According to a recent study done by FMI, the cognitive computing market is expected to reach US$ 3.2 Trillion by 2032, up from US$ 257.1 Billion in 2022, expanding at a high CAGR of 28.7%.
This study explains that the key factors such as the rise in big data analytics, developments of machine-to-machine technologies, and an increase in demand for a better customer experience are expected to propel the market growth during the forecast period.
Rising concerns among all the major business organizations about analyzing large volumes of data, to estimate the risk associated with any strategic initiative is spurring adoption of cognitive computing.
Additionally, there is an increase in the demand for cognitive systems in large organizations and this is expected to increase in SMBs owing to cloud-based services. As cloud-based deployment decreases the cost of deploying cognitive computing in the organization, there is a subsequent rise in the overall demand for cloud-based services.
Besides, rise in big data analytics adoption, developments of machine-to-machine technologies, and an increase in demand for a better customer experience. In addition, industries such as BFSI, social websites, healthcare, and e-commerce have witnessed a rapid increase in transaction information and customer data. The aforementioned are factors expected to drive the growth of the market in the coming years.
What Factors Limit The Cognitive Computing Market?
There are some factors that are acting as obstacles, and are hindering the growth of the Cognitive Computing Market during the forecast period. To develop cognitive solutions, the high upfront investment is required to set up maintenance architecture and infrastructure that leads to high operational costs. This factor is expected to hamper the growth of the Cognitive Computing Market during the forecast period.
Moreover, issues relating to government standards and uncertain regulatory compliance are also expected to limit the growth of the cognitive computing market. In addition, the market is anticipated to experience several challenges owing to the lack of awareness among SMEs.
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