Cognitive Cloud Computing Market Growth
How Will the Cognitive Cloud Computing Market Grow, and What Is the Projected Market Size?
In recent years, the market size of cognitive cloud computing has seen substantial growth. This market, valued at $42.36 billion in 2024, is projected to increase to $55.96 billion in 2025 – reflecting a robust compound annual growth rate (CAGR) of 32.1%. The exponential growth during the past years can be attributed to several factors – the widespread adoption of cloud computing infrastructure and services, increasing demand for data analytics and insights across different sectors, the progression of hybrid and multi-cloud strategies, and the emergence of Internet of Things (IoT) devices.
Predictions indicate a sharp upward trend in the size of the cognitive cloud computing market in the coming years, potentially worth $168.61 billion by 2029, with an impressive compound annual growth rate (CAGR) of 31.8%. Factors contributing to this projected growth include the rising use of AI and machine learning, the increasing need for sophisticated cloud computing solutions, a surge in Internet of Things (IoT) devices, a desire for customized customer experiences, and a call for more economical IT solutions. Key trends likely to be seen in the future include heightened uptake of cognitive cloud computing solutions, a rise in the adoption of hybrid and multi-cloud strategies, the incorporation of AI technology, a growing trend of including cognitive abilities in edge computing environments, and escalating regulatory demands.
What Factors Are Fueling Growth in the Cognitive Cloud Computing Market?
An upsurge in the quantity of raw data is predicted to fuel the expansion of the cognitive cloud computing market in the future. Raw data is unsorted, unordered, and unprocessed data gathered directly from the source, with no changes, analysis, or alterations made. The surge in raw data quantities is linked to the widespread application of digital devices, increased online activities, Internet of Things (IoT) devices, and heightened digitalization across many sectors. Cognitive cloud computing employs complex AI algorithms to manage and scrutinize this enormous data pool, enabling more rapid insights and decision-making via automatic learning and flexible characteristics. For example, it was stated by the US-based non-profit consortium, the Linux Foundation, in December 2022 that an ordinary end-user organization having storage up to 20 petabytes underwent an annual data expansion of 566 TB in 2021 and 1,746 TB in 2022. Also, for entities with storage capacity up to 25 petabytes, the annual data expansion reached a remarkable 2,208 TB in 2022, thrice the growth in 2021 (700 TB). Hence, the growing data volume is fuelling the expansion of the cognitive cloud computing market.
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Who Are the Major Industry Players Fueling Cognitive Cloud Computing Market Expansion?
Major companies operating in the cognitive cloud computing market are Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, Dell Inc., Amazon Web Services, accenture* plc, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Cisco Systems Inc., PricewaterhouseCoopers International Limited, Oracle Corporation, SAP SE, NVIDIA Corporation, Hewlett Packard Enterprise Company, Tata Consultancy Services Limited, Salesforce.com Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Adobe Inc., VMware Inc., HCL Technologies Limited, Wipro Limited, Red Hat Inc., BMC Software Inc., Mphasis Limited
Which Key Developments Are Influencing the Cognitive Cloud Computing Market?
Leading entities in the cognitive cloud computing market are introducing novel solutions, like generative AI and AI-oriented cognitive intelligence platforms, to maintain their competitive positioning. A cognitive intelligence platform integrated with generative AI is a system that merges generative AI methods with cognitive computing skills to develop smart and flexible solutions. For example, Mphasis, an IT solutions firm based in India, launched DeepInsights Doc AI in March 2024. This cognitive intelligence platform, powered by generative AI, revolutionizes document processing. DeepInsights Doc AI employs generative AI to extract context-specific facts from documents and assimilate these into downstream IT systems. The platform can process various kinds of content, including text, forms, tables, and pictures, and can precisely extract pertinent information.
How Is the Segmentation of the Cognitive Cloud Computing Market Defined?
The cognitive cloud computing market covered in this report is segmented –
1) By Type: On-Premises Software, Cloud-Based Services
2) By Technology: Natural Language Processing, Machine Learning, Automated Reasoning, Other Technologies
3) By Application: Healthcare, Banking, Financial Services, And Insurance (BFSI), Retail, Government, Information Technology (IT) And Telecommunication, Security, Other Applications
4) By End-User: Large Enterprises, Small And Medium Businesses (SMEs)
Subsegments:
1) By On-Premises Software: Ai-Powered Data Analytics Tools, Natural Language Processing (Nlp) Solutions, Machine Learning Platforms, Cognitive Automation Software, Ai-Driven Business Intelligence Software, On-Premises Cognitive Analytics Tools
2) By Cloud-Based Services: Ai As A Service (Aiaas), Machine Learning As A Service (Mlaas), Natural Language Processing As A Service (Nlpaas), Cognitive Computing Platforms, Data Analytics And Visualization Services, Cloud-Based Ai Models And Frameworks, Cognitive Cloud Integration Services
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What Is the Leading Region in the Cognitive Cloud Computing Market?
North America was the largest region in the cognitive cloud computing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive cloud computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Cognitive Cloud Computing Global Market Report?
– Market Size Analysis: Analyze the Cognitive Cloud Computing Market size by key regions, countries, product types, and applications.
– Market Segmentation Analysis: Identify various subsegments within the Cognitive Cloud Computing Market for effective categorization.
– Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
– Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
– Market Contribution: Evaluate contributions of different segments to the overall Cognitive Cloud Computing Market growth.
– Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
– Industry Challenges: Analyze challenges and risks affecting the Cognitive Cloud Computing Market.
– Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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