MarketsandMarkets forecasts the global Cognitive Computing Market size to grow from USD 20.5 billion 2020 to 77.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 30.5% during the forecast period. The major growth factors of the cognitive computing market include the continuous evolution in the computing environment: cloud, mobile, and analytics, utilizing cognitive abilities to reduce excess operational costs, increasing demand for intelligent business processes.
Large enterprises segment to hold a larger market size during the forecast period
The cognitive computing market is segmented by organization size into large enterprises and Small and Medium-sized Enterprises (SMEs). The large enterprises segment is expected to have a larger market size during the forecast period, due to the inclination of large enterprises to adopt Artificial Intelligence (AI) and Machine Learning (ML) technologies for processing large volumes of data being generated from multiple data sources. Large enterprises have a huge corporate network and organize many events. Cognitive solutions enable large enterprises to gain customer experience and have better cognitive capabilities for business decisions. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs are growing at a rapid rate and are keen to implement intelligent chatbots to ensure better customer service for engaging and retaining customers.
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By industry vertical, the healthcare and life sciences vertical to grow at the highest CAGR during the forecast period
The cognitive computing market by industry vertical is segmented into nine categories: component, service, business function, application, technology, deployment mode, organization size, industry vertical (Banking, Financial Services and Insurance {BFSI}, retail and eCommerce, travel and hospitality, Government, IT and telecommunications, healthcare and lifesciences, manufacturing and media and entertainment), and region.
The healthcare and life sciences industry vertical is expected to grow at the highest CAGR during the forecast period. These organizations are adopting cognitive computing solutions to enhance the patient experience and provide remote assistance to access patient health records. These solutions offer healthcare and life sciences organizations with cost-effective and scalable architecture for the collection and processing of large volumes of disparate data types. Cognitive solutions enable healthcare organizations to offer remote assistance based on intelligent virtual chat agents.
The major cognitive computing vendors include Google (US), Microsoft (US), IBM (US), SAS (US), AWS (US), TCS (India), Artificial Solutions (Sweden), Numenta (US), Enterra Solutions (US), CognitiveScale (US), SparkCognition (US), Expert System (US), Cisco (US), Virtusa (US), Cognitive Software Group (Australia), Acuiti (Australia), e-Zest (India), Vantage Labs (US), Red Skios (Spain), and BurstIQ (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global cognitive computing market. Partnerships, new product launches, acquisitions, and product enhancements have been the dominating strategies adopted by the major players from 2018 to 2020, which has helped them to innovate on their offerings and broaden their customer base.
Google (US) a publicly held company, was founded in 1988 and is headquartered in California, US. Its product innovations have made the company’s services widely used, and the company is one of the most recognized brands in the world. Google’s core products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube, and each of them has over 1 billion active users every month. The company heavily invests in platforms, such as the Android mobile Operating System (OS), Chrome browser, Chrome OS, and Daydream Virtual Reality (VR) platforms. The main source of the company’s revenue is cost-effective online advertising. It operates through 70 offices in more than 50 countries worldwide. As of December 2018, the company had 98,771 employees. Google expanded its roots in the eCommerce and cognitive computing industry.
Microsoft (US) was founded in 1975 and is headquartered in Washington, US. It is a prominent leader across the globe, and provides software products and diverse licensing suites. The company develops and supports software, services, devices, and solutions. Its product offerings include OS, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company also designs, manufactures, and sells devices, such as Personal Computers (PCs), tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. It offers a range of services, which includes solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms, and content. The company also offers online advertising. It is a global leader in building analytics platforms and provides production services for the Artificial Intelligence (AI)-infused intelligent cloud. It generates revenue by licensing and supporting a range of software products.
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IBM (US) was founded in 1911 and is headquartered in New York, US. The company’s major operating sector consists of five business segments: cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. The company has a broad and robust product portfolio and majorly focuses on improving the product efficiency of analytics, cloud, cognitive, commerce, Internet of Things (IoT), industry solutions, systems, mobile, security, social, and Watson technologies. In the cognitive computing market, the company offers IBM Watson cognitive computing system. IBM Watson leverages deep content analysis and evidence-based reasoning to accelerate and improve decisions, reduce cost, and optimize outcomes. It is a pioneer company in providing cognitive computing solution across organizations of all sizes and in all verticals. The company is providing services of IBM Watson through its various channel partners.
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