Cognitive Computing Market to Generate $177.9 Billion Revenue by 2030

The global cognitive computing market is predicted to reach $177.90 billion by 2030, growing at a CAGR of 25.4% during 2021–2030. This growth can be majorly attributed to the rising concerns among all major commercial organizations about analyzing a large volume of data, to quantify risks associated with every strategic effort. Furthermore, the surging adoption of cloud-based technology and the existence of a large number of industry players are some other important factors boosting the growth of the market.

The requirement of businesses, such as healthcare, retail, and financial institutions, to evaluate massive amounts of data ideally in real-time is expected to benefit the industry. As technology advances, creative approaches, such as machine learning and automated reasoning, are being implemented in dispensing systems. Moreover, the increasing application in healthcare and the surging demand for natural language processing technology would drive the market in the coming years.

Shifting Focus Toward Cloud Platforms Among Enterprises

The increasing focus of organizations toward the implementation of cloud-based cognitive technology is one of the key factors responsible for the market growth. Cognitive cloud computing enables businesses to enhance revenue, decrease expenses, and improve operational efficiencies. Furthermore, enterprises are focusing on the adoption of cognitive cloud computing solutions and other cloud-based services to address real-time use cases such as supply chain optimization and product innovation. To meet the increased demand across sectors, key market participants are focusing on establishing cognitive cloud computing platforms.

Cognitive Computing Plays a Vital Role in E-Commerce Industry

Cognitive computing technology offers online merchants the necessary information they require to fulfill the ever-changing and ever-growing customer expectations in the e-commerce industry. As consumer data continues to develop, it is becoming increasingly popular in the online buying sector. This technology is also gaining traction in the online shopping arena, where it enables customers to make more informed purchasing decisions and assists retail businesses in realizing new prospects.

Customers typically have a wide range of options while making purchases. Their choice to buy no longer depends on where they are or when they are buying. As consumers buy online, individuals can use a number of self-help applications provided by cognitive technology. They can employ price checkers, self-checkout systems, information kiosks, and mobile payment applications to enhance their online shopping experiences.

The APAC market is predicted to grow at the highest pace in the coming years. This can be ascribed to the rising penetration of the internet, the increasing number of start-ups in regional countries such as China, India, Japan, and Australia, and the developments of cutting-edge technologies like 5G and IoT. Additionally, favorable government initiatives and increasing investment in advanced technologies in emerging economies are expected to create ample opportunities for industry players operating in the region.

Some major players in the cognitive computing market are Microsoft, Teradata, IBM, SAS Institute Inc., Google LLC, Amazon Web Services Inc., CognitiveScale, SparkCognition, Cisco Systems Inc., and Virtusa Corporation.