The global cognitive computing market reached US$29.67 billion in 2016.Further, this market is projected to rise substantially with a staggering 49.9% CAGR in the forecast period from 2017 to 2025. In terms of revenue, the cognitive computing market shall surpass the benchmark of $US1000.52 bn by the end of this forecast tenure.
The global cognitive computing market is categorized into various segments depending upon its deployment type, applications, and industry infrastructure. Each segment splits into various facets that impact the overall growth of the market. For instance, based on deployment, global cognitive computer is segmented in on-premise and cloud segments.
Out of the two, cloud segment is likely to show maximum potential during the forecast period. The segment is likely to hold 65% share of the global revenue. . On the other hand, depending upon the industry vertical, the market is fragmented into healthcare, IT & telecom, manufacturing, and energy, and utility. Out of the above-mentioned industry verticals, the healthcare industry is estimated to grow with an impressive pace.
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Regionally, the global cognitive computing market is spread across in Asia Pacific, North America, Europe, South America, and finally the Middle East and Africa. Among these regions, North America is expected to show maximum growth during the forecast period. This region shall be partnered by regions of the Middle East & Africa and the Asia Pacific. The regions are expected to show a remarkable growth in deployment of the technology with a CAGR of 53.2% in the forecast period.
The global cognitive computing market is majorly driven by the rising demand for artificial intelligence and machine learning technologies in various sectors. Industries like healthcare, manufacturing, and retail are major contributors to the growth of global cognitive computing market. Increasing trends of large data-set implementation in various industries shall also influence the growth of global cognitive computing market.