Market Overview:
The global cognitive systems market size reached US$ 46.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 512.0 Billion by 2032, exhibiting a growth rate (CAGR) of 29.5% during 2024-2032.
Report Attribute
|
Key Statistics
|
Base Year
|
2023
|
Forecast Years
|
2024-2032
|
Historical Years
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2018-2023
|
Market Size in 2023
|
US$ 46.9 Billion |
Market Forecast in 2032
|
US$ 512.0 Billion |
Market Growth Rate 2024-2032 |
29.5% |
Cognitive systems are self-learning technologies combining natural language processing and machine learning (ML) to ease the interaction between humans and machines. They process a considerable amount of data to respond to queries and make intelligent recommendations according to the requirements of an individual. They mimic the way a human brain works by analyzing, learning, and assessing human thought processes and improving decision making. In addition, they analyze developing patterns, identify business possibilities, and manage crucial process-related issues in real-time. As they improve consumer relationships by giving useful, relevant, and contextual information, cognitive systems find extensive applications in the manufacturing, healthcare, and banking, financial services and insurance sectors across the globe.
Cognitive Systems Market Trends:
At present, there is a rise in the utilization of cognitive systems in banking and financial institutes for speeding operations and meeting the escalating demand of customers. This, along with the growing need for predictive analytics to improve the cost-effectiveness of the production process, represents one of the key factors driving the market. Moreover, there is an increase in the demand for cognitive systems to manage large unstructured data in various industries. This, coupled with the rising adoption of the internet of things (IoT) in cognitive systems, is propelling the growth of the market. Besides this, the growing employment of cognitive systems in the healthcare industry for data assimilation and advanced data analytics technologies to understand different patterns of the disease and discover a new drug for treatment is positively influencing the market. In addition, researchers are relying on the potential of cognitive solutions to enhance clinical trials and unlock new opportunities in the healthcare industry.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global cognitive systems market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on product type and end-use sector.
Breakup by Product Type:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
- Software
- Services
- Hardware
Software currently holds the dominant market share, due to the increasing need for efficient business processes and enhanced customer communication.
Breakup by End-Use Sector:
- Banking Sector
- Retail Sector
- Healthcare Sector
- Others
Cognitive systems are widely utilized in the banking sector to minimize potential risks and assist customers and employees via human interfaces.
Breakup by Region:
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- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
North America holds the largest market share due to the growing commercialization of predictive analytics, along with the favorable government initiatives implemented in various countries to promote the utilization of cognitive systems.
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are International Business Machines (IBM) Corporation, Infosys Limited, HP Inc., Microsoft Corporation, and SAP SE.
Report Coverage:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Billion |
Segment Coverage |
Product Type, End-User Sector, Region |
Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Companies Covered |
International Business Machines (IBM) Corporation, Infosys Limited, HP Inc., Microsoft Corporation, and SAP SE |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |