COGNITIVE SYSTEMS SPENDING MARKET ANALYSIS

The global cognitive systems spending market is estimated to account for US$ 24,710 Mn in terms of value by the end of 2027.

Statistics:

North America held dominant position in the global cognitive systems spending market in 2019, accounting for 64.4% share in terms of value, followed by Europe, RoW and Asia-Pacific respectively.

The global Cognitive Systems Spending market was valued at US$ 8,103 Mn in 2019 and is forecast to reach a value of US$ 24,710 Mn by 2027 at a CAGR of 15.0% between 2020 and 2027.

Market Trends

1. North America Trends

Increasing demand for predictive analytics in the region

In North America, there is a constant demand for predictive analytics since the cognitive system integration provides communication relocation of real-time data between networks and machines. There is a rising need to strategically monitor and analyze information, which in turn, will influence overall market growth in the near future. Furthermore, large businesses have started using big data to deliver better services, boost revenues, and optimize costs. Hence, many large industries have gained many advantages from development in big data technology through an examination of buying patterns of consumers. Hence, these factors are expected to boost regional market growth in the near future.

2. Western Europe Trends

Rising adoption of natural language processing in cognitive systems

In Western Europe, increasing demand for improved customer experience is encouraging end user sectors to surge their spending on natural language processing services and solutions. This is a growing factor for the natural language processing market and is also fuelling the demand for cognitive systems. Furthermore, the growing acceptance of natural language programming in customer care centers and a decrease in the operational costs are factors driving the growth of the cognitive systems market.