Cognitive Systems Market
What industry-specific factors are fueling the growth of the cognitive systems market?
As the need for automation rises, the cognitive systems market is anticipated to see significant growth. The term “automation” pertains to the development and utilization of equipment and systems that require minimal or no human intervention. Cognitive systems hold a notable position in the arenas of robotics and automation, empowering machines to undertake complex tasks with greater efficiency and effectiveness. They accomplish this by equipping machines with the capacity to scrutinize and track intricate processes, as well as manage unstructured data, subsequently enhancing their performance. For instance, in June 2023, data from the International Federation of Robotics (IFR), a professional non-profit organization based in Germany, showed that in 2022, the 27 member states of the European Union (EU) installed nearly 72,000 units, marking a 6% increase from the 67,000 units installed in 2021. Consequently, this growing need for automation is a significant factor fueling the expansion of the cognitive systems market.
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What Is the projected market size and growth rate for the cognitive systems market?
The scale of the cognitive systems market has seen a significant expansion in recent times. It is projected to increase from $42.5 billion in 2024 to $47.08 billion in 2025, experiencing a compound annual growth rate (CAGR) of 10.8%. Factors such as burgeoning crime rates, regulatory compliance obligations, heightened cognisance of security threats, integration with building management systems, and the capacity for remote monitoring and administration have all contributed to the historic period’s growth.
The market size of cognitive systems is anticipated to witness substantial expansion in the upcoming years, projecting a value of $66 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 8.8%. This anticipated growth in the forecast period is due to several factors such as the inclination towards artificial intelligence integration, adoption of cloud-based solutions, initiatives towards building smart cities, development in biometric access control, and a focus on sustainability. Moreover, significant trends predicted for the forecast period encompass cybersecurity issues, technological progression, integration with access control systems, biometric verification, and the application of artificial intelligence (AI) in video analytics.
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How are the latest trends influencing the growth of the cognitive systems market?
Major businesses in the cognitive systems market are concentrating on strategic alliances to deliver dependable services to their clientele. A strategic partnership is a defined cooperative connection between two or more parties, usually businesses, aiming for mutually advantageous long-term objectives. For example, Burson Cohn & Wolfe, a public relations and communications company based in the United States, partnered with Limbik, a cognitive AI company also from the United States that focuses on forecasting global trends using AI, in November 2023. They introduced Decipher Index, a novel platform that capitalizes on cognitive AI to forecast the major themes with the most potential for future impact. The platform utilizes cognitive AI to pinpoint and forecast crucial themes and trends that are expected to garner global attention and engagement. The platform aids its clients in foreseeing emerging trends and potential impacts on their businesses. The AI-driven platform offers a holistic view of worldwide trends, empowering organizations to make enlightened decisions.
What major market segments define the scope and growth of the cognitive systems market?
The cognitive systems market covered in this report is segmented –
1) By Type: Hardware, Software, Services
2) By Deployment: On Premises, Cloud
3) By Application: Banking, Education, Government, Healthcare, Insurance, Manufacturing, Securities And Investment Services, Telecommunications, Transportation
Subsegments:
1) By Hardware: Cognitive Processors, Servers And Storage Solutions, Sensors And IoT Devices, Robotics And Automation Equipment
2) By Software: Cognitive Analytics Software, Machine Learning Platforms, Natural Language Processing (NLP) Software, Data Management And Integration Tools
3) By Services: Consulting Services, Implementation And Integration Services, Support And Maintenance Services, Training And Development Services
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Which region dominates the cognitive systems market?
North America was the largest region in the cognitive systems market in 2024. The regions covered in the cognitive systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the cognitive systems industry growth?
Major companies operating in the cognitive systems market report are Alphabet Inc., Microsoft Corporation, Dell Technologies Inc., General Electric Company, Intel Corporation, HP Inc., accenture* PLC, International Business Machines Corporation, Deloitte LLP, Cisco Systems Inc., Oracle Corporation, 3M, SAP SE, Hewlett Packard Enterprise Development LP, Tata Consultancy Services Limited, Salesforce Inc., Infosys Limited, Baidu Inc., Wipro Limited, SAS Institute Inc., Nuance Communications Inc., Tibco Software Inc., Synechron Inc., Amelia, Amazon.com Inc., CognitiveScale, Expert System S.p.A., Attivio, Enterra Solutions LLC, Numenta Inc.
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What Is Covered In The Cognitive Systems Global Market Report?
• Market Size Forecast: Examine the cognitive systems market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the cognitive systems market for a structured understanding.
• Key Players Overview: Analyze major players in the cognitive systems market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cognitive systems market.
• Segment Contributions: Evaluate how different segments drive overall growth in the cognitive systems market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cognitive systems market.
• Industry Challenges: Identify potential risks and obstacles affecting the cognitive systems market.
• Competitive Landscape: Review strategic developments in the cognitive systems market, including expansions, agreements, and new product launches.
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