The Cognitive Computing Market is Forecast to Show a High CAGR of 23% by 2024

Cognitive Computing Market

According to the conclusions of a recent market research analysis by Persistence Market Research, the global market for cognitive computing reached US$ 14.8 billion in 2019 and is projected to grow at a strong CAGR of 23% from now through 2030.

Cognitive computing solutions are utilised in conjunction with artificial intelligence (AI), neural networks, machine learning (ML), natural language processing (NLP), and analytical models to handle common problems. These technologies have the ability to spot brand-new patterns, spot business opportunities, and solve pressing process-centric issues immediately.

They analyse a lot of data, aid in streamlining company procedures, lower risk, and adjust as needed to changing conditions. The global market for cognitive computing is expanding due to the increasing demand for cognitive solutions from both large and small businesses seeking to improve customer experiences.

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Key Takeaways from Cognitive Computing Market Study

  • Organizations are heavily investing in cognitive computing solutions to reduce operational costs and improve customer experience.
  • Among the applications, the speech recognition segment is expected to witness high growth, owing to wide adoption in automated devices to provide voice assistance services.
  • Among the regions, South Asia & Pacific is exhibiting a high growth rate, owing to growing digitalization and adoption of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML).
  • Large enterprises will continue being the primary contributors to the growth of the cognitive computing market on a global scale.
  • The COVID-19 pandemic has compelled organizations to work remotely, and cognitive computing is helping critical functions to continue to operate seamlessly.

 “Organizations are significantly investing in cognitive computing technologies to enhance their business processes and internal operations, so as to make their services more efficient and also optimize productivity,” says a PMR analyst.

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Increasing Demand for Business Process Automation to Drive Market Growth

Over the past few decades, business architecture has evolved and helped companies shape the future of organizations. Organizations are continuously incorporating data capture technologies into their business processes. When this captured data is digitalized and automated, it eliminates the human error factor, and increases data quality and accuracy. It also saves a huge amount of time, increases efficiency and productivity, and lowers organizational and storage costs. It improves business processes and increases transparency internally.

Cognitive computing solutions make use of AI techniques such as machine learning, cognitive computing, speech recognition, and natural language processing to automate business processes that are normally performed by humans. These solutions help companies transform their business networks, enhancing performance, delivering a superior user experience, and boosting service availability.

Find More Valuable Insights on Cognitive Computing Market

Persistence Market Research puts forward an unbiased analysis of the global cognitive computing market, providing historical demand data (2015-2019) and forecast statistics for the period 2020-2030. To understand the opportunities in the cognitive computing market, the market is segmented on the basis of solution (cognitive computing platforms [cloud-based and on-premise), cognitive computing APIs, and services [professional services (AI & cognitive services, integration & implementation, cognitive consulting & advisory, and support & maintenance), and managed services]), application (speech recognition, computer vision, text analytics, automated pattern discovery, BI narratives & visualizations, and others), enterprise size (SMEs and large enterprises), industry (BFSI, retail & ecommerce, manufacturing, healthcare & life sciences, government, IT & telecom, travel & hospitality, media & entertainment, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).

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