New York, USA, September 16, 2024 (GLOBE NEWSWIRE) — Market Overview:
According to a new report published by Polaris Market Research, the world cognitive computing market The size is valued at USD 38.13 billion in 2023 and is expected to reach USD 333.53 billion by 2032. It is expected to generate a CAGR of 27.2% during the forecast period from 2024 to 2032.
Market Introduction:
What is Cognitive Computing?
Cognitive computing refers to artificial intelligence (AI) that mimics the human ability to think, learn, and make decisions. These computer-generated models are able to process large amounts of data and suggest the best possible answers that may or may not be possible for humans. The technology also uses other techniques, such as natural language processing and machine learning.
Intelligent computing systems are typically used where large amounts of structured data are required such as in a variety of applications, including healthcare, bakery & finance, and manufacturing. Whether the data is structured or unstructured, cognitive computing is adept at combining and communicating different sources such as images, videos and text.
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Market Report Features
| Reporting Guidelines | Details |
| Market value in 2023 | USD 38.13 billion |
| Market value by 2032 | USD 333.53 billion |
| CAGR | 27.2% from 2024 to 2032 |
| Foundation year | 2023 |
| Historical data | 2019-2022 |
| during the forecast period | 2024-2032 |
What is the Current State of the Cognitive Computing Market?
- The growth of the cognitive computing market can be attributed to various factors, such as the development of the Internet of Things (IoT), the increasing demand for cognitive systems in businesses, the development of flexible technology, and the increase in investment in advanced technology by governments and organizations.
- The market is segmented based on technology, deployment, application, and region.
- On the basis of region, North America held the largest market share in 2023.
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Key Players of Cognitive Computing Market:
- Cold Light
- Cognitive Scale
- Enterra Solutions
- Google, Inc.
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Palantir
- Saffron Technology
Growth Drivers and Trends
- Technological Advances: In the field of data science, the demand for advanced technology is increasing, leading to the need to develop and adopt technologies such as artificial intelligence, big data, machine learning, and artificial intelligence. Thus, the rising innovation of the Internet of Things (IoT) is accelerating the growth of the cognitive computing market.
- Increasing Demand for Cognitive Systems: With the increasing popularity of cloud services necessary for processing large amounts of data, both small and large companies are adopting cognitive systems. The efficiency of cloud-based services is fueling the adoption of intelligent computing in organizations, leading to the growth of the intelligent computing market.
- Investment in High Technology: Governments and organizations are increasingly investing in technologies such as artificial intelligence (AI), machine learning (ML), cognitive technology, the Internet of Things (IoT), and cloud computing. These innovations are important for early detection of disease, enhancing diagnostic capabilities, monitoring environmental changes, reducing risks during economic crises, and analyzing large amounts of data.
Which Region Dominates the Global Cognitive Computing Market?
In 2023, North America held the largest share of the computing market. The region is experiencing rapid growth in this sector due to increased internet penetration, strong IT infrastructure, widespread adoption of robotics, advances in healthcare, and rapid integration of cognitive computing in various business activities.
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Category Profile
By Technology
- Natural Language Processing
- Machine Learning
- Automatic reason
- Others
By Gelin
Application
- Health care
- Retail
- BFSI
- IT & Telecom
- Government & Defence
- Security
- Others
By Region
- North America (US, Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Explore PMR’s Cognitive Computing Market Report coverage from various publications:
The universe cognitive computing market The size is expected to reach USD 333.53 billion by 2032, and is expected to grow to USD 333.53 billion by 2032 and is expected to grow at a CAGR of 27.2% during the forecast period.
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting firm. The company specializes in providing unique market intelligence and in-depth business research services to PMR clients across a variety of businesses. At Polaris we are committed to serving PMR’s diverse customer base across the healthcare, technology, semiconductors, and chemicals industries, among other diverse industries around the world. We strive to provide PMR clients with updated information on new technologies, high-growth markets, emerging business environments, and the latest business-centric applications, to help them always make informed decisions. and take advantage of new opportunities. Employing a team of highly skilled, experienced, and highly qualified SMEs, analysts, and consultants, we at Polaris strive to deliver valuable business solutions to PMR clients.
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