In 2021, the total value of the cognitive computing market was $23.2 billion, which is on track to reaching $177.9 billion by 2030, advancing at a 25.4% compound annual growth rate from 2021 to 2030. According to the market research study published by P&S Intelligence. This is credited to the growing penetration of neural networks, integrated cloud platforms, AI, and machine learning.
Key Technology in Cognitive Computing Is NLP
The category of natural language processing (NLP) holds the largest revenue share, of over 40%. The NLP technology helps in examining unstructured data for enhancing the experiences of customers.
Additionally, enterprises gain from NLP by improving their knowledge of consumer perception, optimizing business processes, and reducing operational cost.
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Moreover, due to the growing need to improve human–computer interaction, the need for the machine learning technology is predicted to expand at a high rate in the near future.
On cognitive computing platforms, machine learning is expected to gain traction for interactive and adaptive learning. Companies in the industry will also look at ML to enhance translation and interpretation.
Major Revenue Contributor Is BFSI Sector
The BFSIsectorholds an over 26% share, and its contribution is predicted to grow at a significant rate in the coming years. Cognitive computing solutions offer data analytics tools that are effective and efficient and customized as per the needs of BFSI enterprises.
During the forecast period, the healthcare category will advance rapidly. By removing paperwork, cognitive computing solutions enable healthcare professionals to concentrate on patient care and enhance human diagnosis and decision-making with a human touch.
Based on deployment mode, the cloud category holds a significant share. One of the main factors driving the expansion of this category is the development of data storage facilities, including integrated cloud storage facilities; and the creation of customized cloud solutions, including private and public clouds.
Browse detailed report on Cognitive Computing Market Growth, Development and Demand Forecast Report 2030
Why North America Region Leads Market?
With a share of over 40% in 2021, North America was the global dominator. This was because of the quick acceptance of integrated cloud platforms and the introduction of new business models.
Additionally, it is predicted that the U.S. and Canada will emphasize data security owing to the stringent government laws, thereby increasing the acceptance of cognitive computing solutions.
APAC will grow the fastest in the near future, boosted by the rising number of startups and the increasing internet penetration in Japan, China, Australia, and India.
Cognitive Computing Market Size Breakdown by Segment
By Technology
- Natural Language Processing
- Machine Learning
- Deep Learning
- Human Computer Application
- Automated Reasoning
- Information Retrieval
By Deployment Mode
- On-Premises
- Cloud
By Organization Size
- Large Enterprises
- Small & Medium Sized Enterprises
By Industry Vertical
- Healthcare & Lifesciences
- Retail & E-Commerce
- BFSI
- Security
- IT & Telecom
- Media & Entertainment
- Aerospace & Defense
- Manufacturing
Regional Analysis
- North America cognitive computing market
- By Technology
- By Deployment Mode
- By Organization Size
- By Industry Vertical
- By Country – U.S. and Canada
- Europe cognitive computing market
- By Technology
- By Deployment Mode
- By Organization Size
- By Industry Vertical
- By Country – U.K., Germany, France, Spain, Italy, and Rest of Europe
- Asia-Pacific cognitive computing market
- By Technology
- By Deployment Mode
- By Organization Size
- By Industry Vertical
- By Country – China, India, Japan, South Korea, Australia and Rest of APAC
- Latin America cognitive computing market
- By Technology
- By Deployment Mode
- By Organization Size
- By Industry Vertical
- By Country – Brazil, Mexico and Rest of LATAM
- Middle East and Africa cognitive computing market
- By Technology
- By Deployment Mode
- By Organization Size
- By Industry Vertical
- By Country – Saudi Arabia, South Africa, and Rest of MEA
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Natural Language Processing Market Size by Type, Deployment Type, Component, Application – Industry Trends and Future Scope
Healthcare Cognitive Computing Market Size by Technology, Deployment Model, End-User, Geography – Industry Growth and Future Scope
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