The global Cognitive Computing Market is forecast to reach USD 305.23 Billion by 2030, according to a new report by Reports and Data. The cognitive computing technology derives the answers and works like the human brains. Literally, the computerized models adapt algorithms that self-learn and utilize machine learning models to mimic the way the human brain works. The models formed by cognitive computing, provide a real-life roadmap for artificial intelligence and machine learning and eventually facilitate the automated systems, which would work without human assistance. The rising requirement of virtual assistance and eloquent interactive voice response (IVR) for customer support in various sectors are being highly insistent in the market. Cloud deployment is likely to enrich broadly due to the higher adoption rate of the cloud-based services in the financial SMEs’.

APAC is forecasted to achieve the fastest growth of about 35.4% in the period 2022 – 2030, due to its extensive development in information technology engineering coupled with the massive proliferation of internet availability and digital marketing. India and China are some of the fastest-growing countries due to the immense growth in their potential consumer base throughout all the major industry verticals and high rise in big data.

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Further key findings from the report suggest

  • Having access to databases for the past treatment procedures and records of all the requisite activities regarding the diseases the cognitive computing can allow forming meaningful insights for physicians. The smart band or other heath-tracker manufacturers incorporate this technology in their R&D to improve their products for their customers. The segment is expected to reach a market share of 27.9% by 2026, having grown with a CAGR of 39.2% during the forecast period.
  • Smart virtual assistance and interactive voice response require cognitive computing for real-time, meaningful customer support services. The automated responses itself would be capable of answering various queries and would solve the problems of the customers. Customer care segment had a market valuation of USD 6.82 Billion in 2018.
  • Neural networks are the series of algorithms that are designed to imitate the human brains in terms of the thought process; likewise, the systems of neurons. Neural network assists in the financial forecast, credit risk modeling, and regression analysis, among others. The market share of this segment is forecasted to reach 20.8% in 2026.
  • North America is leading the global market, with 39.4% of market possession in 2018 and would continue dominating with a CAGR of 38.3% during the forecast period. The US possessed the highest market share in the global market in 2018.
  • APAC is forecasted to achieve the fastest growth of about 35.4% throughout the forecast period, owing to its extensive growth in the overall potential consumer base coupled with the growing trend of digital marketing in countries such as China, India, and Singapore.
  • Europe would reach a market share of 23.7% by 2026 and would grow at a CAGR of 36.8% in the forecast period. United Kingdom and Germany are the highest contributors to this region.
  • Key participants include Microsoft, IBM, Google, Saffron Technology, Enterra Solutions, Numenta, HP, Oracle Corporation, CognitiveScale, Inc., and Vicarious.

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For the purpose of this report, Reports and Data have segmented the global cognitive computing market on the basis of the end-users, technology, development mode, end-use verticals, and region:

Technology Outlook

  • Natural Language Processing (NLP)
  • Information Retrieval
  • Machine Learning
  • Automated Reasoning

Deployment Type Outlook

  • Cloud
  • Hybrid
  • On-Premise

Application Type Outlook

  • Automation
  • Intelligent Virtual Assistants
  • Behavioral Analysis
  • Biometrics
  • Others

Business Functions Type Outlook

  • Human Resources (HR)
  • Marketing and Advertising
  • Legal
  • Finance
  • Others

Industry Verticals Outlook

  • Healthcare
  • BFSI
  • Retail
  • Government
  • Energy and Power
  • IT & Telecom
  • Others

End-Use Outlook

  • Small and Medium-Sized Enterprises (SMEs)
  • Large Enterprises
  • Other

Regional Outlook

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Sweden
    • BENELUX
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Israel
    • Rest of MEA

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