Cognitive Computing Market Analysis 2023: Top Companies, Trends and Future Prospects Details for Business Development By 2028

PRESS RELEASE

Published April 12, 2023

What is the Market Size of Cognitive Computing ? :

IMARC Group’s latest report, titled “Cognitive Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the cognitive computing technology market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. the global cognitive computing market size reached US$ 32.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 138.8 Billion by 2028, exhibiting a growth rate (CAGR) of 25% during 2023-2028.

What is Cognitive Computing Technology ? :

Cognitive computing refers to a computer-operated technology that uses artificial intelligence (AI) and machine learning algorithms to simulate human thought processes for reasoning, decision-making, and problem-solving. It involves systems that can learn, reason, and adapt over time by processing large amounts of data and identifying patterns and insights. It offers improved data collection and interpretation, troubleshooting and error detection, and enhanced customer retention to businesses. It also assists in informed and strategic decision-making, smart financial decisions, improving efficiency, and increasing cost savings.

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Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being

Acuiti Group
Cisco Systems Inc
Enterra Solutions LLC
Expert .AI
e-Zest Solutions Ltd
Google LLC (Alphabet Inc.)
International Business Machines Corporation
Marlabs LLC
Microsoft Corporation
Red Skios Ltd
Sas Institute Inc
Tata Consultancy Services Ltd
Vantage Labs LLC
Virtusa Corporation

Cognitive Computing Market Demand and Development:

The increasing demand for cognitive systems in large organizations is driving the global market. Moreover, the continuous expansion in cloud computing, the increasing use of mobile devices, and the proliferation of the internet of things (IoT) are contributing to the expansion of the cognitive computing market. In line with this, the development of advanced artificial intelligence and machine learning technologies to make cognitive computing systems more intelligent and efficient is providing a boost to the demand for cognitive computing.

Moreover, the rising demand for sophisticated data analysis and decision-making tools by various industries, including healthcare, finance, and retail, is further supporting the market. Other factors, such as continual developments of machine-to-machine technologies and the rising demand for better customer experience, are also influencing the demand.

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Key Market Segmentation:

Breakup by Technology:

Natural Language Processing
Machine Learning
Automated Reasoning
Others

Breakup by Deployment Type:

On-premises
Cloud-based

Breakup by Enterprise Size:

Small and Medium-sized Enterprises
Large Enterprises

Breakup by Industry Vertical:

Healthcare
BFSI
Retail
Government
IT and Telecom
Energy and Power
Others

Breakup by Region:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

Market Performance (2017-2022)
Market Outlook (2023-2028)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

Related Report by IMARC Group:

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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