HomeBuisnessCognitive Computing Market to Reach USD 476.8 Billion by 2032, at a...
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Cognitive Computing Market to Reach USD 476.8 Billion by 2032, at a CAGR of 31.3% | Leading Players like – 3M, Google LLC PiPa News

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Cognitive Computing Market to Reach USD 476.8 Billion by 2032, at a CAGR of 31.3% | Leading Players like – 3M, Google LLC

WILMINGTON, DE, UNITED STATES, January 29, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Cognitive Computing Market, by Deployment Type (On-premise, Cloud), by Technology (Natural Language Processing (NLP), Machine Learning, Automated Reasoning, Others), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (Healthcare, BFSI, Retail and Ecommerce, Government and Defense, IT and Telecom , Energy and Power, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032"

The cognitive computing market was valued at $32.2 billion in 2022, and is forecast to reach $476.8 billion in 2032, growing at a CAGR of 31.3% from 2023 to 2032.

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Cognitive computing refers to the development of a computer system model that mimics the human thought process as the human brain. These systems use natural language processing capabilities to solve complex situations and learn from experience. They are able to interact with people in a natural/human way and help make decisions based on learning. Cognitive computing involves self-learning systems that use pattern recognition, data mining, and natural language processing to mimic the way the human brain works or makes decisions. In addition, cognitive computing is a sub-technology of artificial intelligence (AI) that includes almost the same underlying technologies to enable its applications such as neural networks, expert systems, robotics, and virtual reality.

On the basis of business size, the large business segment dominates the cognitive computing market size in 2022 and is expected to continue this trend during the forecast period. Cognitive computing solutions give businesses greater control over their application environment. In addition, it helps improve businesses and user experiences. These factors are further driving the demand for the cognitive computing market in large enterprises. However, the small and medium-sized business segment is expected to show the highest growth during the forecast period. Computing solutions can be affordable and suitable for balancing variable workloads, which is expected to provide many growth opportunities for the cognitive computing market forecast.

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By region, North America dominates the market share in 2022 for the cognitive computing market, due to many leading technology enterprises and research organizations worldwide having their headquarters in North America, especially the US, which is expected to drive revenue growth in the region. Moreover, increasing investment in advanced technologies such as AI/ML, cloud computing, business analytics solutions etc. is expected to drive the market growth. However, Asia-Pacific is expected to show the highest growth during the forecast period. The region has the highest population count in the world. For businesses seeking to create and implement cognitive computing solutions, promoting the development of new technologies such as cognitive computing.

With most of the population stuck at home in the early stages of the COVID-19 pandemic, businesses need to optimize their business operations and offerings to maximize their revenue opportunities while optimizing their operations to support the rapidly evolving business environment following the outbreak of the Covid-19 pandemic. This has enabled many businesses to invest in cognitive computing solutions. Global supply chain disruptions make it clear that supply chain management must be resilient and adaptive. Cognitive computing technologies are used to streamline supply chains, anticipate disruptions, and ensure effective inventory management. For example, in February 2020, Aera Technology launched the Aera Cognitive Operating System, the cloud platform for Cognitive Automation, allowing customers and partners to quickly and directly build cognitive skills and deploy Aera with greater flexibility and scale. This has led many businesses (large and small) to invest in cognitive computing solutions and services to help increase their revenues and optimize their business operations over time. Such instances support the growth of the cognitive computing industry during the forecast period.

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Key Findings of the Study

By deployment type, the on-premise segment accounts for the largest share of the cognitive computing market in 2022.
By technology, the natural language processing segment accounts for the largest share of the cognitive computing market by 2022.
By business size, the major business segment accounts for the largest share of the cognitive computing market in 2022.
By industry vertical, the healthcare segment accounts for the largest share of the cognitive computing market by 2022.
Region-wise, North America generated the highest revenue in 2022.

Market players operating in cognitive computing market analysis are 3M, Google LLC, Hewlett Packard Enterprise Development LP, IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Tibco Software Inc. and TATA Consultancy Services Limited (TCS). ). These major players have adopted various key growth strategies such as business expansion, new product launches, and partnerships, which help drive the growth of the cognitive computing industry globally.

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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a focused vision to provide business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market fields.

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Allied Market Research
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