Global Cognitive Systems Market to Reach US$17.1 Million by the Year 2027
Amid the COVID-19 crisis, the global market for Cognitive Systems estimated at US$5.5 Million in the year 2020, is projected to reach a revised size of US$17.1 Million by 2027, growing at a CAGR of 17.5% over the analysis period 2020-2027.Hardware, one of the segments analyzed in the report, is projected to grow at a 17% CAGR to reach US$4.6 Million by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 15.9% CAGR for the next 7-year period. This segment currently accounts for a 61.3% share of the global Cognitive Systems market.
The U.S. Accounts for Over 29.6% of Global Market Size in 2020, While China is Forecast to Grow at a 16.8% CAGR for the Period of 2020-2027
The Cognitive Systems market in the U.S. is estimated at US$1.6 Million in the year 2020. The country currently accounts for a 29.61% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$3 Million in the year 2027 trailing a CAGR of 16.9% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.6% and 15% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 12.8% CAGR while Rest of European market (as defined in the study) will reach US$3 Million by the year 2027.
Services Segment Corners a 11.2% Share in 2020
In the global Services segment, USA, Canada, Japan, China and Europe will drive the 25.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$495.3 Thousand in the year 2020 will reach a projected size of US$2.4 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.1 Million by the year 2027.We bring years of research experience to this 6th edition of our report. The 179-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.Competitors identified in this market include, among others,
- Hewlett-Packard Development Company LP
- IBM Corporation
- Infosys Ltd.
- Microsoft Corporation
- SAP SE