Cognitive System Market Share, Size, Growth, Demand and Forecast till 2028: IMARC Group

SHERIDAN, WYOMING, UNITED STATES, February 7, 2023 /EINPresswire.com/ -- Cognitive Systems Market Outlook 2023-2028:

IMARC Group’s latest report, titled “Cognitive Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global cognitive systems market size reached US$ 35.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 201.1 Billion by 2028, exhibiting a growth rate (CAGR) of 30.94% during 2023-2028.

Cognitive systems refer to self-learning technologies combining natural language processing and machine learning (ML) to ease the interaction between humans and machines. They process a considerable amount of data to respond to queries and make intelligent recommendations according to the requirements of an individual. Cognitive systems mimic the way a human brain works by analyzing, learning, and assessing human thought processes and improving decision-making. They analyze developing patterns, identify business possibilities, manage crucial process-related issues in real-time, etc. Cognitive systems improve consumer relationships by giving useful, relevant, and contextual information.

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Competitive Landscape with Key Players:

• International Business Machines (IBM) Corporation
• Infosys Limited
• HP Inc
• Microsoft Corporation
• SAP SE

Cognitive Systems Market Demand and Growth:

The increasing digitalization and the expanding banking, financial services and insurance (BFSI) industry across countries are primarily augmenting the cognitive systems market. Furthermore, the inflating requirement for predictive analytics to improve the cost-effectiveness of the production process is positively influencing the global market. Apart from this, the escalating demand for cognitive systems to manage large unstructured data in numerous sectors is acting as another significant growth-inducing factor. Moreover, the widespread adoption of the Internet of Things (IoT) in cognitive systems is also bolstering the market growth. Besides this, the rising usage of these systems to enhance health information sharing, allow physicians to make better diagnosis and treatment decisions, identify the most critical attributes of a medical case, create personalized treatment plans, uncover new insights into diseases, etc., is further catalyzing the global market. Additionally, they are gaining extensive traction among researchers to improve clinical trials and unlock new opportunities in the healthcare sector, which is expected to fuel the cognitive systems market in the coming years.

Key Market Segmentation:

Breakup by Product Type:

• Software
• Services
• Hardware

Breakup by End-Use Sector:

• Banking Sector
• Retail Sector
• Healthcare Sector
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Anand Ranjan
IMARC Services Private Limited
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