Market Size of Cognitive Operations Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 17.59 Billion |
| Market Size (2029) | USD 37.56 Billion |
| CAGR (2024 - 2029) | 16.38 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cognitive Operations Market Analysis
The Cognitive Operations Market size is estimated at USD 17.59 billion in 2024, and is expected to reach USD 37.56 billion by 2029, growing at a CAGR of 16.38% during the forecast period (2024-2029).
- Organizations are moving their essential business apps to the cloud because of its scalability, lower cost, and ease of deployment. Predictive analytics skills can be swiftly integrated into a variety of corporate applications with the use of cloud-based technologies. These advantages likely increase demand for cloud-based cognitive operations solutions.
- As the technology reaches the next level, Robotic Process Automation (RPA) integrates with Cognitive Operations. Cognitive RPA is utilized to produce higher productivity, scalability, and enhanced efficiency since it can use Natural Language Processing (NLP), Optical Character Recognition (OCR), and Machine Learning to make sense of masses of data. Integrating cognitive processes with RPA helps Chatbots better manage complicated, real-time requests from customers and employees by using company data and navigating legacy enterprise systems.
- The Covid-19 outbreak brought a significant transformation in the lives of communities and businesses. Customer shopping behavior and demand changes urged companies to adopt automated processes to remain competitive. By using Cognitive Computing in the e-commerce industry, companies can monitor the shopping behavior of the buyers, like their brand preference, online purchase frequency, navigation pattern in the store, and so on. Similarly, based on the industry, cognitive solutions can be customized and help businesses expand and generate revenue.
- The initial investment in cognitive operations is high. It takes a long time and requires skilled development teams to create the software for these systems. The systems need extensive, in-depth training with large data sets to understand specific jobs and procedures. Due to these factors, the companies are not easily convinced to adopt these cognitive operations, and thus, there is slow growth in the market.
