The cognitive computing market size is expected to reach USD 148.12 billion at a CAGR of 27.70%, by 2028
Cognitive Computing Market Size – USD 20.43 Billion in 2020, CAGR of 27.70%, increasing demand for cognitive computing in healthcare end-use verticals.
NEW YORK, NY, USA, Feb. 25, 2022 /EINPresswire.com/ — Growing demand for cognitive computing in cloud deployment mode, coupled with significant investment in cognitive computing R&D, is fueling the market growth.
The global cognitive computing market is expected to reach USD 148.12 billion by 2028, according to a new report from Reports and Data. Cognitive computing technology derives responses and functions like the human brain. Literally, computer models adapt self-learning algorithms and use machine learning models to mimic how the human brain works. Models trained by cognitive computing provide an actual roadmap for artificial intelligence and machine learning and eventually facilitate automated systems, which would operate without human assistance. The growing demand for virtual assistance and eloquent interactive voice response (IVR) for customer support in various industries is very insistent in the market. The deployment of the cloud is likely to benefit greatly due to the higher adoption rate of cloud-based services in financial SMBs.
APAC is expected to achieve the fastest growth of around 40.4% during the period 2020-2028, due to its significant development in information technology engineering coupled with the massive proliferation of availability internet and digital marketing. India and China are among the fastest growing countries due to the immense growth of their potential consumer base across all major industry verticals and the surge in big data.
The main participants are Microsoft, IBM, Google, Saffron Technology, Enterra Solutions, Numenta, HP, Oracle Corporation, CognitiveScale, Inc. and Vicarious.
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Other key findings from the report suggest
• Having access to databases for past treatment procedures and records of all required disease-related activities, cognitive computing can help form meaningful information for physicians. Manufacturers of smart bracelets or other health trackers incorporate this technology into their R&D to improve their products for their customers. The segment is expected to reach a market share of 27.9% by 2026, after growing with a CAGR of 39.2% during the forecast period.
• Intelligent virtual assistance and interactive voice response require cognitive computing for meaningful, real-time customer support services. Automated responses themselves would be able to answer various queries and resolve customer issues. The customer service segment had a market valuation of USD 6.82 billion in 2018.
• Neural networks are the series of algorithms designed to mimic the human brain in terms of thought processes; similarly, neural systems. The neural network helps with financial forecasting, credit risk modeling, and regression analysis, among others. The market share of this segment is expected to reach 20.8% in 2026.
• North America leads the global market with 39.4% market ownership in 2018 and would continue to dominate with a CAGR of 38.3% during the forecast period. The United States had the highest market share in the global market in 2018.
• APAC is expected to witness the fastest growth of around 40.4% throughout the forecast period owing to its strong growth in the overall potential consumer base coupled with the rising trend of digital marketing in countries such as China, India and Singapore.
• Europe would reach a market share of 23.7% by 2026 and grow at a CAGR of 36.8% during the forecast period. The United Kingdom and Germany are the main contributors to this region.
To identify key industry trends, click the link below: https://www.reportsanddata.com/report-detail/cognitive-computing-market
For the purposes of this report, Reports and Data has segmented the global cognitive computing market on the basis of end-users, technology, development mode, end-use industries, and region:
End User Outlook (Revenue: USD Billion; 2018-2028)
• Large companies
Technology Outlook (Revenue: USD Billion; 2018-2028)
• Machine Learning (ML)
• Natural Language Processing (TAL)
• Neural networks
• Deep learning
• Reasoning analysis
Deployment Mode Outlook (Revenue: USD Billion; 2018-2028)
• On the site
End-Use Sector Outlook (Revenue: USD Billion; 2018-2028)
• Health care
• Customer service
• Industrial sector
• Travel and Tourism
• IT and telecom service
• Education and research
Regional Outlook (Revenue: USD Billion; 2018-2028)
• North America
• Asia Pacific
• Latin America
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Key Benefits of Cognitive Computing Report:
• Identification and analysis of market size and competition
• Qualitative and quantitative analysis of market data
• Data validated by industry experts after extensive primary and secondary research
• In-depth regional analysis of the cognitive computing industry
• Profiling of key players with their company overview, business strategies, agreements and partnerships, and product portfolio
• SWOT analysis and Porter’s five forces for an in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, constraints, challenges, risks and limitations
In conclusion, all aspects of the Cognitive Computing Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.
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