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Development in machine to machine technologies, rise in big data analytics, and surge in demand for better customer experience propel the growth of the global cognitive computing market. On the other hand, high cost associated with the deployment of the cognitive computing system hampers the growth to a certain extent. Nevertheless, increase in adoption of cognitive computing technologies in business applications across the emerging economies ushers a number of opportunities in the coming years.The global cognitive computing market garnered $8.87 billion in 2018, and is estimated to reach $87.39 billion by 2026, registering a CAGR of 31.6% from 2019 to 2026.
Based on industry verticals, the market it is divided into healthcare, BFSI, retail, government & defense, IT & telecom, energy & power, and others. The healthcare segment accounted for the highest market share, contributing to more than one-fourth of the total market share in 2018, and is estimated to maintain its leadership position during the forecast period. Nevertheless, the retail segment is estimated to generate the fastest CAGR of 36.0% from 2019 to 2026.
Based on technology, the natural language processing segment accounted for more than two-fifths of the total share of the global market in 2018, and is anticipated to maintain its dominance in terms of revenue throughout the forecast period. On the other hand, the automated reasoning segment is estimated to portray the fastest CAGR of 34.2% from 2019 to 2026. The report also analyzes segments including machine learning and others.
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The cognitive computing market is segmented on the basis of technology, deployment type, enterprise size, industry vertical, and region.
Based on region, North America held the highest market share, holding for more than one-third of the global market in 2018, and is expected to maintain its dominant position throughout the forecast period. However, the region across Asia-Pacific is estimated to manifest the fastest CAGR of 36.1% from 2019 to 2026. The report also studies regions including Europe and LAMEA.
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Profiling Key Players: 3M, Google LLC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Microsoft Corporation, Nuance Communications Inc., Oracle Corporation, SAP SE, SAS Institute Inc., and Tibco Software Inc.
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