PUBLISHER: Roots Analysis | PRODUCT CODE: 1752105
PUBLISHER: Roots Analysis | PRODUCT CODE: 1752105
As per Roots Analysis, the global cognitive computing market size is estimated to grow from USD 50.85 billion in the current year to USD 783.8 billion by 2035, at a CAGR of 28.23% during the forecast period, till 2035.
The opportunity for cognitive computing market has been distributed across the following segments:
Type of Component
Type of Technology
Type of Deployment
Type of Enterprise
Type of End User
Geographical Regions
Cognitive computing is a sector of artificial intelligence that mimics human cognitive processes through a computer-based framework. This system employs a variety of technologies, including machine learning, natural language processing, deep learning, self-adaptive algorithms, data mining, and pattern recognition to replicate the functioning of the human brain, enabling quicker decision-making and problem-solving abilities on a larger scale.
The aim of cognitive computing development is to equip computers with the ability to deal with intricate issues that typically require human thinking. Unlike conventional computing, cognitive systems can learn and adjust based on user interactions, as well as process and interpret natural language while grasping context and meaning. Additionally, their reasoning and intricate problem-solving skills facilitate the resolution of complex concepts by examining vast amounts of structured and unstructured data, revealing hidden insights, and presenting possible solutions or recommendations.
With time, ongoing advancements in technology have opened up new opportunities for enhancing computer intelligence. As a result, the cognitive computing market is rapidly evolving and experiencing significant growth. The increasing adoption of smart technologies such as artificial intelligence and machine learning across various industries is further driving the demand for cognitive computing solutions. This is particularly beneficial for data-driven decision-making and large-scale data processing. Acknowledging its unexploited potential, business leaders are progressively investing in technological development.
Driven by various factors such as an increase in cloud computing integration, rise in the application of cognitive solutions in healthcare, and continuous technological progress, the cognitive computing market is expected to witness significant growth during the forecast period.
Based on type of component, the global cognitive computing market is segmented into platform and service. According to our estimates, currently, platform segment captures the majority share of the market. This can be attributed to the growing adoption of advanced analytics platforms in various industries, allowing organizations to scale their cognitive computing solutions according to their needs. The key features driving demand for this component include its scalability, flexibility, and integration capabilities, which enable businesses to begin and expand their cognitive solutions without significant investments in on-premises infrastructure.
However, the service component is anticipated to grow at a relatively higher CAGR during the forecast period. This growth can be linked to the rising demand and initiatives taken by companies to reduce cognitive analytics timelines by utilizing sophisticated cognitive services.
Based on type of technology, the cognitive computing market is segmented into deep learning, machine learning, natural language processing, and others. According to our estimates, currently, natural language processing segment captures the majority of the market. This can be attributed to its fundamental capability to facilitate a more intuitive and meaningful interaction between humans and computers by interpreting and comprehending human language. Additionally, the rise of conversational AI, text analytics, sentiment analysis, and document automation is driving the demand for natural language processing.
However, the machine learning segment is anticipated to grow at a relatively higher CAGR during the forecast period.
Based on type of deployment, the cognitive computing market is segmented into cloud-based and on-premises. According to our estimates, currently, cloud based segment captures the majority share of the market. This can be attributed to its ability to adjust cognitive computing capabilities in response to demand while maintaining reasonable costs. Moreover, its availability enables organizations to implement cognitive computing applications among distributed teams and in remote settings.
However, the on-premises deployment segment is anticipated to grow at a relatively higher CAGR during the forecast period. This is due to the rising need from large enterprises to enhance the management of their extensive data with improved security.
Based on type of enterprise, the cognitive computing market is segmented into large enterprises and small and medium enterprises. According to our estimates, currently, large enterprise segment captures the majority share of the market. This can be attributed to the rise in adoption of advanced cognitive computing technologies and the integration of machine learning applications and IoT.
However, the small and medium enterprises segment is anticipated to grow at a relatively higher CAGR during the forecast period. This surge can be linked to the increased use of cloud computing, owing to its cost-effectiveness, which reduces the reliance on costly on-premises hardware and lowers operational expenses, along with facilitating smaller-scale implementations.
Based on type of end user, the cognitive computing market is segmented into BFSI, government and defense, healthcare, it & telecommunication, media & entertainment, retail & e-commerce, and others. According to our estimates, currently, BFSI segment captures the majority share of the market. This can be attributed to the increasing demand for fraud detection and risk management, driven by the substantial amount of transactional and behavioral data. To meet this need, the industry requires cognitive computing systems that facilitate real-time data processing for identifying fraudulent activities and potential security threats.
In addition, the healthcare industry is widely embracing cognitive computing for purposes such as disease diagnosis and treatment, personalized medicine, medical research, and drug discovery. Further, its automated reasoning capabilities are beneficial for predictive analytics, which can anticipate public health trends and identify at-risk populations, making it extensively utilized in the field. Consequently, this segment is projected to experience a relatively higher CAGR during the forecast period.
Based on geographical regions, the cognitive computing market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, North America captures the majority share of the market. However, Asia is anticipated to experience a higher compound annual growth rate (CAGR) during the forecast period, driven by increasing industrialization, the rise of startup companies, and a significant adoption of enterprise cognitive systems in the area.
The report on the cognitive computing market features insights on various sections, including: