Cognitive Computing Technology Market is anticipated to reach USD 156.26 Billion at a CAGR of 28.27% CAGR by 2030 – Report by Market Research Future (MRFR)
Nov 25, 2022
Market Research Future Insights:
The global cognitive computing technology market describes variables that can change the industry dynamics and have an impact on the size of the cognitive computing technology market. Because of the rise in unstructured data volume and technological advancements that are assisting in the development of the cognitive computing technology industry, the market for cognitive computing technology has the potential to grow exponentially. The global market for cognitive computing is driven by several factors. The growth of cloud-based solutions, together with their improvements and breakthroughs in hardware and software systems, can support the expansion of the cognitive computing technology market from 2020 to 2030.
The global market for cognitive computing may benefit from the increasing demand for experiential interfaces. According to MRFR analysis, the global market for cognitive computing technology is expected to grow rapidly in the years to come. The results of the MRFR study also show that the market for cognitive computing technology is expected to reach a high value at the end of the study period.
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Cognitive Computing Technology Market Report Scope:
|Revenue Forecast in 2030:||USD 156.26 Billion|
|Growth Rate:||CAGR of 28.27% from 2020 to 2030|
|Forecast Period:||2020 -2030|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
Some eminent marketers of cognitive computing technologies were named by MRFR. These companies include Expert System S.p.A. (Italy), SparkCognition Inc. (U.S.), Microsoft Corporation, Numenta, International Business Machines Corporation, Cisco Systems, Inc., DeepMind Technologies Limited (U.K.), CustomerMatrix Inc., Planet Labs., Airware, Google, Inc., CognitiveScale, Saffron Technology, Inc., Enterra Solutions LLC, ColdLight Solutions, Palantir Technologies, and Hewlet
The main drivers of the cognitive computing market’s expansion are the development of this technology, which has led to increased adoption of computing platforms like cloud computing, mobile computing, and data analytics, as well as the emergence of increasingly large and complex unstructured data sets.
Based on organisation size, deployment, technology, and end-users, the segment research of the global market for cognitive computing technology is conducted.
Automated reasoning, machine learning, and natural language processing (NLP) are a few of the technology-based divisions of the cognitive computing technology market. The global Cognitive Computing Technology Market for cognitive computing technology may grow as a result of natural language processing technology’s high utility and widespread usage across a variety of industries.
SMBs and large companies make up the organization-based sectors of the market for cognitive computing technology. the future market’s increasing adoption of cognitive computing technology.
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Cloud and on-premises deployments make up the cognitive computing technology market’s deployment-based segments. The market could grow as a result of increased awareness of the high reliability feature of cloud-based cognitive computing solutions.
The BFSI, healthcare, travel & tourism, media & entertainment, aerospace & defence, telecom & it, consumer goods & retail, education & research, and energy & power sectors are among the end-user-based categories of the cognitive computing technology market. The market for cognitive computing is predicted to grow significantly with the help of the healthcare industry.
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North America can take the lead in the global Cognitive Computing Technology Market for cognitive computing technologies, according to regional research. The strong need for quicker and more secure storage devices across various industries may be blamed for the huge growth of the regional cognitive computing market over the course of the assessment period. One of the largest end users of cognitive computing technology is the IT sector. The regional market for cognitive computing technologies may grow more quickly if there are large IT enterprises nearby.
Market expansion in Europe will increase quickly. The regional market has scaled up as a result of technical developments and a growth in the volume of unstructured data. Additionally, significant research and development expenditures by major firms may encourage the development of EU cognitive computing market. The market for cognitive computing technology in Asia Pacific is expected to grow at a significant CAGR during the study period.
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