MarketsandMarkets forecasts the global cognitive computing market size to grow from USD 20.5 billion 2020 to 77.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 30.5% during the forecast period. The major growth factors of the cognitive computing market include the continuous evolution in the computing environment: cloud, mobile, and analytics, utilizing cognitive abilities to reduce excess operational costs, increasing demand for intelligent business processes.
The major cognitive computing vendors include Google (US), Microsoft (US), IBM (US), SAS (US), AWS (US), TCS (India), Artificial Solutions (Sweden), Numenta (US), Enterra Solutions (US), CognitiveScale (US), SparkCognition (US), Expert System (US), Cisco (US), Virtusa (US), Cognitive Software Group (Australia), Acuiti (Australia), e-Zest (India), Vantage Labs (US), Red Skios (Spain), and BurstIQ (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global cognitive computing market. Partnerships, new product launches, acquisitions, and product enhancements have been the dominating strategies adopted by the major players from 2018 to 2020, which has helped them to innovate on their offerings and broaden their customer base.
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Google (US) a publicly held company, was founded in 1988 and is headquartered in California, US. Its product innovations have made the company’s services widely used, and the company is one of the most recognized brands in the world. Google’s core products and platforms include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube, and each of them has over 1 billion active users every month. The company heavily invests in platforms, such as the Android mobile Operating System (OS), Chrome browser, Chrome OS, and Daydream Virtual Reality (VR) platforms. The main source of the company’s revenue is cost-effective online advertising. It operates through 70 offices in more than 50 countries worldwide. As of December 2018, the company had 98,771 employees. Google expanded its roots in the eCommerce and cognitive computing industry.
Microsoft (US) was founded in 1975 and is headquartered in Washington, US. It is a prominent leader across the globe, and provides software products and diverse licensing suites. The company develops and supports software, services, devices, and solutions. Its product offerings include OS, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company also designs, manufactures, and sells devices, such as Personal Computers (PCs), tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. It offers a range of services, which includes solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms, and content. The company also offers online advertising. It is a global leader in building analytics platforms and provides production services for the Artificial Intelligence (AI)-infused intelligent cloud. It generates revenue by licensing and supporting a range of software products.
IBM (US) was founded in 1911 and is headquartered in New York, US. The company’s major operating sector consists of five business segments: cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. The company has a broad and robust product portfolio and majorly focuses on improving the product efficiency of analytics, cloud, cognitive, commerce, Internet of Things (IoT), industry solutions, systems, mobile, security, social, and Watson technologies. In the cognitive computing market, the company offers IBM Watson cognitive computing system. IBM Watson leverages deep content analysis and evidence-based reasoning to accelerate and improve decisions, reduce cost, and optimize outcomes. It is a pioneer company in providing cognitive computing solution across organizations of all sizes and in all verticals. The company is providing services of IBM Watson through its various channel partners.
Cognitive Computing Market by Component, Deployment Mode, Business Function, Application (IVA and Chatbot and Behavioral Analysis), Technology (Human Computer Interface and Deep Learning), Industry Vertical, and Region - Global Forecast to 2025
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