Artificial Intelligence and Cognitive computing market Will Hit USD 3504.01 billion by 2032
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Artificial Intelligence and Cognitive Computing Market Overview
Market.us reported that the global AI and cognitive computing market was valued at USD 84.12 billion in 2022, rising to an expected value of USD 3504.01 billion by 2032 – growing at a compound annual growth rate (CAGR) of 45.2% from 2022-2032.
The global AI and cognitive computing market is projected to experience rapid growth over the coming years, due to advances in technology, rising demands for automation and efficiency, as well as an urgent need for intelligent solutions that can manage large volumes of data.
Major players in the market include technology giants like IBM, Google, Microsoft and Amazon; as well as a host of startups and emerging firms developing innovative AI solutions across various industries.
The adoption of AI and cognitive computing solutions is being driven by several factors, such as the growing need for automation and efficiency across various industries, the growing amount of data generated that requires advanced analytics, and an ever-increasing demand for intelligent virtual assistants and chatbots.
Key Takeaways
- The artificial intelligence and cognitive computing market grew to USD 84.12 billion in 2022.
- Forecasted compound annual growth rates between 2022 and 2032 is 45.2%.
- By 2032, the artificial intelligence and cognitive computing market is projected to reach USD 3504.01 Billion.
- The rapid growth of the global AI and cognitive computing market is due to technological advances and increasing demands for efficiency and automation as well as intelligent solutions to manage huge amounts of data.
- The AI and cognitive computing revolution has taken root in the healthcare industry, where AI and cognitive computation have been applied to medical imaging analysis, drug discovery and personalized medicine.
- North America has become the top market for AI/cognitive Computing, buoyed both by large tech companies and high adoption of AI solutions in various industries.
- The Asia Pacific region is expected have the highest rate of artificial intelligence research-and-development. This is due in part to higher investments and increasing adoption of AI solutions by various industries.
- There are many industries in the market, including healthcare, finance and automotive. They all use AI and cognitive computing solutions to streamline their processes, gain insights and improve customer experience.
- Many AI and cognitive computing companies are investing heavily in chatbots and intelligent virtual assistants that can understand and respond to natural language queries.
Regional Snapshot
- North America: North America has emerged as the primary market for AI and cognitive computing, due to major tech companies like IBM, Google, Microsoft, and Amazon. The region has seen a high adoption of AI solutions across various industries such as healthcare, finance, retail, and automotive – with the United States accounting for most of the revenue generated.
- Europe: Europe is a major player in the AI and cognitive computing space, boasting major companies like SAP, Siemens, and Bosch at the helm. The region has an active research and development sector for AI technologies as well as several startups and established players within this space. The United Kingdom, Germany, and France are three of the biggest markets within this region.
- Asia Pacific: The Asia Pacific region is expected to experience the highest growth rate over the coming years due to increased investments in AI research and development as well as growing adoption of AI solutions across various industries. China is currently the largest market within this region, with major players such as Baidu, Alibaba and Tencent leading the charge. Japan and South Korea also play an important role in this space.
- Rest of World: Although regions such as the Middle East, Africa and Latin America are smaller markets for AI and cognitive computing than their western counterparts, these areas are expected to experience substantial growth over the coming years due to increased investments in technology and increased adoption across various industries.
Drivers
- The market for cognitive computing and artificial intelligence is expanding due to technological advancements such as machine learning and natural language processing.
- The adoption of AI and cognitive computing technologies is being propelled forward by the need for automation and efficiency across a variety of industries, such as healthcare, banking, and retail.
- The need for intelligent systems capable of efficiently managing vast amounts of data is propelling this market upwards.
- Chatbots and virtual assistants, particularly, are creating exciting new industry prospects.
- The advancement of AI is receiving increased funding from both public and private institutions, encouraging its expansion across various industries.
Restraints
- Lack of skilled professionals and technical know-how are major obstacles for market expansion.
- Data privacy and security worries have also proven to be a deterrent in adopting AI and cognitive computing solutions.
- The high cost of implementation and upkeep for AI and cognitive computing solutions can be a major obstacle for small to medium-sized enterprises.
Opportunities
- With applications like medical imaging analysis, medication development, and personalised treatment, the healthcare sector offers a significant growth opportunity for the AI and cognitive computing market.
- Thanks to the introduction of AI and cognitive computing solutions for autonomous driving and predictive maintenance, the automobile sector is positioned for tremendous growth.
- Innovative, cutting-edge AI and cognitive computing technologies are opening up new market opportunities.
Recent Developments
- OpenAI, a leading AI research organization, recently unveiled GPT-3: an AI language model capable of creating essays, articles and code.
- NVIDIA, a leader in AI hardware and software solutions, recently unveiled their A100 GPU model designed to accelerate AI workloads.
- IBM recently announced a collaboration with Cleveland Clinic to develop an AI-powered tool for cardiac disease diagnosis and treatment.
- Google recently unveiled Lyrical, an AI-driven tool designed to assist songwriters in crafting lyrics. By leveraging machine learning technology, Lyrical makes writing lyrics faster and more efficient.
- Amazon recently unveiled Amazon Connect Wisdom, an AI-powered service that offers personalized recommendations to customer service agents in real-time.
- Microsoft recently acquired Nuance Communications, a leader in AI-powered speech recognition and natural language processing solutions, to expand its healthcare portfolio.
- Recently, Facebook unveiled OpenAI Codex – an AI-driven tool that provides developers with a graphical user interface for programming in natural language.
Key Market Segments
Type
- Natural Language Processing
- Machine Learning
- Deep Learning
- Automated Reasoning
- Information Retrieval
Application
- Healthcare
- Retail & Consumer Goods
- BFSI
- Security
- IT & Telecom
Key Market Players
- Apple
- IBM
- Microsoft
Artificial Intelligence and Cognitive Computing market Report Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 84.12 Bn |
| Revenue forecast by 2032 | USD 3504.01 Bn |
| Growth Rate | CAGR Of 45.2% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
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FAQ.
North America is the largest market for AI and cognitive computing, followed by Europe and Asia Pacific.
Healthcare, finance, retail, and automotive are some of the major industries that are adopting AI and cognitive computing market.
According to a report by Market.us, the Global Artificial Intelligence in Retail Market is expected to reach USD 3504.01 Bn by 2032, growing at a CAGR of45.2% from 2022 to 2032.
Some of the key players in the Global AI and cognitive computing market include Apple, Facebook, Google, IBM, Microsoft.
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