Cognitive Computing Market to Reach $225.33 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, August 31, 2022 /PRNewswire/ — The global cognitive computing market size is expected to reach $225.33 billion by 2030, registering a CAGR of 27.6% from 2022 to 2030, according to a new study published by Grand View Research, Inc. The rise in demand for cognitive computing technology stems from an increased need to make better decisions, transform industries, and democratize expertise. The technology has become sought after by decision makers to manage the massive amount of iterative data and analysis. Industry leaders predict that the use of cognitive computing systems will gain traction thanks to the growing importance of machine learning and natural language processing.

Key industry insights and findings from the report:

  • The natural language processing technology segment dominated with a revenue share of over 42.3% in 2021 owing to the growing demand for pattern recognition and optical character recognition.
  • Cloud systems are expected to gain momentum as they facilitate secure and integrated data storage solutions based on business needs.
  • The Asia Pacific The region is expected to become the fastest growing market due to the rise of small and medium enterprises in emerging countries, such as India and China.
  • The major vendors operating in the market are Google, IBM, Microsoft Corporation, Oracle Corporation, SAP, Statistical Analysis System (SAS), and Saffron Technology.
  • Increased focus on research and development activities and adoption of artificial intelligence are seen in the industry.

Read the 137-page Market Research Report, “Cognitive Computing Market Size, Share, and Trend Analysis Report by Technology, by Deployment (On-Premise, Cloud), by Application (BFSI , Health, Safety, Retail, IT & Telecom, Aerospace), by Region & Segment Forecast, 2022 – 2030”, published by Grand View Research.

Cognitive Computing Market Growth and Trends

Cognitive computing allows companies to embed advanced data analytics technology into their business processes to measure the risk associated with strategic initiatives. Industry players are gradually investing significantly in the adoption of modern cognitive solutions through extensive research and development. The adoption of artificial intelligence and the Internet of Things, which enables automated integration between software, hardware platform and consumer, has spurred the growth of the industry.

Cognitive computing systems that use real-time analytics, machine learning, and natural language processing (NLP) have become sought after to deliver better results. Some of the key attributes, including speech recognition, text analytics, image and visual analytics, as well as clustering and deep learning, have encouraged large enterprises to accelerate their investments in cognitive computing .

A noticeable increase in data analytics should complement the development of cloud computing platforms and on-premise hardware equipment. Additionally, advancements in cognitive technologies bode well for the growth of the market. For example, cognitive systems have become the go-to technology for accurately analyzing data and improving customer interaction across all industry verticals.

The healthcare industry has shown a deep inclination for cognitive systems to gather and evaluate data, including diagnostic tools, past data, medical journals, and reports. The prevalence of data-driven treatment recommendations has gained traction in emerging and advanced economies.

As companies strive to improve the customer experience, the process of cognitive computing has gained immense popularity. It also leveraged end users to provide valuable, contextual and relevant information to customers. It has the potential to identify strange behavior in data by inspecting usage patterns to block cyber attacks.

Cognitive Computing Market Segmentation

Grand View Research has segmented the global cognitive computing market based on technology, deployment, application, and region:

Cognitive Computing Market – Technology Outlook (Revenue, USD Billion, 2017 – 2030)

  • natural language processing
  • machine learning
  • Automated reasoning
  • Information retrieval

Cognitive Computing Market – Deployment Outlook (Revenue, USD Billion, 2017 – 2030)

Cognitive Computing Market – Application Outlook (Revenue, USD Billion, 2017 – 2030)

  • Health care
  • Detail
  • BFSI
  • Security
  • IT & Telecom
  • Aerospace and Defense
  • Others

Cognitive Computing Market – Regional Outlook (Revenue, USD Billion, 2017 – 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of Cognitive Computing Market Key Players

  • CognitiveScale
  • CTP
  • Enterra Solutions
  • Google
  • HP Development Company, LP
  • IBM
  • Microsoft Corporation
  • Nuance Communications Inc.
  • Number
  • Oracle Corporation
  • Palantize
  • Saffron Technology
  • SAP
  • Statistical Analysis System (SAS)
  • Tibco software
  • Vicarious

Check out other related studies published by Grand View Research:

  • edge computing marketThe size of the global edge computing market is expected to reach $155.90 billion by 2030, showing a CAGR of over 38.9% over the forecast period, according to a new report from Grand View Research, Inc. The integration of artificial intelligence (AI) in the peripheral environment is expected to stimulate market growth. It is estimated that a state-of-the-art artificial intelligence system helps companies make real-time decisions within milliseconds. The need to minimize privacy issues associated with transmitting huge amounts of data, along with latency and bandwidth issues that limit an organization’s data transmission capabilities, is expected to fuel market growth in years to come.
  • cloud computing market – The global cloud computing market is expected to reach $1,554.94 billion by 2030, registering a CAGR of 15.7%, according to a new study conducted by Grand View Research, Inc. Cloud systems succeed in streamlining inter-organizational communication and providing a simplified alternative for managing business processes. company. Due to cost savings, flexibility and scalability, data security, data storage and team collaboration, approximately 70% of enterprises have already moved to cloud computing for a part of their services. For example, in October 2020, Microsoft Corporation has partnered with ZEISS Group to improve healthcare and manufacturing quality through data solutions. Coupled with ease of deployment and lower total cost of ownership, these benefits are likely to increase the demand for cloud computing throughout the forecast period, driving the growth of the market.
  • High performance computing market – The global high performance computing market size is expected to reach $53.6 billion by 2027, growing at a CAGR of 6.5% from 2020 to 2027, according to research conducted by Grand View Research, Inc. High performance computing can be categorized into high performance technical computing (HPTC) and commercial computing high performance (HPBC) . HPTC is widely used in science and engineering fields. It is particularly used by government agencies, defense agencies, educational and research institutions, and holders in the manufacturing industry, among others. On the other hand, HPBC is suitable for applications such as gaming and fraud detection. Logistics companies and financial service providers, among others, also opt for HPBC. The rising popularity of high performance computing (HPC) systems among manufacturing companies, government departments and defense agencies is particularly fueling the growth of the market.

Browse Grand View Research results Next Generation Technology Industry Research reports.

About Grand View Research

Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.

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Sherry J. Basler