PUBLISHER: The Business Research Company | PRODUCT CODE: 1455414
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455414
Cognitive operations pertain to the processes and decisions within an organization that harness cognitive capabilities, enabling them to sense, respond, and learn. These operations encompass how individuals acquire, process, store, and utilize information.
The primary components of cognitive operations consist of solutions and services. Solutions typically refer to software applications or technological tools designed to address specific challenges or fulfill particular needs across various domains. They cater to organizations of various sizes, including large enterprises and small and medium-sized enterprises (SMEs), and can be deployed through modes such as cloud-based or on-premises. These solutions are utilized for various applications including information technology operations analytics, application performance management, infrastructure management, network analytics, security analytics, among others. They find application across diverse industries such as BFSI (Banking, Financial Services, and Insurance), healthcare and life sciences, IT and telecommunications, retail and e-commerce, manufacturing, government, media and entertainment, and other verticals.
The cognitive operations market research report is one of a series of new reports from The Business Research Company that provides cognitive operations market statistics, including cognitive operations industry global market size, regional shares, competitors with cognitive operations market share, detailed cognitive operations market segments, market trends, and opportunities, and any further data you may need to thrive in the cognitive operations industry. This cognitive operations market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The cognitive operations market size has grown exponentially in recent years. It will grow from $10.67 billion in 2023 to $13.17 billion in 2024 at a compound annual growth rate (CAGR) of 23.4%. The growth observed during the historic period can be attributed to several factors, including the escalation of cyber threats, the increasing incidence of cyberattacks, challenges in incident response, the growing sophistication of malware, and the expansion of global connectivity.
The cognitive operations market size is expected to see exponential growth in the next few years. It will grow to $28.64 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The projected growth in the forecast period can be attributed to several factors, including the increasing adoption of IoT (Internet of Things), the growing demand for cloud security requirements, the adoption of zero trust security models, the evolution of the threat landscape, and the presence of advanced persistent threats. Major trends anticipated in the forecast period include increased integration with cloud security, the utilization of AI-driven threat intelligence, the implementation of continuous adaptive risk and trust assessment mechanisms, the adoption of privacy-preserving technologies, and collaborative threat intelligence sharing initiatives.
The rapid advancement in digital transformation is poised to drive the expansion of the cognitive operations market in the foreseeable future. Digital transformation involves the strategic incorporation and optimization of digital technologies, data-driven processes, and innovative business models to enhance operational efficiency, customer experiences, and overall competitiveness within organizations. By leveraging advanced technologies such as artificial intelligence and machine learning, digital transformation enhances cognitive operations by automating routine tasks, analyzing vast datasets for informed decision-making, and enabling adaptive and intelligent business processes. For example, in December 2021, China announced a comprehensive five-year digital transformation plan led by the Ministry of Industry and Information Technology, aiming to digitalize over 70 percent of large-scale enterprises by 2025 and construct more than 500 demonstration manufacturing facilities nationwide. Consequently, the surge in digital transformation is fueling the growth of the cognitive operations market.
Key players in the cognitive operations market are introducing innovative products such as cognitive AI platforms to gain a competitive advantage. A cognitive AI platform integrates cognitive computing capabilities such as machine learning, natural language processing, and pattern recognition to simulate human-such as intelligence and decision-making processes. For instance, in November 2023, Burson Cohn & Wolfe launched the Decipher Index, a platform utilizing cognitive artificial intelligence (AI) to forecast upcoming global macro trends. Developed in collaboration with Limbik, the Decipher Index identifies over 20 macro themes shaping global interest in the next 12 months, providing businesses with valuable insights to anticipate potential crises or capitalize on emerging opportunities. Powered by cognitive AI, the platform continuously analyzes data to offer real-time updates and regional rankings across various themes. It aims to equip leaders with proactive decision-making capabilities in a dynamic and transformative landscape.
In June 2021, International Business Machines Corporation (IBM) acquired Turbonomic Inc., enhancing its AI-powered automation capabilities. This acquisition strengthened IBM's suite of solutions from AIOps to Application Resource Management (ARM), enabling businesses to automate their entire enterprise operations and IT processes efficiently. Turbonomic Inc., a software company based in the US, specializes in providing application resource management (ARM) and network performance management (NPM).
Major companies operating in the cognitive operations market report are Alphabet Inc., Microsoft Corporation, AppDynamics, International Business Machines Corporation (IBM), Cisco Systems Inc., Broadcom Inc., VMware Inc., ServiceNow Inc., SAS Institute Inc., Micro Focus International Plc, Splunk Inc., BMC Software, Inc., Palantir Technologies Inc., Dynatrace LLC, New Relic Inc., Sumo Logic, Kofax Inc., HCL Technologies, ScienceLogic Inc., CA Technologies, Corvil, Interlink Software Services Ltd, Bay Dynamics Inc., DEVO Technology Inc., Risc Networks, Loom Systems Inc., Correlata Solutions Inc., Cloudfabrix Software Inc., Logz.io, Zenoss Inc.
North America was the largest region in the cognitive operations market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive operations market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cognitive operations market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The cognitive operations market consists of revenues earned by entities by providing services such as cognitive computing, predictive analytics, natural language processing, machine learning, security solutions, and consulting services. The market value includes the value of related goods sold by the service provider or included within the service offering. The cognitive operations market also includes sales of cognitive automation software, cognitive decision support systems, visualization tools, augmented Reality (AR), and virtual reality (VR) systems which are used in providing the services. 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.
Cognitive Operations Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cognitive operations market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cognitive operations ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cognitive operations market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.