Cognitive Computing Market to Exhibit Astounding 26.6% CAGR by 2027; Increasing Adoption of the Cloud-based Platforms by Global Businesses to Stoke Demand

The global cognitive computing market size is expected to gain momentum by reaching USD 72.26 billion at the end of 2027. The rising penetration of advanced technologies owing to the constant innovations by major companies has led to the wide adoption of cloud-based platforms across the globe. Fortune Business Insights, in its report, titled “Cognitive Computing Market Size, Share & COVID-19 Impact Analysis, By Component (Platform, and Services), By Technology (Machine Learning (ML), Natural Language Processing (NLP), Automated Reasoning, and Others, By Deployment (Cloud-based, and On-premise), By Enterprise Size (Small & Medium Enterprise (SMEs), and Large Enterprise), By End-user (BFSI, Healthcare, Retail & e-commerce, IT & Telecom, Government & Defense, and Others, and Regional Forecast, 2020-2027.”, observes that the market was worth USD 11.11 billion in 2019 and is likely to exhibit a remarkable CAGR of 26.6% between 2020 and 2027.

Wipro Partners Up with Kinaxis in a Bid to Solve Complex Supply Chain Problems

In July 2020, Wipro Limited, a leading India-based global information technology solutions company, announced its partnership with Kinaxis, a prominent company that delivers accurate decision-making and agility solutions. The partnership was done with an aim to solve complex supply chain problems while providing the support to adapt and consolidate position in the highly competitive global digital space. Sankar Venkatraman, Wipro VP of Cloud Enterprise Platforms, said, “We are excited and optimistic to partner Kinaxis with a bid to help our customers utilize the latest technological innovations such as analytics, AI, automation, and cloud that will aid them in solving complex supply chain planning complications.”

The leading companies in the global cognitive computing market are strengthening their positions by engaging in partnerships between them and propelling the adoption of these computing solutions in their businesses.

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Increasing Adoption of Cloud-based Platforms to Propel Demand

According to the latest McAfee report, in 2019, around 87% of the organizations that have adopted cloud-based platforms, experienced exponential business acceleration and better security. Owing to their several benefits such as increased operational efficiency, while increasing costs and drastic reduction of costs, the cloud-based cognitive computing services are gaining traction amongst several businesses. The organizations are completely focusing on adopting cloud-based solutions to improve productivity and leverage the business opportunities that the global cognitive computing market is set to offer during the forecast period.

Major Companies Focus on Developing Cognitive Computing Services

Constant advancement in technology and fierce competition are leading the major companies such as Microsoft, Alphabet, Inc., and others to aggressively focus on investing in developing cognitive computing services to aid in improving productivity and security. In addition to this, the key market players are also participating in partnerships and building collaborations to gain a major chunk of the global market share in the forthcoming years.

Industry Development:

• November 2019: UST Global, the United States technology company, announced its investment in Cogniphi Technologies, an Indian cognitive computing solutions startup. According to the company, the investment is anticipated to boost the R&D activities of Cogniphi’s Artificial Intelligence & Vision (AIVI) platform.

List of the Companies Operating in the Market:

• Alphabet, Inc. (Google LCC) (U.S.)


• Microsoft Corporation (U.S.)


• IBM Corporation (U.S.)


• SparkCognition, Inc. (U.S.)


• Tata Consultancy Services (TCS) (India)


• Red Skios (Spain)


• Saffron Technology, Inc. (U.S.)


• Acuiti (Australia)


• Enterra Solutions (U.S.)


• Cognitive Scale, Inc. (U.S.)


• Palantir Technologies (U.S.)


• ColdLight Solutions, LLC (U.S.)


• Numenta (U.S.)


• Vicarious (U.S.)

Further Report Findings:

• The market size in North America was worth USD 4.42 billion in 2019 and is expected to dominate the global cognitive computing market share owing to the high adoption of core technologies such as AI, big data, and others.


• The Asia Pacific region will showcase significant growth during the forecast period. This is attributable to the increasing investment by major companies and the growing government support to develop AI-based projects.


• The BFSI segment, based on end-user, held about 20.1% market share in 2019 and is expected to showcase an augmented growth in the forthcoming years. This is ascribable to factors such as the increasing adoption of modern technologies, namely, artificial intelligence (AI) and the internet of things (IoT) to increase productivity.

Table of Segmentation: