Market Insight- Global Cognitive Computing Market

Market Overview

Cognitive computing is a technology platform, which is based on the scientific disciplines of signal processing and artificial intelligence. These platforms are comprised of natural language processing (NLP), reasoning, speech recognition and vision, machine learning, human-computer interaction, and narrative generation. In other words, cognitive computing simulates the human thought process in the computerized model, in order to create automated IT systems that can solve problems without human intervention. Cognitive computing has been considered as revolutionary as it uses a unique approach of acquiring knowledge from structured and unstructured data and learns from it instead of being programed with strict linear or logical rules or responses. Various organizations have started adopting cognitive technology due to recent advancements in digital technology.

The global cognitive computing market is estimated to account for US$ 76.46 Bn in 2019 is expected to exhibit a CAGR of 53.0% during the forecast period.

Market Dynamics- Drivers

  1. Increasing investment in big data analytics is expected to drive growth of the global cognitive computing market during the forecast period

The use of big data analytics has increased significantly in the recent past, a majority of the data received by companies is in the form of unstructured data including images, audio files, videos, texts, etc. This makes organizations adopt the cognitive computing model to organize the data and provide meaningful interference. Furthermore, high growth of the global big data and analytics market has increased the demand for cognitive computing systems in the industry. Companies in the market are focused on making significant investments in big data is expected to support the global cognitive computing market growth during the forecast period.

  1. Growing use of cloud-based applications is expected to propel the global cognitive computing market growth over the forecast period

Cloud-based applications are typically used due to their diverse characteristics such as less consumption of memory, high flexibility, lesser cost, and increased flexibility. Since the organizations of different sizes are focused on moving their critical business systems onto cloud platforms, the demand for a cognitive cloud platform is expected to increase making it possible to create and bring cognitive computing applications to masses. Therefore, growing cloud-based applications is expected to boost the market growth over the forecast period.

North America region dominated the global cognitive computing market in 2019, accounting for 36.3% share in terms of value, followed by Asia Pacific and Europe, respectively

Cognitive Computing   | Coherent Market Insights

Source: Coherent Market Insights

Market Dynamics- Restraints

  1. Low funding access and high upfront investments are expected to hamper the global cognitive computing market growth over the forecast period

Deployment of cognitive computing system requires high upfront cost as majority of cognitive technology companies are facing extreme difficulties in drawing the pilot stage funds for research and development for supporting prototypes and technologies. Furthermore, cognitive computing is one of the cutting-edge technology, thus the interested companies may delay or reconsider the high investments. In fact, long-term investment period of various cognitive computing innovations is also expected to hamper the market growth over the forecast period.

  1. Lack of skilled personnel is expected to hinder the global cognitive computing market growth during the forecast period

Implementation and operating of cognitive computing system require a skilled workforce. Advancing cognitive computing capabilities require particular skill sets namely proficiency in natural language processing and machine learning. There is limited personnel with these skill sets and there is high demand for them. Hence, the lack of a skilled workforce is expected to hinder growth of the global cognitive computing market during the forecast period.

Market Opportunities

  1. High demand from healthcare sector can present lucrative growth opportunities for market players

According to Coherent Market Insights’ analysis, cognitive computing technology is expected to witness significant growth in the healthcare sector during the forecast period. Around 80% of the data available in the healthcare sector is unstructured and hence provides an opportunity for cognitive computing technologies that can organize, access, and analyze all types of data including voice recordings, images, structured and unstructured data with meaningful solutions. For instance, IBM Watson for Oncology can analyze patient medical history and sift through thousands of studies, articles, textbooks, medical journals, and patient cases to offer oncologists with probable treatment plans. As the global population is aging, cognitive digital innovations are expected to play an even bigger role in the healthcare industry.

  1. Growing demand for next-generation data centers is expected to provide major business opportunities

In the recent past, IT organizations have struggled against complexity. As business demands have increased significantly, scores of technologies have been implemented in an attempt to respond. As a result of this, data centers have become costly and complex with over-provisioned physical configurations. Although cloud and virtualization have improved the circumstances, they are further hampered data center inefficiencies namely less automation and orchestration among data center components. Cognitive data centers can provide simpler and more adoptive infrastructure, which is capable of responding to disruptive changes, integrating legacy and new architectures in a single minable ecosystem. Thus, these characteristics of cognitive data centers can offer lucrative growth opportunities over the forecast period.

Cognitive Computing   | Coherent Market Insights

Source: Coherent Market Insights

Market Trends

  1. Advent of cognitive bank is a major sector

Cognitive systems are capable of providing innovative solutions and perspectives of growth to various organizations to provide better customer service, improve quality, and timely delivery of decisions by uncovering new insights. Cognitive computing is helping personnel from banking sector mine for insight as big data is growing rapidly in variety, volume, and complexity, particularly in the financial services sector. Furthermore, it has facilitated banks to achieve their strategic priorities through better and quicker decision-making resources. This trend is expected to continue during the forecast period.

  1. Growing investments on R&D in NLP, machine learning, scheduling, and reasoning

Various companies across the globe are focused on increasing investments in research and development activities in cognitive computing technologies such as natural language processing (NLP), reasoning, speech recognition and vision, machine learning, human-computer interaction. This has enabled organizations to break prevailing trade-offs among quality, speed, and cost.

In global cognitive computing market, by deployment segment, cloud sub segment dominated the global market in 2019, accounting for 67.0% share in terms of value.

Cognitive Computing   | Coherent Market Insights

Source: Coherent Market Insights

Competitive Section

Key players operating in the global cognitive computing market are Accenture Inc., SparkCognition Inc., Cisco Systems, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Google Inc., Microsoft Corporation, Narrative Science Inc., Flatiron Health, Inc., and Digital Reasoning Systems, Inc.

Key Developments

  1. Key players in the market are focused on mergers and acquisitions, in order to enhance their market presence. For instance, in December 2019, Accenture Inc., an Ireland-based company, acquired Clarity Insights, a U.S.-based deep data science, and machine learning expertise to further enrich AI.
  2. Major market players are involved in mergers and acquisitions, in order to gain a competitive edge in the market. For instance, in August 2019, Cisco Systems Inc., a U.S.-based technology company, acquired Voicea, which allowed Cisco Systems to take step towards delivering on AI-driven, cognitive collaborations across the entire portfolio.  

Cognitive  computing  refer to new hardware and software which is used for stimulating human functions and help to improve human decision making. It is a technology providing platform, which is based on the scientific disciplines of signal processing and artificial intelligence. These platforms are comprised of natural language processing (NLP), reasoning, speech recognition and vision, machine learning and human-computer interaction. In other words, cognitive computing simulates the human thought process in the computerized model, in order to create automated IT systems that computing can solve problems without human involvement. Cognitive computing has been considered as more innovative as it uses a unique method of gaining knowledge from structured and unstructured data .Thus, in turn various organizations have started adopting cognitive technology owing to the recent advancements in digital technology.

Market Dynamics

Higher adoption of cognitive computing, growing number of unstructured and complex data is the major factor driving the growth of global cognitive computing market. The advancement in cognitive computing such as cloud, mobile and data analytics is increasing the demand of this market. The process of cognitive computing acquires data from the unstructured source by using machine learning algorithms. The demand for big data analytics has increased significantly and majority of the data received by companies is in the form of unstructured data including images, audio files, videos, texts, etc. This enable various organizations to adopt cognitive computing platform to organize the data and provide meaningful results.

Cloud-based applications are used in cognitive computing due to their different characteristics such as less consumption of memory, high flexibility, lesser cost, and increased flexibility. Various organizations of different sizes are focused on moving their critical business systems onto cloud based platforms. Thus, in turn the demand for a cognitive cloud platform is expected to increase the market and bring large number of cognitive computing applications. Therefore, growing cloud-based applications is expected to boost the market growth over the forecast period.

Market Taxonomy

This report segments the global cognitive computing market on the basis of by deployment type, by end user, by application, by industry and region. On the basis of deployment type, the global cognitive computing market is segmented into on-premise and cloud software. On the basis of end user, global cognitive computing market is segmented into small scale enterprises, large scale enterprise and public sector. On the basis of application, global cognitive computing market is segmented into diagnostic APIs, robots, cyber security, farm mechanization, elearning, supply chain management, social media monitoring, self-driving cars, gaming, video ,it infrastructure management and others. On the basis of industry, global cognitive computing market is segmented into healthcare, BFSI, it & telecom, energy & utilities, agriculture, retail, aerospace & defense, government, transportation, media & entertainment, education and others (HR, marketing & PR, etc.). On the basis of region, global cognitive computing market is segmented into North America, Latin America, Europe, APAC, Middle East and Africa.    

Key features of the study:

  • This report provides an in-depth analysis of the global cognitive computing market and provides market size (US$ billion) and compound annual growth rate (CAGR %) for the forecast period (2019-2027), considering 2018 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global cognitive computing market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the global cognitive computing market include Accenture Inc., SparkCognition Inc., Cisco Systems, Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Google Inc., Microsoft Corporation, Narrative Science Inc., Flatiron Health, Inc., and Digital Reasoning Systems, Inc.
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology upgradation, market expansion, and marketing tactics
  • The global cognitive computing market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the global cognitive computing market.

Detailed Segmentation:

  1. Global Cognitive Computing Market, By Deployment Type
  • On-premise Software
  • Cloud-based Software
  1. Global Cognitive Computing Market , By End user
  • Small Scale Enterprises
  • Large Scale Enterprises
  • Public Sector
  1. Global Cognitive Computing Market , By Application
  • Diagnostic APIs
  • Robots
  • Cyber Security
  • Farm Mechanization
  • eLearning
  • Supply Chain management
  • Social Media Monitoring
  • Self-driving cars
  • Gaming
  • Video
  • IT infrastructure management
  • Others
  1. Global Cognitive Computing Market, By Industry
  • Healthcare
  • BFSI
  • IT & Telecom
  • Energy & Utilities
  • Agriculture
  • Retail
  • Aerospace & defense
  • Government
  • Transportation
  • Media & Entertainment
  • Education
  • Others (HR, Marketing & PR, etc.)
  1. Global Cognitive Computing Market, By Region
  • North America
  • Latin America
  • Europe
  • APAC
  • Middle East and Africa
  • Company Profiles
    • Accenture Inc. *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • SparkCognition Inc.
    • Cisco Systems, Inc.
    • Hewlett Packard Enterprise Development LP,
    • IBM Corporation
    • Google Inc.
    • Microsoft Corporation
    • Narrative Science Inc.
    • Flatiron Health, Inc.
    • Digital Reasoning Systems, Inc.

*Browse all the market data tables and figures on “Global Cognitive Computing Market- Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Deployment Type
      • Market Snippet, By End user
      • Market Snippet, By Application
      • Market Snippet, By Industry
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Global Cognitive Computing Market, By Deployment Type, 2017-2027  (US$ Billion )
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • On-premise
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Cloud
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
  5. Global Cognitive Computing Market, By End user, 2017-2027 (US$ Billion  )
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Small Scale Enterprises
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Small Scale Enterprises
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Public Sector
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
  6. Global Cognitive Computing Market, By Application, 2017-2027 (US$ Billion )
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Diagnostic APIs
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Robots
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Cyber Security
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Farm Mechanization
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • eLearning
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Supply Chain management
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Social Media Monitoring
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Self-driving Cars
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Gaming
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Video
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • IT infrastructure management
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Others
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
  7. Global Cognitive Computing Market, By Industry, 2017-2027 (US$ Billion )
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Healthcare
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • BFSI
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • IT & Telecom
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Energy & Utilities
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Agriculture
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Retail
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Aerospace & defense
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Government
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Transportation
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Media & Entertainment
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Education
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
    • Others (HR, Marketing & PR, etc.)
      • Introduction
      • Market Size and Forecast, 2019–2027, (US$ Billion)
  8. Global Cognitive Computing Market, By Region, 2017-2027  (US$ Billion)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Deployment Type, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By End user, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Application, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Industry, 2019–2027 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Deployment Type, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By End user, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Application, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Industry, 2019–2027 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • APAC
      • Regional Trends
      • Market Size and Forecast, By Deployment Type, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By End user, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Application, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Industry, 2019–2027 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Deployment Type, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By End user, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Application, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Industry, 2019–2027 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Deployment Type, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By End user, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Application, 2019–2027 (US$ Billion)
      • Market Size and Forecast, By Industry, 2019–2027 (US$ Billion)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  9. Competitive Landscape
    • Company Profiles
      • Accenture Inc
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • SparkCognition Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Cisco Systems, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Hewlett Packard Enterprise Development LP
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • IBM Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Google Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Microsoft Corporation.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Narrative Science Inc
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Flatiron Health, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Digital Reasoning Systems, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  10. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on “Global Cognitive Computing Market-forecast to 2027”.