What is Artificial Intelligence and Cognitive Computing Market?
AI is the simulation of human intelligence processes by machines. These processes include learning from constantly changing data, reasoning to make sense of data and self-correction mechanisms to make decisions. Whereas, Cognitive Computing is the individual technologies which perform specific tasks that facilitate human intelligence. In In the real world, applications for Cognitive Computing is often different than applications for AI. Cognitive Computing is important in analysis intensive industries and AI is important in service-oriented industries.
Highlights from Artificial Intelligence and Cognitive Computing Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Microsoft (United States), Teradata (United States), IBM (United States), SAS (United States), Google (United States), AWS (United States), CognitiveScale (United States), SparkCognition (United States), TCS (India) and Expert System (United States) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Artificial Intelligence and Cognitive Computing market throughout the forecasted period.
Microsoft (United States), Teradata (United States), IBM (United States), SAS (United States), Google (United States), AWS (United States), CognitiveScale (United States), SparkCognition (United States), TCS (India) and Expert System (United States) are some of the key players profiled in the study. Artificial Intelligence and Cognitive Computing Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Automation, Intelligent Virtual Assistants, Behavioral Analysis, Biometrics and Others |
Technology | Machine Learning (ML),Human Computer Interaction,Natural Language Processing (NLP),Deep Learning |
Industry Vertical | BFSI,Retail and eCommerce,Telecommunication and IT,Healthcare and Life Sciences,Manufacturing,Government and Defense,Media and Entertainment,Travel and Hospitality,Others |
Component | Platform,Service |
Organisation size | SMEs,Large enterprises |
On the basis of geography, the market of Artificial Intelligence and Cognitive Computing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Demand of Better Customer Experience
Market Growth Drivers:
Increase in Big Data Analytics and Development of Machine to Machine Technologies
Challenges:
Lack of Awareness Associated with Cognitive Computing
Restraints:
Lack of skilled professionals
Opportunities:
Rise in Transaction Information and Customer Data and Increasing Need for High Speed Computing Services
Key Target Audience
Distributors, Government associations, Research organisations, Software vendors and Others
Market Leaders & Development Strategies
On May 2020, Microsoft has acquired Softomotive which is a software company that provides Robotic Process Automation technology for organisation's digital workforce development
On January 2019, Capgemini launched Perform AI which is a new portfolio of solutions and services to assist organisations in achieving and sustaining tangible business outcomes by building and operating enterprise-grade artificial intelligence (AI) at scale.