Cognitive Cloud Market, By Technology (NLP, Machine Learning, Automated Reasoning), By Service (Managed, Professional), By End User (SMEs, Large Enterprises) and By Vertical - Forecast 2023
Industry Insight
Market Research Future provides a short-term assessment of the impact of COVID-19 on the global cognitive cloud market 2020. It offers a clear assessment of the projected market fluctuations during the forecast period (2017–2023) with USD 3.42 Billion in valuation. Various factors are likely to impact the overall dynamics of the cognitive cloud market with a high 16% CAGR in the same forecasted period.
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Top Grossing Factors
While the cloud technology was witnessed as a superior technology to adopt until some time ago, it has now become a must to navigate through the challenging time of Coronavirus Disease Outbreak. In this daunting time where businesses are struggling to keep up with their infrastructure needs, the global cognitive cloud market is anticipated to achieve a milestone of high percent uptime of a stable growth graph.
While COVID-19 has had a noteworthy impact on the worldwide cognitive cloud market, organizations realize that cloud services are necessarily a good fit for unprecedented uncertainties ensuring business continuity amidst physical lockdowns. As many businesses are challenged, yet cognitive cloud providers are creating a balance by offering customers with increased flexibility versus offering opportunistic solutions. These factors are assessed to be beneficial for the market of the cognitive cloud to expand in the forecast period.
As the global cognitive cloud market encompasses technologies such as machine learning, natural language processing, information retrieval, and automated reasoning for translating unstructured data to sense, these are creating meticulous opportunities for new players to invest in and take the market’s valuation to the next level.
At the same time, globally, several companies are rapidly adopting cognitive cloud technologies to gain a competitive edge in the market. The giant players in the cognitive cloud market such as IBM, Microsoft, Google, SAS, TCS, AWS, Virtusa, and Cisco are investing high in the market. These companies are incessantly innovating their products and services to overcome large and complex data challenges as compared to other database solutions.
Furthermore, the rise in concern among all the major business organizations to study the extensive volume of data to assess the risk associated with any strategic initiative is further instrumental in accelerating the cognitive cloud market growth. The necessity for industries, such as retail, healthcare, and financial institutions, to study large volumes of data optimally on a real-time basis, is apparent to bang the industry favorably.
Segmentation of Market
The cognitive cloud market has further been assessed over segmental analysis, which is done over technology, service, end-user, and vertical segments.
The vertical segment has been bifurcated into healthcare, BFSI, education & retail, consumer electronics & retail, travel & tourism, IT & telecommunication, oil & gas, and aerospace & defense. Out of which, retail and healthcare verticals have possibilities to grow at a significant rate during the forecast period. In healthcare, the cognitive cloud assists with assembling the available information and integrating that data with patient information, which, in turn, helps in presenting more personalized services. The cognitive cloud also helps in making healthcare services cost-efficient.
The technology segment has included machine learning, natural language processing, automated reasoning, and others.
The service segment has included managed service and professional service.
The end-user segment has included SMEs and large enterprises.
Regional Outlook
The regional analysis of the cognitive cloud market is being studied for regions—North America, Europe, Asia Pacific, and the Rest of the World.
MRFR, in its study, has revealed that the North American region is estimated to account for the largest share of the market. The foremost growth in the North American cognitive cloud market is attributed to technical advancements and growing need for real time analysis of massive and diversified. In North America, cognitive cloud technology is being extensively implemented across the healthcare sector. U.S. hospitals are working with Watson to aid the proper treatment of cancer patients as well as to help doctors.
Asia-Pacific region is projected to grow at the fastest rate during the forecast period. Asia Pacific region is expected to expand at the highest CAGR during the forecast period. Increasing investments by the technology companies in foremost countries, such as China, Japan, and India, rising digitalization, Machine Learning (ML), mounting adoption of advanced Artificial Intelligence (AI), and government regulations and initiatives are expected to compel the growth of the market in the APAC region.
Top Market Players
The top players in the cognitive cloud market are listed as IBM Corporation (U.S.), Google, Inc. (U.S.), Spark Cognition, Inc. (U.S.), Microsoft Corporation (U.S.), Enterra Solutions LLC (U.S.), CognitiveScale (U.S.), Vicarious (U.S.), Numenta (U.S.), ColdLight Solutions (U.S.) and others.
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Cognitive Cloud Market, By Technology (NLP, Machine Learning, Automated Reasoning), By Service (Managed, Professional), By End User (SMEs, Large Enterprises) and By Vertical - Forecast 2027Industry InsightThe global cognitive cloud market, according to MRFR, is expected to grow at nearly USD 3.42 Billion by 2027, at 16% of CAGR over the review period of 2020 to 2027.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/4340Market ScenarioIncreasing Internet of Things adoption is one of the major factors that fuel the growth of the cognitive cloud market.
Cognitive cloud helps to use information effectively, and in turn to drive the organization's overall growth.
Major giants such as IBM Corporation and Google are investing in the cognitive cloud market due to the rising demand from various vertical sectors such as healthcare, retail, business , government and others.
The increasing demand for content customisation is a major factor driving the growth of the cognitive cloud market.
While COVID-19 has had a notable impact on the cognitive cloud market worldwide, organizations realize that cloud services are necessarily a good fit for unmatched uncertainties ensuring business continuity amid physical lockdowns.
As many businesses are challenged, but cognitive cloud providers build a balance by providing greater flexibility to customers versus opportunistic solutions.
Market Scenario:The Cognitive Security Global Market 2020 can expect to attain an approximate valuation of USD 10 Billion by 2023, believes Market Research Future (MRFR).
We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/3986Competitive Outlook:The leading industry players listed in the market study include Check Point Software Technologies (Israel), Intel Security (U.S.), CA Technologies, Inc. (U.S.), Fortinet, Inc. (California, U.S.), Cisco systems (U.S.), CSC (U.S.), Cato Networks (Israel), Symantec Corporation (U.S.), XTN (Italy), IBM Corporation (U.S.), and more.
The deployment-wise segments are cloud and on-premises.The organizations, size-wise, mentioned in the study are large enterprises and SMEs/small and medium enterprises.Verticals that deploy cognitive security solutions include supply chain and logistics, IT & telecommunication, energy and power, healthcare, education and government, BFSI, and more.
BFSI is the most significant vertical that uses cognitive security, as these solutions provide a number of advantages such as prevention techniques, automated threat intelligence, fraud analysis as well as investigation.
Regional Analysis:Europe, Asia Pacific/APAC, North America, and Rest of the World/RoW are the key markets for cognitive security.North America has secured the biggest share in the global market, as a result of the well-developed network infrastructure, prevalence of digitization and the high consumption of advanced technologies.
The expanding IT landscape along with the escalating uptake of internet of things, bring your own device and artificial intelligence technologies by enterprises can also induce major growth.
