Cognitive Computing Market Set To Hit USD 333.53 Billion By 2032: With A 27.2% CAGR | Polaris Market Research

(MENAFN- GlobeNewsWire - Nasdaq) Rising technological innovations and increasing demand for cognitive systems within businesses accelerate the cognitive computing market growth.

New York, USA, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Market Overview:

According to a new report published by Polaris Market Research, the global cognitive computing market size was valued at USD 38.13 billion in 2023 and is anticipated to hit USD 333.53 billion by 2032. It is expected to generate a CAGR of 27.2% during the forecast period from 2024 to 2032.

Market Introduction:

What is Cognitive Computing?

Cognitive computing refers to artificial intelligence (AI) that mimics the human's ability to think, learn, and make decisions. These computerized models are capable of processing large amounts of data and suggesting the best possible answers that would be difficult or impossible for humans. The technology also uses other techniques, such as natural language processing and machine learning.

Cognitive computing systems are typically used where huge amounts of data processing is needed such as in various applications, including healthcare, baking & finance, and manufacturing. Whether the data is structure or unstructured, cognitive computing is proficient in combining and cross-referencing from different sources like images, videos and text.

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Market Report Attributes

Report Attributes	Details
Market value in 2023	USD 38.13 billion
Market value by 2032	USD 333.53 billion
CAGR	27.2% from 2024 to 2032
Base year	2023
Historical data	2019–2022
Forecast period	2024–2032

What Is Current State of Cognitive Computing Market?

• The cognitive computing market growth can be attributed to various factors, such as the advancement of the Internet of Things (IoT), increasing demand for cognitive systems within businesses, advancement in flexible technology, and a surge in investments in advanced technologies by governments and organizations.
• The market is segmented on the basis of technology, deployment, application, and region.
• Based on region, North America held the largest market share in 2023.

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Cognitive Computing Market Key Players:

• Cold Light
• Cognitive Scale
• Enterra Solutions
• Google, Inc.
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• Palantir
• Saffron Technology

Growth Drivers and Trends

• Technological Advancements: In the field of data science, the demand for advanced technologies is increasing, leading to the necessity for the development and adoption of technologies such as automated reasoning, big data, machine learning, and artificial intelligence. Thus, rising innovations in the Internet of Things (IoT) accelerate the cognitive computing market growth.
• Increasing Cognitive Systems' Demand: With the rising popularity of cloud services which are essential for processing large amounts of data, both small and large enterprises are adopting cognitive systems. The cost-effectiveness of cloud-based services fuels the adoption of cognitive computing in organizations, thereby driving cognitive computing market growth.
• Investments in Advanced Technologies: Governments and organizations are increasingly investing in technologies such as artificial intelligence (AI), machine learning (ML), cognitive technology, the Internet of Things (IoT), and cloud computing. These innovations are crucial for early disease detection, enhancing diagnostic capabilities, monitoring environmental changes, mitigating risks during economic crises, and analyzing vast amounts of data.

Which Region Dominates Cognitive Computing Market Globally?

In 2023, North America held the largest cognitive computing market share. The region is experiencing rapid growth in this sector due to increased internet penetration, strong IT infrastructure, widespread adoption of robotics, advancements in healthcare, and the swift integration of cognitive computing into diverse business operations.

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Segmental Outlook

By Technology

• Natural Language Processing
• Machine Learning
• Automated Reasoning
• Others

By Deployment

• On-Premise
• Cloud

By Application

• Healthcare
• Retail
• BFSI
• IT & Telecom
• Government & Defense
• Security
• Others

By Region

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

Browse PMR's Cognitive Computing Market Report Coverage from Different Publications:

The global cognitive computing market size is expected to reach USD 333.53 billion by 2032, anticipated to grow USD 333.53 billion by 2032 and is expected to grow at a CAGR of 27.2% during the forecast period.

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About Polaris Market Research & Consulting, Inc:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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