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How has the cognitive computing market grown in recent years?

In the past few years, the scale of the cognitive computing market has seen explosive growth. The market is projected to increase from $51.03 billion in 2024 to $65.18 billion in 2025, a compound annual growth rate (CAGR) of 27.7%. This growth during the historical period is linked to the increased use of IoT devices and big data analytics, applications in government and defense sectors, customization in retail and e-commerce, the need for data-driven insights, and a demand for intelligent assistants.

How is the cognitive computing market size expected to evolve during the forecast period?

In the coming years, the size of the cognitive computing market is anticipated to undergo a substantial increase, scaling up to $155.12 billion in 2029 with a compound annual growth rate (CAGR) of 24.2%. Significant growth predictors over the projected period include the rising data volumes, cloud computing expansion, the need for better customer experiences, advancements in autonomous systems, and improvements in cybersecurity. Notable trends expected during this forecast period involve progress in machine learning and AI, quantum computing advancements, 5G technology integration, merging with blockchain technology, advances in natural language processing, as well as augmented reality (AR) and virtual reality (VR) integration.

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Which key drivers are propelling the cognitive computing market’s growth?

The cognitive computing market is predicted to expand due to the rise in unstructured data volume. Unstructured data, which does not conform to a predefined data model or structured organization, poses challenges for processing and analysis using traditional tools and databases. Cognitive computing takes on the role of scrutinizing, interpreting, and comprehending natural language, imagery, and patterns, allowing machines to simulate human-like decision-making processes in unstructured data. For example, data from Komprise, a US software firm, revealed in August 2022 that approximately 87% of IT leaders view the management of unstructured data growth as a major priority, a rise from 70% in 2021. Consequently, a surge in unstructured data volume propels the advancement of the cognitive computing market.

What are the market segments in the cognitive computing industry?

The cognitive computing market covered in this report is segmented –

1) By Component: Platform, Service

2) By Technology: Machine Learning (ML), Human Computer Interaction, Natural Language Processing (NLP), Deep Learning

3) By Deployment mode: On-Premise, Cloud, Hybrid

4) By End-User: Banking, Financial Services And Insurance (BFSI), Healthcare, Retail And E-commerce, Information Technology And Telecom, Government And Defense, Other End Users

Subsegments:

1) By Platform: Machine Learning Platforms, Natural Language Processing (NLP) Platforms, Automated Reasoning Platforms, Speech and Voice Recognition Platforms, Image and Video Analysis Platforms

2) By Service: Consulting Services, Integration Services, Support and Maintenance Services, Managed Services, Training and Education Services

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Which leading companies are shaping the growth of the cognitive computing market?

Major companies operating in the cognitive computing market report are Amazon.com Inc., Alphabet Inc., Samsung Group, Microsoft Corporation, Meta Platforms Inc., Dell Technologies Inc., Huawei Technologies Co. Ltd., Tencent Holdings Ltd., Siemens AG, General Electric Company, Accenture PLC, International Business Machines Corporation, Qualcomm Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Hewlett-Packard Enterprise Company, Nvidia Corporation, Salesforce Inc., Baidu Inc., Palantir Technologies Inc., OpenAI, UiPath, C3.ai Inc., DataRobot Inc., Clarifai Inc.

What key trends are currently impacting the cognitive computing market’s development?

Key players in the cognitive computing market are striving to implement breakthrough technologies, like 5G, to boost their market profitability. 5G in this context refers to the application of the fifth-generation wireless technology to augment the velocity, efficacy, and connection of cognitive computing frameworks, which facilitates rapid data processing and upgraded artificial intelligence capacities. For example, Tata Consultancy Services Ltd., an IT firm based in India, rolled out a 5G-integrated solution named ‘Cognitive Plant Operations Adviser’ in March 2023. This innovative solution merges AI, 5G, and edge computing to enable self-regulated production processes, encompassing monitoring, diagnosing, optimization, and learning abilities. Tailored to serve sectors such as manufacturing and pharmaceuticals, this tool forms a part of the TCS Enterprise 5G Edge suite on Microsoft Azure. The goal is transforming production through smarter, more adaptable, and resilient operations. Additionally, it incorporates the development of plant information models and provides knowledge assistance to operators.

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Which geographic areas are influencing the growth of the cognitive computing market?

North America was the largest region in the cognitive computing market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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