Cognitive Computing Market by Component (Platform, Services), by Technology (Machine Learning (ML), by Deployment (Cloud-based, On-premise), by Enterprise Size (Small & Medium Enterprise (SMEs), by End-user (BFSI, Healthcare, Retail & e-commerce, IT & Telecom), Forecast 2024-2032
The Cognitive Computing Market size was valued at USD 11.11 USD billion in 2023 and is projected to reach USD 36.45 USD billion by 2032, exhibiting a CAGR of 18.5 % during the forecast period. Cognitive computing is the kind of technology that mimics the human mind's capacity in the area of cognition. It can comprehend, process, and learn from numerous data points in the same way as artists, unlike conventional computing. AI is capable of working with unstructured data recognizing the patterns and generating relevant insights without being dependent on a human. These techniques are built on natural language processing, machine learning, and artificial neural networks which can achieve human-like thinking. Human-computer interaction is gaining popularity in different fields of science including medicine, finance, and customers' support services. Healthcare is one of the areas where it helps doctors in diagnosing and planning proper treatments by analyzing patient data and published studies. In finance, the spotlight is aimed at the fraud detection and determination of risks, while in customer service the robots are put into action serving as chatbots and recommending personalized products. There are a series of advantages filed by cognitive computing which include better decision-making, efficiency, and personalized experiences of users.
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"The cognitive computing market is poised for significant growth in the coming years, driven by the increasing adoption of AI and ML technologies. Vendors need to focus on innovation, partnerships, and customer-centric solutions to remain competitive."
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 18.5% from 2018-2032 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 18.5% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
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