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SAN FRANCISCO, Aug. 31, 2022 /PRNewswire/ -- The global cognitive computing market size is projected to reach USD 225.33 billion by 2030, registering a CAGR of 27.6% from 2022 to 2030, according to a new study published by Grand View Research, Inc. The surge in demand for cognitive computing technology comes from an increased need for making better decisions, transforming industries, and democratizing expertise. The technology has become sought-after among decision-makers to handle the massive amount of data and iterative analytics. Industry leaders anticipate the use of cognitive computing systems will gain ground from the rising prominence of machine learning and natural language processing.

Key Industry Insights & Findings from the report:

Read 137 page market research report, "Cognitive Computing Market Size, Share & Trends Analysis Report By Technology, By Deployment (On-premises, Cloud), By Application (BFSI, Healthcare, Security, Retail, IT & Telecom, Aerospace), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Cognitive Computing Market Growth & Trends

Cognitive computing enables business organizations to incorporate advanced data analytics technology in their business processes to measure the risk associated with strategic initiatives. Industry players are progressively investing significantly in adopting modern cognitive solutions through profound research and development. The adoption of Artificial Intelligence and the Internet of Things that enables automated integration between software, hardware platform, and the consumer, has spurred industry growth.

Cognitive computing systems which use real-time analysis, machine learning, and natural language processing (NLP) have become sought-after to provide better results. Some of the prominent attributes, including voice recognition, text analytics, image & visual analytics, and clustering & deep learning, have encouraged leading companies to expedite investments in cognitive computing.

A notable uptick toward data analysis is expected to complement the development of cloud computing platforms and on-premises hardware equipment. Besides, advancements in cognitive technologies have augured well for market growth. For instance, cognitive systems have become the go-to technology for accurate data analysis and boosting customer interaction across industry verticals.

The healthcare industry has exhibited a profound inclination for cognitive systems to collate and assess data, including diagnostic tools, past data, medical journals, and reports. The prevalence of data-powered treatment recommendations has gained ground across emerging and advanced economies.

With companies striving to enhance customer experience, the cognitive computing process has garnered immense popularity. It has also leveraged end-users to provide valuable, contextual, and relevant inputs to the customers. It has the potential to identify strange behavior in the data by inspecting usage patterns to block cyber-attacks.

Cognitive Computing Market Segmentation

Grand View Research has segmented the global cognitive computing market based on technology, deployment, application, and region:

Cognitive Computing Market - Technology Outlook (Revenue, USD Billion, 2017 - 2030)

Cognitive Computing Market - Deployment Outlook (Revenue, USD Billion, 2017 - 2030)

Cognitive Computing Market - Application Outlook (Revenue, USD Billion, 2017 - 2030)

Cognitive Computing Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)

List of Key Players in the Cognitive Computing Market

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

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SOURCE Grand View Research, Inc.

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Cognitive Computing Market to be Worth $225.33 Billion by 2030: Grand View Research, Inc. - PR Newswire