Cognitive Computing Technology Market To Reach USD 156.26 Billion at an 28.27% CAGR by 2030 – Report by MRFR

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The virus objected to the loss in terms of human life as well as the world’s economy dropping to a considerate amount.

New York, US, Feb. 20, 2023 (GLOBE NEWSWIRE) — Market Analysis 

Growing Need for Cognitive Technology based on Cloud Platform to Boost Cognitive Computing Technology Market Growth. The global cognitive computing technology market will touch USD 156.26 billion at 28.27% CAGR by 2030, as per the current Market Research Future report.

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Key Players 

Eminent industry players profiled in the global cognitive computing technology market report include.

  • Expert System S.p.A. (Italy)
  • SparkCognition Inc (U.S.)
  • Microsoft Corporation (U.S.)
  • Numenta (U.S.)
  • International Business Machines Corporation (U.S.)
  • Cisco Systems
  • DeepMind Technologies Limited (U.K)
  • CustomerMatrix Inc (U.S.)
  • Planet labs (U.S.)
  • Airware (U.S.)
  • Google
  • CognitiveScale (U.S.)
  • Saffron Technology
  • Enterra Solutions LLC (U.S.)
  • ColdLight Solutions (U.S.)
  • Palantir Technologies (U.S.)
  • Hewlett Packard Enterprise (U.S.)
  • Orbital Insight (U.S.)
  • Vicarious (U.S.)
  • DigitalGenius (U.K)
  • DataRobot (U.S.)
  • Cylance (U.S.)
  • Vicarious (U.S.)
  • Darktrace (U.K)
  • Ross Intelligence (U.S.)
  • Indico (U.S.)
  • Cyberlytic (U.K)

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Market Segmentation 

The global cognitive computing technology market is bifurcated based on end user, organization size, deployment, and technology. 

By technology, NLP will lead the market over the forecast period. 

By deployment, cloud will dominate the market over the forecast period. 

By organization size, SME will spearhead the market over the forecast period. 

By end user, BFSI will have the lions share in the market in the assessment period. 

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Drivers 

Growing Need for Cognitive Technology based on Cloud Platform to Boost Market Growth 

The movement in organizational priorities towards the use of cognitive technology that is cloud-based is one of the market’s growing trends. Cognitive cloud computing aids businesses in boosting earnings, cutting expenses, and improving operational effectiveness. In addition, businesses are concentrating on implementing cognitive cloud computing solution and other forms of cloud-based services to meet the demands of real-time user cases like supply chain optimization and product development. The market’s major players are concentrating on creating the cognitive cloud computing platform to meet the expanding demand from various sectors and commercial organizations.

Opportunities 

Increased Adoption in Healthcare to offer Robust Opportunities 

The increased use of cognitive computing in the healthcare sector will offer robust opportunities for the market over the forecast period. Cognitive computing is mostly used in treatment, diagnostics, and research. Health experts have begun harnessing the technology’s power in healthcare owing to the increased use of the electronic health records that bodes well for the market growth. 

Restraints and Challenges 

Data Security Threats to act as Market Restraints 

Data security threats, dearth of competent employees, and lack of awareness regarding cognitive computing may act as market restraints over the forecast period. 

COVID-19 Analysis 

Covid-19 was born in Wuhan, China, spread like wildfire over the globe without warning, and altered the people’s lives everywhere. The virus in fact objected to both the reduction in the global economy’s size and the loss of human life. The COVID-19 outbreaks have shown the value of the market in evaluating the patient data utilized by hospitals to keep track of important patients and contain the virus both locally and globally. An acceptable and workable answer for how to contain the virus was reached by healthcare departments working in coordination with government by keeping track of people travelling throughout the world and keeping a list of travelers’ trip history and virus-affected individuals. The raw data that was gathered was greatly influenced by artificial intelligence, which made Cognitive Computing simpler by separating it.

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Regional Analysis 

North America to Head Cognitive Computing Technology Market 

Artificial intelligence together with Cognitive Computing Technology in fact is on the edge of witnessing tremendous upheaval in the data analytics industry because of the steadily rising volume of data being added to and processed in the industrial sector. In order to avoid ambiguity & machine-level errors, we need more sophisticated technology to grasp this growth and human structure; for this reason, it will soon be necessary to store and analyze unstructured data. North America is well ahead of other nations in adapting to the evolving cloud computing technologies, according to the market study.

The cognitive computing market has a larger revenue share in North America. The rapid adoption of cognitive computing in such commercial activities, along with the escalating use of internet, robots, IT infrastructure, and sophisticated healthcare, has increased the cognitive computing market in this region. By 2020, more than 92% of North Americans will have access to the internet; as a result, the cognitive computing market will be dominated by this region’s internet penetration in a variety of sectors, including fashion and retail, manufacturing, healthcare, transportation, & many more. The market is projected to grow much more in the coming years as the economy and consumer purchasing power both improve. Demand in this region is also rising as leading providers of AI and cognitive computing, including Google Cloud Platform (GCP), Amazon Web Service (AWS), and Microsoft Azure, focus on integrating their services across a variety of industries. The quick use of integrated cloud platforms & the advent of new business models are credited with this increase. The importance of data security is anticipated to be promoted by strong government policies in the United States and Canada, hastening the implementation of these systems all over the region.

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APAC to Have Admirable Growth in Cognitive Computing Technology Market 

Between 2021 and 2030, the market in Asia Pacific will expand at the quickest CAGR. Government initiatives supporting the usage of Cognitive Computing are useful and can be blamed for this industry expansion in the area. The industry is also growing as a result of the rising internet usage and startup culture in Asia Pacific nations including China, India, Japan, & Australia. The region’s advancement of cutting-edge technologies like 5g and IoT also contributes to the market’s expansion during the course of the projection year.

Industry Updates 

February 2023- In order to deploy the AI-powered robots in the warehouses & distribution centers, VERSES Technologies Inc. (“VERSES” or the “Company”), a cognitive computing business that specializes in the next generation of artificial intelligence technologies, announced its partnership with SVT Robotics.

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