics technologies to understand different patterns of the disease and discover a new drug for treatment is positively influencing the market. In addition, researchers are relying on the potential of cognitive solutions to enhance clinical trials and unlock new opportunities in the healthcare industry.
IMARC Group provides an analysis of the key trends in each sub-segment of the global cognitive systems market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on product type and end-use sector.
Software
Services
Hardware
Software currently holds the dominant market share, due to the increasing need for efficient business processes and enhanced customer communication.
Banking Sector
Retail Sector
Healthcare Sector
Others
Cognitive systems are widely utilized in the banking sector to minimize potential risks and assist customers and employees via human interfaces.
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
North America holds the largest market share due to the growing commercialization of predictive analytics, along with the favorable government initiatives implemented in various countries to promote the utilization of cognitive systems.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are International Business Machines (IBM) Corporation, Infosys Limited, HP Inc., Microsoft Corporation, and SAP SE.