Cognitive Collaboration Global Market Report 2024

The cognitive collaboration market size has grown rapidly in recent years. It will grow from $13.86 billion in 2023 to $16.5 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. The growth observed in the historical period can be attributed to several factors, including the increasing complexity of work, the surge in remote work, the explosion of data, efforts to enhance user experience, and the integration of unified communications.

The cognitive collaboration market size is expected to see rapid growth in the next few years. It will grow to $33.24 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The anticipated growth in the forecast period can be attributed to factors such as the evolution of natural language processing (NLP), a heightened emphasis on employee well-being, enhanced security measures, the adoption of edge computing, and the prevalence of hybrid work models. Notable trends expected in the forecast period include ongoing innovation in artificial intelligence (AI), integration of augmented reality (AR) and virtual reality (VR), the incorporation of AI into collaboration tools, context-aware collaboration, and the utilization of predictive analytics for decision-making.

The anticipated increase in the adoption of cloud-based solutions is poised to drive the growth of the cognitive collaboration market in the future. Cloud-based solutions encompass services, applications, or resources hosted, accessed, and managed remotely over the Internet, eliminating the need for local infrastructure. The growing adoption of cloud-based solutions enhances cognitive collaboration by facilitating real-time data sharing, improving accessibility, and seamlessly integrating AI-powered tools across geographically dispersed teams. The use of cloud-based solutions promotes more efficient and insightful decision-making processes. As of April 2023, Gartner Inc. predicts that global end-user spending on public cloud services is expected to increase by 21.7% in 2023, reaching $597.3 billion, up from $491 billion in 2022. Therefore, the increasing adoption of cloud-based solutions is a driving force behind the growth of the cognitive collaboration market.

The increasing adoption of artificial intelligence (AI) is set to fuel the growth of the cognitive collaboration market in the coming years. Artificial intelligence (AI) is a branch of computer science focused on building intelligent machines capable of performing tasks that typically require human intelligence. AI enhances cognitive collaboration by automating repetitive tasks, providing real-time insights, and facilitating seamless communication, resulting in more efficient and productive teamwork. As of May 2022, The International Business Machines Corporation (IBM) reported that 35% of global businesses utilized artificial intelligence (AI), marking a 4% increase from 2021. Thus, the rising adoption of artificial intelligence (AI) is a significant driver of the cognitive collaboration market's growth.

High investment costs in technology represent a major restraint on the growth of the cognitive collaboration market during the forecast period. These costs include investments in technology, training, personnel, and the integration of cognitive collaboration into existing workflows and processes. The high costs pose a considerable challenge, particularly for small and medium-sized businesses. As of April 2023, Deloitte Touche Tohmatsu Limited reported that only 51% of organizations used artificial intelligence with cognitive collaboration technologies due to the high investment costs. Therefore, the financial barriers hinder the growth of the cognitive collaboration market.

Key companies in the cognitive collaboration market are focusing on introducing innovative generative AI systems, such as cognitive paths, to gain a competitive advantage. Cognitive AI plays a crucial role in cognitive collaboration, enabling managers to become proficient users of AI and unlock its full potential for businesses. In June 2023, Mphasis, an Indian information technology service company, launched Mphasis.ai, aiming to maximize business outcomes by leveraging artificial intelligence (AI) to transform global enterprises. The business unit seamlessly incorporates AI capabilities into existing technological environments, allowing enterprises to enhance operational efficiency, customer intimacy, and overall disruption reduction. The services offered drive business outcomes, deliver tailored experiences, and revolutionize the way businesses operate, among other benefits for enterprise clients.

In January 2022, ei3 Corporation, a US-based provider of Industrial IoT platform as a service (PaaS), acquired Cognitive Solutions and Innovation AG (COGSI AG) for an undisclosed amount. The acquisition is expected to provide ei3's industrial clients with access to advanced AI technologies that can optimize operations, reduce costs, and improve efficiency. Cognitive Solutions and Innovation AG (COGSI AG) is a Switzerland-based company delivering advanced artificial intelligence solutions for industrial manufacturing.

Major companies operating in the cognitive collaboration market report are Google LLC, Microsoft Corporation, The International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Cisco Systems Inc., Oracle Corporation, Nokia Oyj, Zoom Video Communications Inc., Atlassian Inc., Avaya Inc., Tata Communications Limited, RingCentral Inc., Nuance Communications Inc., 8x8 Inc., Lucid Software Inc., Aurea Software Inc., RealtimeBoard Inc., IGLOO Inc., Domo Inc., Wrike Inc., Lansweeper NV, Evernote Corporation, Resemble Systems India Private Limited, Bluescape Resources Company LLC, Mattermost Inc., Loop AI Labs Inc., Notion Labs Inc., Softweb Solutions Inc., Beezy Inc., KonoLabs Inc.

North America was the largest region in the cognitive collaboration market in 2023. The regions covered in the cognitive collaboration market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the cognitive collaboration market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The cognitive collaboration market includes revenues earned by entities by providing intelligent document management, AI-powered knowledge sharing, and conversational AI assistance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The primary components of cognitive collaboration include solutions and services. A solution refers to a connected set of software applications and services presented as a unified unit. It can be deployed in the cloud or on-premises across organizations of varying sizes, encompassing small and medium enterprises as well as large enterprises. These solutions find application in diverse areas, such as data analytics, facial recognition, and social media assistance. They are utilized across various industry verticals, including banking, financial services, and insurance (BFSI), healthcare, education, energy and utilities, IT and telecom, retail, and others.

The cognitive collaboration market research report is one of a series of new reports that provides cognitive collaboration market statistics, including cognitive collaboration industry global market size, regional shares, competitors with a cognitive collaboration market share, detailed cognitive collaboration market segments, market trends and opportunities, and any further data you may need to thrive in the cognitive collaboration industry. This cognitive collaboration market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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