The cognitive computing market size to grow at a CAGR of 30.5% during the forecast period
The cognitive computing market size is projected to grow from USD 20.5 billion in 2020 to USD 77.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 30.5% during the forecast period. The major growth factors in the cognitive computing market are the increasing demand for intelligent business processes and growing use of deep learning technologies.
The report comprehensively describes the factors impacting the growth of cognitive computing market. It comprises market dynamics, such as drivers, restraints, opportunities, and challenges; use cases; and various industry standards, which affect the growth of the market. Globally, companies are rapidly adopting cognitive computing technologies to gain a competitive edge in the market. The key players in the cognitive computing market are Microsoft, IBM, SAS, Google, AWS, TCS, Cisco, and Virtusa. These companies are continuously innovating their products and services to overcome large and complex data challenges as compared to other database solutions.
Services segment to grow at a higher CAGR during the forecast period
The services segment has been further divided into managed services and professional services. These services play a vital role in the functioning of cognitive computing solutions. Cognitive computing providers require technical support services and consulting services to manage the deployment of these solutions. These services ensure faster and smoother implementation that maximizes the value of enterprise investments. They are an integral part in deploying technology solutions and are taken care by solution and service providers. They ensure the end-to-end deployment of the chatbot platform and address pre- and post-deployment queries.
Banking, financial services and insurance industry vertical to grow at the highest rate during the forecast period
The cognitive computing market by vertical is segmented into nine categories: Banking Financial Services and Insurance (BFSI), telecommunication and IT, retail and ecommerce, healthcare and life sciences, manufacturing, travel and hospitality, media and entertainment, government, defense, and others (energy and utilities, transportation and logistics, and education). The BFSI industry vertical is expected to grow at a rapid pace during the forecast period. Organizations are adopting cognitive computing solutions to enhance patient experience, and enable data-driven, actionable analytics. These solutions offer travel and hospitality organizations with cost-effective ways, while processing large volumes of disparate data types.
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Increasing investments by the technology companies in major APAC countries, such as China, Japan, and India; growing digitalization; increasing adoption of advanced Artificial Intelligence (AI) and Machine Learning (ML) technologies; and government regulations and initiatives are expected to drive the growth of the market in the APAC region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the cognitive computing market.
- By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
- By Designation: C-Level Executives: 68%, Directors: 21%, and Others: 11%
- By Region: North America: 43%, Europe: 32%, APAC: 15%, MEA: 5%, and Latin America: 5%
The report includes the study of the key players offering cognitive computing solutions. It profiles major vendors in the global cognitive computing market. The major vendors Microsoft (US), Teradata (US), IBM (US), SAS (US), Google (US), AWS (US), CognitiveScale (US), SparkCognition (US),TCS (India), Expert System (US), Cisco (US), Virtusa (US), Acuiti (Australia), E-Zest (India), Vantage Labs (US), Red Skios (Spain), BurstIQ (US). It also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The market study covers the cognitive computing market across segments. It aims at estimating the market size and the growth potential of this market, across different segments, such as component, technology, business function, deployment mode, organization size, industry vertical, and region. The study further includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall cognitive computing market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report further helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.