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The Cognitive Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cognitive Systems Global Market Report 2024, The cognitive systems market size has grown rapidly in recent years. It will grow from $38.33 billion in 2023 to $42.5 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to rise in crime rates, regulatory compliance requirements, increased awareness of security risks, integration with building management systems, remote monitoring and management.
The cognitive systems market size is expected to see strong growth in the next few years. It will grow to $60.79 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to artificial intelligence (AI) integration, cloud-based solutions, smart city initiatives, biometric access control growth, focus on sustainability. Major trends in the forecast period include cybersecurity concerns, technological advancements, integration with access control systems, biometric authentication, artificial intelligence (AI) for video analytics.
The increasing demand for automation is expected to propel the growth of the cognitive systems market going forward. Automation refers to the creation and application of tools and systems that can operate with little to no need for manual intervention. Cognitive systems are used in robotics and automation, enabling machines to perform complex tasks more efficiently and effectively by providing them with the ability to monitor and analyze complex processes and handle unstructured data to improve their performance over time. For instance, in September 2023, according to the International Federation of Robotics (IFR), a Germany-based professional non-profit organization, the total number of service robots sold for professional use hit 158,000 units in 2022—an increase of 48%. Further, it is recorded that 553,052 industrial robot installations are in factories around the world—a growth rate of 5% in 2022, year-on-year. Therefore, the increasing demand for automation is driving the growth of the cognitive systems market.
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The cognitive systems market covered in this report is segmented –
1) By Type: Hardware, Software, Services
2) By Deployment: On Premises, Cloud
3) By Application: Banking, Education, Government, Healthcare, Insurance, Manufacturing, Securities and Investment Services, Telecommunications, Transportation
Major companies operating in the cognitive systems market are focusing on strategic partnerships to provide reliable services to customers. A strategic partnership is a formal collaborative alliance between two or more entities, typically businesses, aimed at achieving mutually beneficial long-term goals. For instance, in November 2023, Burson Cohn & Wolfe, a US-based public relations and communications firm, in partnership with Limbik, a US-based cognitive AI company that specializes in predicting future global trends using artificial intelligence, launched Decipher Index, a new platform that uses cognitive artificial intelligence (AI) to predict the top themes with the greatest potential for impact in the future. The platform uses cognitive artificial intelligence (AI) to identify and predict key themes and trends that are likely to drive global interest and engagement. The platform helps clients anticipate emerging trends and potential impacts on their businesses. The AI-powered platform provides a comprehensive view of global trends, allowing organizations to make informed decisions.
The cognitive systems market report table of contents includes:
1. Executive Summary
2. Cognitive Systems Market Characteristics
3. Cognitive Systems Market Trends And Strategies
4. Cognitive Systems Market – Macro Economic Scenario
5. Global Cognitive Systems Market Size and Growth
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26. South America Cognitive Systems Market
27. Brazil Cognitive Systems Market
28. Middle East Cognitive Systems Market
29. Africa Cognitive Systems Market
30. Cognitive Systems Market Competitive Landscape And Company Profiles
Top Major Players:
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