Cognitive Systems Market Report by Product Type (Software, Services, Hardware), End-Use Sector (Banking Sector, Retail Sector, Healthcare Sector, and Others), and Region 2024-2032
The global cognitive systems market size reached US$ 46.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 512.0 Billion by 2032, exhibiting a growth rate (CAGR) of 29.5% during 2024-2032.
Cognitive systems are self-learning technologies combining natural language processing and machine learning (ML) to ease the interaction between humans and machines. They process a considerable amount of data to respond to queries and make intelligent recommendations according to the requirements of an individual. They mimic the way a human brain works by analyzing, learning, and assessing human thought processes and improving decision making. In addition, they analyze developing patterns, identify business possibilities, and manage crucial process-related issues in real-time. As they improve consumer relationships by giving useful, relevant, and contextual information, cognitive systems find extensive applications in the manufacturing, healthcare, and banking, financial services and insurance sectors across the globe.
Cognitive Systems Market Trends:
At present, there is a rise in the utilization of cognitive systems in banking and financial institutes for speeding operations and meeting the escalating demand of customers. This, along with the growing need for predictive analytics to improve the cost-effectiveness of the production process, represents one of the key factors driving the market. Moreover, there is an increase in the demand for cognitive systems to manage large unstructured data in various industries. This, coupled with the rising adoption of the internet of things (IoT) in cognitive systems, is propelling the growth of the market. Besides this, the growing employment of cognitive systems in the healthcare industry for data assimilation and advanced data analytics technologies to understand different patterns of the disease and discover a new drug for treatment is positively influencing the market. In addition, researchers are relying on the potential of cognitive solutions to enhance clinical trials and unlock new opportunities in the healthcare industry.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global cognitive systems market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on product type and end-use sector.
Breakup by Product Type:
Software
Services
Hardware
Software currently holds the dominant market share, due to the increasing need for efficient business processes and enhanced customer communication.
Breakup by End-Use Sector:
Banking Sector
Retail Sector
Healthcare Sector
Others
Cognitive systems are widely utilized in the banking sector to minimize potential risks and assist customers and employees via human interfaces.
Breakup by Region:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
North America holds the largest market share due to the growing commercialization of predictive analytics, along with the favorable government initiatives implemented in various countries to promote the utilization of cognitive systems.
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are International Business Machines (IBM) Corporation, Infosys Limited, HP Inc., Microsoft Corporation, and SAP SE.
Key Questions Answered in This Report
1. What was the size of the global cognitive systems market in 2023?
2. What is the expected growth rate of the global cognitive systems market during 2024-2032?
3. What are the key factors driving the global cognitive systems market?
4. What has been the impact of COVID-19 on the global cognitive systems market?
5. What is the breakup of the global cognitive systems market based on the product type?
6. What is the breakup of the global cognitive systems market based on the end-use sector?
7. What are the key regions in the global cognitive systems market?
8. Who are the key players/companies in the global cognitive systems market?
Cognitive systems are self-learning technologies combining natural language processing and machine learning (ML) to ease the interaction between humans and machines. They process a considerable amount of data to respond to queries and make intelligent recommendations according to the requirements of an individual. They mimic the way a human brain works by analyzing, learning, and assessing human thought processes and improving decision making. In addition, they analyze developing patterns, identify business possibilities, and manage crucial process-related issues in real-time. As they improve consumer relationships by giving useful, relevant, and contextual information, cognitive systems find extensive applications in the manufacturing, healthcare, and banking, financial services and insurance sectors across the globe.
Cognitive Systems Market Trends:
At present, there is a rise in the utilization of cognitive systems in banking and financial institutes for speeding operations and meeting the escalating demand of customers. This, along with the growing need for predictive analytics to improve the cost-effectiveness of the production process, represents one of the key factors driving the market. Moreover, there is an increase in the demand for cognitive systems to manage large unstructured data in various industries. This, coupled with the rising adoption of the internet of things (IoT) in cognitive systems, is propelling the growth of the market. Besides this, the growing employment of cognitive systems in the healthcare industry for data assimilation and advanced data analytics technologies to understand different patterns of the disease and discover a new drug for treatment is positively influencing the market. In addition, researchers are relying on the potential of cognitive solutions to enhance clinical trials and unlock new opportunities in the healthcare industry.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global cognitive systems market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on product type and end-use sector.
Breakup by Product Type:
Software
Services
Hardware
Software currently holds the dominant market share, due to the increasing need for efficient business processes and enhanced customer communication.
Breakup by End-Use Sector:
Banking Sector
Retail Sector
Healthcare Sector
Others
Cognitive systems are widely utilized in the banking sector to minimize potential risks and assist customers and employees via human interfaces.
Breakup by Region:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
North America holds the largest market share due to the growing commercialization of predictive analytics, along with the favorable government initiatives implemented in various countries to promote the utilization of cognitive systems.
Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are International Business Machines (IBM) Corporation, Infosys Limited, HP Inc., Microsoft Corporation, and SAP SE.
Key Questions Answered in This Report
1. What was the size of the global cognitive systems market in 2023?
2. What is the expected growth rate of the global cognitive systems market during 2024-2032?
3. What are the key factors driving the global cognitive systems market?
4. What has been the impact of COVID-19 on the global cognitive systems market?
5. What is the breakup of the global cognitive systems market based on the product type?
6. What is the breakup of the global cognitive systems market based on the end-use sector?
7. What are the key regions in the global cognitive systems market?
8. Who are the key players/companies in the global cognitive systems market?
1 PREFACE
2 SCOPE AND METHODOLOGY
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 EXECUTIVE SUMMARY
4 INTRODUCTION
4.1 Overview
4.2 Key Industry Trends
5 GLOBAL COGNITIVE SYSTEMS MARKET
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Product Type
5.5 Market Breakup by End-Use Sector
5.6 Market Breakup by Region
5.7 Market Forecast
5.8 SWOT Analysis
5.8.1 Overview
5.8.2 Strengths
5.8.3 Weaknesses
5.8.4 Opportunities
5.8.5 Threats
5.9 Value Chain Analysis
5.9.1 Overview
5.9.2 Research and Development
5.9.3 Raw Material Procurement
5.9.4 Manufacturing
5.9.5 Marketing
5.9.6 Distribution
5.9.7 End-Use
5.10 Porters Five Forces Analysis
5.10.1 Overview
5.10.2 Bargaining Power of Buyers
5.10.3 Bargaining Power of Suppliers
5.10.4 Degree of Competition
5.10.5 Threat of New Entrants
5.10.6 Threat of Substitutes
6 MARKET BREAKUP BY PRODUCT TYPE
6.1 Software
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Services
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Hardware
6.3.1 Market Trends
6.3.2 Market Forecast
7 MARKET BREAKUP BY END-USE SECTOR
7.1 Banking Sector
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Retail Sector
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Healthcare Sector
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Others
7.4.1 Market Trends
7.4.2 Market Forecast
8 MARKET BREAKUP BY REGION
8.1 North America
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Europe
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Asia Pacific
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Latin America
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Middle East and Africa
8.5.1 Market Trends
8.5.2 Market Forecast
9 COMPETITIVE LANDSCAPE
9.1 Market Structure
9.2 Key Players
9.3 Profiles of Key Players
9.3.1 IBM
9.3.1.1 Company Overview
9.3.1.2 Description
9.3.1.3 Product Portfolio
9.3.1.4 Financials
9.3.1.5 SWOT Analysis
9.3.2 Infosys
9.3.2.1 Company Overview
9.3.2.2 Description
9.3.2.3 Product Portfolio
9.3.2.4 Financials
9.3.2.5 SWOT Analysis
9.3.3 HP Inc.
9.3.3.1 Company Overview
9.3.3.2 Description
9.3.3.3 Product Portfolio
9.3.3.4 Financials
9.3.3.5 SWOT Analysis
9.3.4 Microsoft Corporation
9.3.4.1 Company Overview
9.3.4.2 Description
9.3.4.3 Product Portfolio
9.3.4.4 Financials
9.3.4.5 SWOT Analysis
9.3.5 SAP SE
9.3.5.1 Company Overview
9.3.5.2 Description
9.3.5.3 Product Portfolio
9.3.5.4 Financials
9.3.5.5 SWOT Analysis
2 SCOPE AND METHODOLOGY
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 EXECUTIVE SUMMARY
4 INTRODUCTION
4.1 Overview
4.2 Key Industry Trends
5 GLOBAL COGNITIVE SYSTEMS MARKET
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Product Type
5.5 Market Breakup by End-Use Sector
5.6 Market Breakup by Region
5.7 Market Forecast
5.8 SWOT Analysis
5.8.1 Overview
5.8.2 Strengths
5.8.3 Weaknesses
5.8.4 Opportunities
5.8.5 Threats
5.9 Value Chain Analysis
5.9.1 Overview
5.9.2 Research and Development
5.9.3 Raw Material Procurement
5.9.4 Manufacturing
5.9.5 Marketing
5.9.6 Distribution
5.9.7 End-Use
5.10 Porters Five Forces Analysis
5.10.1 Overview
5.10.2 Bargaining Power of Buyers
5.10.3 Bargaining Power of Suppliers
5.10.4 Degree of Competition
5.10.5 Threat of New Entrants
5.10.6 Threat of Substitutes
6 MARKET BREAKUP BY PRODUCT TYPE
6.1 Software
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Services
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Hardware
6.3.1 Market Trends
6.3.2 Market Forecast
7 MARKET BREAKUP BY END-USE SECTOR
7.1 Banking Sector
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Retail Sector
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Healthcare Sector
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Others
7.4.1 Market Trends
7.4.2 Market Forecast
8 MARKET BREAKUP BY REGION
8.1 North America
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Europe
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Asia Pacific
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Latin America
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Middle East and Africa
8.5.1 Market Trends
8.5.2 Market Forecast
9 COMPETITIVE LANDSCAPE
9.1 Market Structure
9.2 Key Players
9.3 Profiles of Key Players
9.3.1 IBM
9.3.1.1 Company Overview
9.3.1.2 Description
9.3.1.3 Product Portfolio
9.3.1.4 Financials
9.3.1.5 SWOT Analysis
9.3.2 Infosys
9.3.2.1 Company Overview
9.3.2.2 Description
9.3.2.3 Product Portfolio
9.3.2.4 Financials
9.3.2.5 SWOT Analysis
9.3.3 HP Inc.
9.3.3.1 Company Overview
9.3.3.2 Description
9.3.3.3 Product Portfolio
9.3.3.4 Financials
9.3.3.5 SWOT Analysis
9.3.4 Microsoft Corporation
9.3.4.1 Company Overview
9.3.4.2 Description
9.3.4.3 Product Portfolio
9.3.4.4 Financials
9.3.4.5 SWOT Analysis
9.3.5 SAP SE
9.3.5.1 Company Overview
9.3.5.2 Description
9.3.5.3 Product Portfolio
9.3.5.4 Financials
9.3.5.5 SWOT Analysis
LIST OF TABLES
Table 1: Global: Cognitive Systems Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Cognitive Systems Market Forecast: Breakup by Product Type (in Million US$), 2024-2032
Table 3: Global: Cognitive Systems Market Forecast: Breakup by End-Use Sector (in Million US$), 2024-2032
Table 4: Global: Cognitive Systems Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 5: Cognitive Systems: Raw Material Requirements
Table 6: Global: Cognitive Systems Market: Competitive Structure
Table 7: Global: Cognitive Systems Market: Key Players
Table 1: Global: Cognitive Systems Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Cognitive Systems Market Forecast: Breakup by Product Type (in Million US$), 2024-2032
Table 3: Global: Cognitive Systems Market Forecast: Breakup by End-Use Sector (in Million US$), 2024-2032
Table 4: Global: Cognitive Systems Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 5: Cognitive Systems: Raw Material Requirements
Table 6: Global: Cognitive Systems Market: Competitive Structure
Table 7: Global: Cognitive Systems Market: Key Players
LIST OF FIGURES
Figure 1: Global: Cognitive Systems Market: Major Drivers and Challenges
Figure 2: Global: Cognitive Systems Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Cognitive Systems Market: Breakup by Product Type (in %), 2023
Figure 4: Global: Cognitive Systems Market: Breakup by End-Use Sector (in %), 2023
Figure 5: Global: Cognitive Systems Market: Breakup by Region (in %), 2023
Figure 6: Global: Cognitive Systems Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 7: Global: Cognitive Systems Industry: SWOT Analysis
Figure 8: Global: Cognitive Systems Industry: Value Chain Analysis
Figure 9: Global: Cognitive Systems Industry: Porter’s Five Forces Analysis
Figure 10: Global: Cognitive Systems (Software) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: Global: Cognitive Systems (Software) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: Global: Cognitive Systems (Services) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: Global: Cognitive Systems (Services) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: Global: Cognitive Systems (Hardware) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: Global: Cognitive Systems (Hardware) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: Global: Cognitive Systems (End-Use in Banking Sector) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: Global: Cognitive Systems (End-Use in Banking Sector) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: Global: Cognitive Systems (End-Use in Retail Sector) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: Global: Cognitive Systems (End-Use in Retail Sector) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: Global: Cognitive Systems (End-Use in Healthcare Sector) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: Global: Cognitive Systems (End-Use in Healthcare Sector) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: Global: Cognitive Systems (Other End-Use Sectors) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: Global: Cognitive Systems (Other End-Use Sectors) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: North America: Cognitive Systems Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: North America: Cognitive Systems Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: Europe: Cognitive Systems Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: Europe: Cognitive Systems Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: Asia Pacific: Cognitive Systems Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: Asia Pacific: Cognitive Systems Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 30: Latin America: Cognitive Systems Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: Latin America: Cognitive Systems Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: Middle East and Africa: Cognitive Systems Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: Middle East and Africa: Cognitive Systems Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: Cognitive Systems Manufacturing: Detailed Process Flow
Figure 1: Global: Cognitive Systems Market: Major Drivers and Challenges
Figure 2: Global: Cognitive Systems Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Cognitive Systems Market: Breakup by Product Type (in %), 2023
Figure 4: Global: Cognitive Systems Market: Breakup by End-Use Sector (in %), 2023
Figure 5: Global: Cognitive Systems Market: Breakup by Region (in %), 2023
Figure 6: Global: Cognitive Systems Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 7: Global: Cognitive Systems Industry: SWOT Analysis
Figure 8: Global: Cognitive Systems Industry: Value Chain Analysis
Figure 9: Global: Cognitive Systems Industry: Porter’s Five Forces Analysis
Figure 10: Global: Cognitive Systems (Software) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: Global: Cognitive Systems (Software) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: Global: Cognitive Systems (Services) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: Global: Cognitive Systems (Services) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: Global: Cognitive Systems (Hardware) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: Global: Cognitive Systems (Hardware) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: Global: Cognitive Systems (End-Use in Banking Sector) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: Global: Cognitive Systems (End-Use in Banking Sector) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: Global: Cognitive Systems (End-Use in Retail Sector) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: Global: Cognitive Systems (End-Use in Retail Sector) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: Global: Cognitive Systems (End-Use in Healthcare Sector) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: Global: Cognitive Systems (End-Use in Healthcare Sector) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: Global: Cognitive Systems (Other End-Use Sectors) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: Global: Cognitive Systems (Other End-Use Sectors) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: North America: Cognitive Systems Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: North America: Cognitive Systems Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: Europe: Cognitive Systems Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: Europe: Cognitive Systems Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: Asia Pacific: Cognitive Systems Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: Asia Pacific: Cognitive Systems Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 30: Latin America: Cognitive Systems Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: Latin America: Cognitive Systems Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: Middle East and Africa: Cognitive Systems Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: Middle East and Africa: Cognitive Systems Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: Cognitive Systems Manufacturing: Detailed Process Flow
