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Cognitive Services Market to Undergo High CAGR Growth of 37.43% By 2027

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Cognitive services market is expected to grow at a CAGR of 37.43% in the forecast period of 2020 to 2027. A cognitive services is an automated model which provides language, speech, vision, search, and knowledge APIs.

It is a toolkit which is used to develop artificial intelligence and cognitive computing-based applications for generating business value from unstructured information It helps to build powerful intelligence into applications to enable natural and contextual interactions. It is a set of APIs, SDKs and services.

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Key Players: Global Cognitive Services Market

The renowned players in cognitive services market are IBM, Attivio, Amazon Web Services, Inc., Qualcomm Technologies, Inc., Nuance Communications, Inc., Apple Inc., Tata Consultancy Services Limited., Nokia., Expert System S.p.A., Verbio Technologies, Softweb Solutions Inc, Folio3 Software Inc., Inbenta Technologies Inc., Microsoft, SONY, Inc., BMC Software, Inc., IPsoft Inc., CognitiveScale. and among others.

Market Segmentation: Global Cognitive Services Market

The market is based on technology, service type, deployment mode, application and geographical segments.

  • Based on technology, the market is segmented into machine learning and deep learning, natural language processing.
  • Based on service type, the market is segmented into cloud and web-based application programming interface, data transformation, knowledge management, data integration and cognitive automation, cognitive risk intelligence, consulting and advisory, training and support, communication monitoring and others.
  • Based on deployment mode, the market is segmented into cloud and on-premises.
  • Based on application, the market is segmented into marketing analysis, predictive maintenance, supply chain management, quality management investigation and recommendation safety and security management, diagnosis and treatment system.
  • Based on geography, the market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.

Competitive Analysis: Global Cognitive Services Market

The global cognitive Services market is fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market in order to sustain in long run. The report includes market shares of cognitive services market for global, Europe, North America, Asia Pacific and South America.

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Market Drivers and Restraints:

  • Rising growth in aligning organizational core work with business objectives
  • Growth in data volumes creating demand for cognitive services demand for graphics software in business processes.
  • Stringent external regulations across regions.

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