The cognitive computing market size is expected to surpass USD 12.0 billion by 2022. Proliferation of cloud-based services, need for high speed internet and high demand for big data analytics are a few key factors expected to positively impact the market demand over the forecast period.

1. Grand View Research
Market Research & Consulting
Cognitive Computing Market Analysis, Size,
Share, Growth, Trends and Segment Forecasts
To 2022
The cognitive computing market size is expected to surpass USD 12.0 billion by
2022. Proliferation of cloud-based services, need for high speed internet and high
demand for big data analytics are a few key factors expected to positively impact
the market demand over the forecast period. Unstructured data also referred to
as dark data is another key market driver, which is expected to positively impact
the market growth over the forecast period.
Cognitive analytics exhibit the capability of handling huge data volume, which is
further estimated to drive demand. Technology such as big data is known to
deliver an enhanced and personalized customer experience; however it often falls
short of the end-user expectations. This is where cognitive computing is expected
to play a pivotal role in accelerating big data benefits to provide more deep
insights to the customers.
Cognitive computing has become a necessity as businesses incorporate new
software as well as hardware technologies to keep pace with the evolving
business needs. Benefits such as improved productivity and streamlined
operations play a key role in driving high adoption of these systems.
Market leaders such as IBM, Microsoft, HP and Google are continuingly investing
in this market. Further, the market has also witnessed launch of several venture
based on cognitive computing platforms. Several start-ups are targeting industry
specific applications that helps streamline sales pipelines for these companies
while presenting the benefits of cognitive computing simultaneously.

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The industries that exhibit high growth potential for cognitive computing are the
ones that utilize high multi-structured data volumes that enable to drive better
business as well as consumer decision making. These industries include
healthcare, retail, travel and BFSI.
These systems are highly useful in the travel industry as they eliminate the uphill
process of surfing several websites, customer reviews and travel agents websites
to plan a vacation. In retail applications, cognitive apps can be used as a personal
shopper that answers frequently asked questions regarding products as well as
making recommendations based on a customer’s previous purchase. Cognitive
systems play a critical role in the BFSI segment by addressing numerous issues
and detection of any fraudulent activity. Healthcare industry is where most of the
new entrants are focused on, and is anticipated to drive the market demand.
The industry is poised for substantial growth; however vendors as well as early
adopters are required to take a top-down approach to demonstrate business
value and not merely focus on the technology. Therefore, it is necessary to
emphasize on placing an equal importance on understanding the business impact
and ROI of deploying these systems within a business environment, which may
play a crucial role in spurring the market growth.
North America accounted for highest market share in 2014, closely followed by
Europe. Asia Pacific is expected to emerge as a lucrative market over the next
seven years, which may attributed to growing trend towards cloud-based services
and emergence of several small and medium-scale enterprises.
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