How Big is the Cognitive Systems Market ? :
IMARC Group’s latest report, titled “Cognitive Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the cognitive systems market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global cognitive systems market size reached US$ 35.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 201.1 Billion by 2028, exhibiting a growth rate (CAGR) of 30.94% during 2023-2028.
Cognitive Systems Means:
Cognitive systems represent self-learning technologies combining natural language processing and machine learning (ML) to ease the interaction between machines and humans. They process a considerable amount of data for responding to queries and making intelligent recommendations according to the needs of an individual. Cognitive systems imitate the way a human brain works by analyzing, assessing, and learning human thought processes and aid in enhancing decision-making. They even monitor developing patterns, identify business possibilities, and manage crucial process-related issues in real time. Cognitive systems improve consumer relationships by giving relevant, useful, and contextual information. Consequently, they find extensive applications across several sectors, such as manufacturing, healthcare, banking, etc.
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Competitive Landscape with Key Players:
- International Business Machines (IBM) Corporation
- Infosys Limited
- HP Inc
- Microsoft Corporation
- SAP SE
Cognitive Systems Market Trends and Future Demand:
The rising utilization of cognitive systems in banking and financial institutes to speed operations and meet the inflating demand of customers is among the key factors driving the cognitive systems market. Additionally, the escalating need for predictive analytics to enhance the cost-effectiveness of the production process is also positively influencing the global market. Besides this, the increasing product usage to manage large unstructured data in various industries is acting as another significant growth-inducing factor. Moreover, the growing adoption of the internet of things (IoT) in cognitive systems is further stimulating the market growth.
Apart from this, the elevating employment of the technology in the healthcare industry for data assimilation and advanced data analytics to understand multiple patterns of diseases and discover a new drug for treatment and improve clinical trials for unlocking new opportunities is expected to bolster the cognitive systems market over the forecasted period.
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Key Market Segmentation:
Breakup by Product Type:
Breakup by End-Use Sector:
- Banking Sector
- Retail Sector
- Healthcare Sector
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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