Cognitive Computing Market Size, Top Trends in 2020 – Global Industry Revenue, Forecast to 2027 | Top Key Players – Microsoft, IBM, Google, Saffron Technology, etc

Research Reports

Jan 23, 2021

The global cognitive computing market is forecast to reach USD 475.24 Billion by 2026, according to a new report by Reports and Data. The cognitive computing technology derives the answers and works like the human brains. Literally, the computerized models adapt algorithms that self-learn and utilize machine learning models to mimic the way the human brain works. The models formed by cognitive computing, provide a real-life roadmap for artificial intelligence and machine learning and eventually facilitate the automated systems, which would work without human assistance. The rising requirement of virtual assistance and eloquent interactive voice response (IVR) for customer support in various sectors are being highly insistent in the market. Cloud deployment is likely to enrich broadly due to the higher adoption rate of the cloud-based services in the financial SMEs’.

The latest report is one of the most sought-after market research documents covering the grave impact of the COVID-19 outbreak current situation on the Cognitive Computing market. The market intelligence report closely investigates the severe disruptions to this business sphere brought about by the pandemic. The coronavirus outbreak has significantly affected the Cognitive Computing business landscape, posing threats to the developmental scope of the key manufacturers and buyers involved in this sector. The report further provides expert speculations about the post-COVID-19 scenario of the market.

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The rise in demand for automobiles is expected to drive the market in the coming years. A significant challenge in the market’s growth is affected by the unstable price of the raw materials. Market demand is expected to be restrained by the rising demand for plastic-free products. Rising applications of Cognitive Computing in the coatings and paints are driving the market. The increasing usage of bio-based Cognitive Computing will also supplement Cognitive Computing market revenue share through 2027

Further key findings from the report suggest

Having access to databases for the past treatment procedures and records of all the requisite activities regarding the diseases the cognitive computing can allow forming meaningful insights for physicians. The smart band or other heath-tracker manufacturers incorporate this technology in their R&D to improve their products for their customers. The segment is expected to reach a market share of 27.9% by 2026, having grown with a CAGR of 39.2% during the forecast period.

Smart virtual assistance and interactive voice response require cognitive computing for real-time, meaningful customer support services. The automated responses itself would be capable of answering various queries and would solve the problems of the customers. Customer care segment had a market valuation of USD 6.82 Billion in 2018.

Neural networks are the series of algorithms that are designed to imitate the human brains in terms of the thought process; likewise, the systems of neurons. Neural network assists in the financial forecast, credit risk modeling, and regression analysis, among others. The market share of this segment is forecasted to reach 20.8% in 2026.

Competitive Terrain:

The global Cognitive Computing market has a consolidated presence of a large number of companies that have been performing consistently to achieve optimum market growth. The report comprehensively discusses these companies’ current market standing, past performances, demand & supply graphs, sales network, production & consumption patterns, and distribution channels. The report thus points out the effective business approaches undertaken by these market players to build on their market footprint.

The leading companies operating across the global Cognitive Computing market are listed below:

Microsoft, IBM, Google, Saffron Technology, Enterra Solutions, Numenta, HP, Oracle Corporation, CognitiveScale, Inc., and Vicarious.

End-Users Outlook (Revenue: USD Billion; 2016-2026)

Large Enterprises

SMEs

Technology Outlook (Revenue: USD Billion; 2016-2026)

Machine Learning (ML)

Natural Language Processing (NLP)

Neural Networks

Deep Learning

Reasoning Analysis

Others

Deployment Mode Outlook (Revenue: USD Billion; 2016-2026)

Cloud

On-Premise

End-Use Verticals Outlook (Revenue: USD Billion; 2016-2026)

Healthcare

BFSI

Customer Care

Industrial Sector

Travel & Tourism

IT & Telecom Service

Education & Research

Others

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Key Takeaways from the Global Cognitive Computing Market report:

The global Cognitive Computing market report entails a broad product segmentation.

It methodically evaluates the overall product expanse of this business space.

The report covers pivotal information about the accrued market share of each product type, their profit estimations, and production growth graph.

The report provides the reader with a generic summary of the application gamut of the global Cognitive Computing market.

The report further details the market share and product demand for each application segment.

The study estimates the growth rate of each application segment over the projected timeframe.

Moreover, the report offers crucial information on the different parameters boosting the global market expansion, such as raw material production and market concentration rates.

Table Of Contents:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Cognitive Computing Market Segmentation & Impact Analysis

Chapter 5. Cognitive Computing Market, By Type Insights & Trends

Chapter 6. Cognitive Computing Market, By Application Insights & Trends

Chapter 7. Cognitive Computing Market, By End Use Insights & Trends

Chapter 8. Cognitive Computing Market Regional Outlook

Chapter 9. Competitive Landscape

Chapter 10. Company Profiles

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