Cognitive Computing Market Size, Share | Report 2022-2030
The global cognitive computing market was estimated at USD 25.87 billion in 2021 and it is expected to surpass around USD 226.5 billion by 2030, poised to grow at a CAGR of 27.26% from 2022 to 2030.
Report Highlights
The surge in demand for cognitive computing technology comes from an increased need for making better decisions, transforming industries, and democratizing expertise. The technology has become sought-after among decision-makers to handle the massive amount of data and iterative analytics. Industry leaders anticipate the use of cognitive computing systems will gain ground from the rising prominence of machine learning and natural language processing.
Cognitive computing enables business organizations to incorporate advanced data analytics technology in their business processes to measure the risk associated with strategic initiatives. Industry players are progressively investing significantly in adopting modern cognitive solutions through profound research and development. The adoption of Artificial Intelligence and the Internet of Things that enables automated integration between software, hardware platform, and the consumer, has spurred industry growth.
Cognitive computing systems which use real-time analysis, machine learning, and natural language processing (NLP) have become sought-after to provide better results. Some of the prominent attributes, including voice recognition, text analytics, image & visual analytics, and clustering & deep learning, have encouraged leading companies to expedite investments in cognitive computing.
A notable uptick toward data analysis is expected to complement the development of cloud computing platforms and on-premises hardware equipment. Besides, advancements in cognitive technologies have augured well for market growth. For instance, cognitive systems have become the go-to technology for accurate data analysis and boosting customer interaction across industry verticals.
The healthcare industry has exhibited a profound inclination for cognitive systems to collate and assess data, including diagnostic tools, past data, medical journals, and reports. The prevalence of data-powered treatment recommendations has gained ground across emerging and advanced economies.
With companies striving to enhance customer experience, the cognitive computing process has garnered immense popularity. It has also leveraged end-users to provide valuable, contextual, and relevant inputs to the customers. It has the potential to identify strange behavior in the data by inspecting usage patterns to block cyber-attacks.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 25.87 billion |
| Revenue Forecast by 2030 | USD 226.5 billion |
| Growth rate from 2022 to 2030 | CAGR of 27.26% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Technology, deployment, application, region |
| Companies Covered |
CognitiveScale; PTC; Enterra Solutions; Google; HP Development Company, L.P.; IBM; Microsoft Corporation; Nuance Communications Inc.; Numenta; Oracle Corporation; Palantir; Saffron Technology; SAP; Statistical Analysis System (SAS); Tibco Software; Vicarious |
Technology Insights
The natural language processing segment accounted for the largest revenue share of over 44% in 2021. The natural language processing segment is expected to account for a significant global share during the forecast period. In line with the prevailing trends, the emergence of NLP has helped cognitive technology propel IT infrastructure globally. Moreover, the surging demand for smart assistants, such as Siri and Alexa, as well as the use of predictive text, has augmented the footprint of cognitive computing solutions.
Machine learning technology is anticipated to foster the growth of the cognitive computing market, mainly due to the soaring demand to facilitate interaction with humans. Cognitive computing technology platforms are likely to exhibit traction for machine learning for adaptive and interactive learning. Industry players expect machine learning and NLP would be sought for better translation and interpretation tools. Moreover, stakeholders would also explore opportunities to spot business opportunities and assess emerging patterns.
Application Insights
The BFSI segment accounted for the largest revenue share of over 24.7% in 2021. The adoption of cognitive computing solutions is phenomenal in the BFSI domain. The BFSI application segment was valued at over USD 6.8 billion in 2021 and is presumed to grow at a CAGR of over 29.39% from 2022 to 2030. The adoption of cognitive solutions entails effective and efficient data analytics capabilities customized to the requirement of the business organization.
The healthcare segment is also expected to exhibit a decent CAGR of over 27.6% during the forecast period. Cognitive solutions enable medical practitioners to emphasize patient treatment by reducing the requisite paperwork. Cognitive computing systems will continue to receive impetus to boost human diagnosis and foster decision-making with a human touch. With the assessment and collation of data from medical journals, medical reports, and diagnostic tools, the system will remain invaluable in rendering a data-powered treatment recommendation.
Deployment Insights
The cloud segment was valued at over USD 18.7 billion in 2021 and is anticipated to grow at a CAGR of 28.03% over the forecast period. The recent development of data storage facilities, such as integrated cloud storage facilities, and the evolvement of customized cloud solutions, such as private and public clouds, have strengthened market growth. Besides, the prevalence of an exponential amount of data has prompted enterprises and organizations to count on cloud solutions. The adoption of cloud solutions could provide opportunities galore for stakeholders to reduce the cost of cognitive computing.
Major players are investing significant resources in building on-premises storage solutions, which facilitate the traditional file and block storage platforms. The market for on-premise storage is anticipated to exhibit significant growth at a CAGR of 27.57% during the forecast period. Leading companies could seek complete control and flexibility over the configuration of the servers. The prevailing trends could encourage businesses to inject funds into the on-premise platform. To illustrate, in June 2022, IBM announced its contemplation of acquiring Randori to bolster on-premise and cloud environments.
Regional Insights
The North America region dominated the industry for cognitive computing with a revenue share of over 39.96% in 2021. This growth is attributed to the rapid adoption of integrated cloud platforms and the emergence of new business models. Robust government policies in the U.S. and Canada are likely to promote the significance of data security, expediting the deployment of these systems across the region.
The Asia Pacific is expected to emerge as the fastest-growing region during the assessment period. Some upsides, such as soaring penetration of the internet and the rising number of startups across India, China, Australia, and Japan, have augured well for the regional outlook.
Leading players are expected to explore opportunities in cognitive computing solutions, mainly due to the trend for IoT and 5G and other technological advancements across the region. Prominently, machine learning has added fillip to regional growth by being an early step toward augmenting cognitive solutions. The soaring adoption of machine learning across advanced and emerging economies is likely to encourage investments.
Key Players
Market Segmentation
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Cognitive Computing Market
5.1. COVID-19 Landscape: Cognitive Computing Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Cognitive Computing Market, By Technology
8.1. Cognitive Computing Market, by Technology, 2022-2030
8.1.1 Natural Language Processing
8.1.1.1. Market Revenue and Forecast (2017-2030)
8.1.2. Machine Learning
8.1.2.1. Market Revenue and Forecast (2017-2030)
8.1.3. Automated Reasoning
8.1.3.1. Market Revenue and Forecast (2017-2030)
8.1.4. Information Retrieval
8.1.4.1. Market Revenue and Forecast (2017-2030)
Chapter 9. Global Cognitive Computing Market, By Application
9.1. Cognitive Computing Market, by Application, 2022-2030
9.1.1. BFSI
9.1.1.1. Market Revenue and Forecast (2017-2030)
9.1.2. Healthcare
9.1.2.1. Market Revenue and Forecast (2017-2030)
9.1.3. Retail
9.1.3.1. Market Revenue and Forecast (2017-2030)
9.1.4. IT & Telecom
9.1.4.1. Market Revenue and Forecast (2017-2030)
9.1.5. Aerospace & Defense
9.1.5.1. Market Revenue and Forecast (2017-2030)
9.1.6. Others
9.1.6.1. Market Revenue and Forecast (2017-2030)
Chapter 10. Global Cognitive Computing Market, By Deployment
10.1. Cognitive Computing Market, by Deployment, 2022-2030
10.1.1. On-premises
10.1.1.1. Market Revenue and Forecast (2017-2030)
10.1.2. Cloud
10.1.2.1. Market Revenue and Forecast (2017-2030)
Chapter 11. Global Cognitive Computing Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.4.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.1.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.1.5.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.4.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.5.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.6.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.2.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.2.7.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.4.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.5.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.6.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.3.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.3.7.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.4.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.5.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.6.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.6.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Technology (2017-2030)
11.4.7.2. Market Revenue and Forecast, by Application (2017-2030)
11.4.7.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.4.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.4.3. Market Revenue and Forecast, by Deployment (2017-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Technology (2017-2030)
11.5.5.2. Market Revenue and Forecast, by Application (2017-2030)
11.5.5.3. Market Revenue and Forecast, by Deployment (2017-2030)
Chapter 12. Company Profiles
12.1. CognitiveScale
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. PTC
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Enterra Solutions
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Google
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. HP Development Company, L.P.
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. IBM
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Microsoft Corporation
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Nuance Communications Inc.
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Numenta
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Oracle Corporation
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers