According to a new report, published by KBV research, The Global Cognitive Computing Market size is expected to reach $278.8 billion by 2030, rising at a market growth of 32.3% CAGR during the forecast period.
The On-premise segment acquired the highest revenue in the Global Cognitive Computing Market, By Deployment Type in 2022; thereby, achieving a market value of $157.8 million by 2030. On-premise deployment allows organizations to maintain full control over their data. This can be critical for businesses dealing with sensitive or confidential information, such as healthcare or finance, where data security and compliance with regulations are paramount.
The Machine Learning segment is showcasing a CAGR of 32.8% during (2023 - 2030). The integration of cognitive computing with machine learning extends the capabilities of AI systems, enabling them to work with diverse data types, understand context, and make more informed and sophisticated decisions. This synergy between cognitive computing and machine learning holds great potential across various industries, from healthcare and finance to customer service and content recommendation.
The Large Enterprises segment is leading the Global Cognitive Computing Market, By Enterprise Size in 2022; thereby, achieving a market value of $185.7 billion by 2030. Large enterprises across various industries are increasingly adopting cognitive computing to enhance their operations, decision-making processes, and customer interactions. Cognitive computing analyzes customer data and behavior to deliver personalized experiences.
The BFSI segment is experiencing a CAGR of 31.9% during (2023 - 2030). Cognitive computing technologies can analyze vast amounts of transaction data to identify unusual patterns and detect potential fraud in real-time. They can also adapt to evolving fraud techniques. In the investment and trading sector, cognitive computing can analyze market data, news, and social media sentiment to make real-time trading decisions and optimize trading strategies.
The North America region dominated the Global Cognitive Computing Market, By Region in 2022; thereby, achieving a market value of $102.1 billion by 2030. The Asia Pacific region is estimated to witness a CAGR of 33.2% during (2023 - 2030). Additionally, The Europe region would register a CAGR of 32% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/cognitive-computing-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of SAP SE, Google LLC, Tibco Software Inc., 3M Company, Microsoft Corporation, SAS Institute Inc., TATA Consultancy Services Limited, IBM Corporation, Hewlett Packard Enterprise Development LP, and Oracle Corporation.
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