Cognitive Cloud Computing Global Market Report 2024

The cognitive cloud computing market size has grown exponentially in recent years. It will grow from $32.21 billion in 2023 to $42.36 billion in 2024 at a compound annual growth rate (CAGR) of 31.5%. The growth in the historic period can be attributed to adoption of cloud computing infrastructure and services, demand for data analytics and insights across various industries, expansion of hybrid and multi-cloud strategies, and rise of Internet of Things (IoT) devices.

The cognitive cloud computing market size is expected to see exponential growth in the next few years. It will grow to $127.99 billion in 2028 at a compound annual growth rate (CAGR) of 31.8%. The growth in the forecast period can be attributed to increasing adoption of AI and machine learning, growing need for advanced cloud computing solutions, proliferation of Internet of Things (IoT) devices, rise of personalized customer experiences, and demand for cost-efficient IT solutions. Major trends in the forecast period include increased adoption of cognitive cloud computing solutions, increasing adopt hybrid and multi-cloud strategies, integration of AI technologies, growing trend towards incorporating cognitive capabilities into edge computing environments, and increasing regulatory requirements.

The growth of raw data volumes is anticipated to drive the expansion of the cognitive cloud computing market in the coming years. Raw data refers to unprocessed, unorganized, and unstructured information collected directly from its source, without undergoing any analysis, transformation, or manipulation. The surge in raw data volumes is attributed to the widespread use of digital devices, the expansion of online activities, the proliferation of Internet of Things (IoT) devices, and the increasing digitization across various industries. Cognitive cloud computing leverages advanced AI algorithms to effectively manage and analyze large volumes of data, enabling faster insights and decision-making through automated learning and adaptable features. For example, data from the Linux Foundation in December 2022 indicated significant annual data growth for organizations with storage capacities of up to 20 petabytes and up to 25 petabytes, driving the need for cognitive cloud computing solutions.

Key players in the cognitive cloud computing market are focusing on developing innovative solutions such as generative artificial intelligence (AI) and AI-based cognitive intelligence platforms to gain a competitive advantage. A generative artificial intelligence (AI)-based cognitive intelligence platform integrates generative AI techniques with cognitive computing capabilities to create intelligent and adaptable solutions. For instance, Mphasis, an India-based IT solutions company, launched DeepInsights Doc AI in March 2024. This cognitive intelligence platform powered by generative AI revolutionizes document processing by extracting context-specific information from documents and seamlessly integrating it with downstream IT systems. DeepInsights Doc AI can handle various content types, including text, forms, tables, and images, while accurately extracting relevant information.

In September 2021, Movius Interactive Corporation, a US-based cloud-based communications company, acquired Intentico Inc., a US-based software development company specializing in cognitive cloud computing services, to enhance its offerings in secure unified communications.

Major companies operating in the cognitive cloud computing market are Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, Dell Inc., Amazon Web Services, Accenture plc, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Cisco Systems Inc., PricewaterhouseCoopers International Limited, Oracle Corporation, SAP SE, NVIDIA Corporation, Hewlett Packard Enterprise Company, Tata Consultancy Services Limited, Salesforce.com Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Adobe Inc., VMware Inc., HCL Technologies Limited, Wipro Limited, Red Hat Inc., BMC Software Inc., Mphasis Limited.

North America was the largest region in the cognitive cloud computing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive cloud computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cognitive cloud computing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cognitive cloud computing is the fusion of cognitive computing capabilities with cloud computing platforms and services. It involves utilizing advanced technologies to enable computers to mimic human thought processes and perform tasks that traditionally require human intelligence. This integration combines the scalability and flexibility of cloud computing with the intelligence and adaptability of cognitive technologies, empowering organizations to harness data-driven insights and deliver more intelligent and personalized experiences to users.

The primary categories of cognitive cloud computing include on-premises software and cloud-based services. On-premises software refers to computer programs and applications installed and operated on computers or servers within an organization's premises, rather than being hosted on remote servers or in the cloud. Various cognitive technologies involved in this computing include natural language processing, machine learning, automated reasoning, among others. Cognitive cloud computing finds applications across various sectors such as healthcare, banking and financial services, retail, government, information technology (IT) and telecommunications, security, and others, catering to diverse end-users including large enterprises and small and medium businesses (SMEs).

The cognitive cloud computing market research report is one of a series of new reports that provides cognitive cloud computing market statistics, including cognitive cloud computing industry global market size, regional shares, competitors with a cognitive cloud computing market share, detailed cognitive cloud computing market segments, market trends and opportunities, and any further data you may need to thrive in the cognitive cloud computing industry. This cognitive cloud computing 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 cognitive cloud computing market includes revenues earned by entities by providing services such as image and speech recognition, cognitive search, and predictive analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. The cognitive cloud computing market also includes sales of image and video analysis platforms, predictive analytics solutions, data analytics platforms, and cloud platforms. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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