The Cognitive Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cognitive Services Global Market Report 2024, The cognitive services market size has grown exponentially in recent years. It will grow from $12.9 billion in 2023 to $17.55 billion in 2024 at a compound annual growth rate (CAGR) of 36.1%. The growth in the historic period can be attributed to rising demand for automation, data explosion, enterprise adoption, improved natural language processing (nap) (2018-2021), global events and remote work (2020-2021).
The cognitive services market size is expected to see exponential growth in the next few years. It will grow to $64.53 billion in 2028 at a compound annual growth rate (CAGR) of 38.5%. The growth in the forecast period can be attributed to enhanced user experiences, industry-specific applications, enhanced personalization. Major trends in the forecast period include global digital transformation, increasing AI integration, technological advancements, customization and industry-specific solutions.
An increase in data volume and complexity is expected to propel the growth of the cognitive services market going forward. The volume of data refers to the size of the data sets that must be evaluated and processed, which can be in the terabyte and petabyte range. With the increased use of social media, mobile, analytics, and the cloud paradigm, massive amounts of real-time, multimodal, unstructured, and redundant data are generated. Cognitive Services reduce data redundancy and result in faster big data processing. For instance, according to Tech Jury, a US-based business software solution company, 181 zettabytes of data will be produced globally by 2025. Therefore, an increase in data volume and complexity is driving the cognitive services market growth.
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The cognitive services market covered in this report is segmented –
1) By Service Type: Data Transformation, Cloud and Web-Based Application Programming Interface, Knowledge Management, Cognitive Risk Intelligence, Data Integration and Cognitive Automation, Training and Support, Communication Monitoring, Consulting and Advisory, Other Service Types
2) By Deployment: On-Premises, Cloud
3) By Technology Type: Natural Language Processing, Machine Learning and Deep Learning
4) By Application: Predictive Maintenance, Marketing Analysis, Quality Management Investigation And Recommendation, Supply Chain Management, Diagnosis And Treatment System, Safety And Security Management, Other Applications
5) By End User: Healthcare, Banking, Financial Services, and Insurance, IT and Telecommunication, Retail, Manufacturing, Education, Government, Other End Users
Major companies operating in the cognitive services market is focused on developing new technologies such as cognitive speech services to sustain their position. Cognitive speech service refers to any speech processing technology that utilizes artificial intelligence and machine learning techniques to understand and analyze spoken language. For instance, in March 2023, Microsoft Corporation, a US-based technology company, launched Microsoft Azure Cognitive Speech Services. It is designed with pronunciation assessment feature that helps language learners improve their pronunciation by providing feedback on their spoken speech in terms of prosody, vocabulary, grammar, and topic. It has prebuilt voice enhancements available for certain languages and improved the ability to create custom neural voices.
The cognitive services market report table of contents includes:
1. Executive Summary
2. Cognitive Services Market Characteristics
3. Cognitive Services Market Trends And Strategies
4. Cognitive Services Market - Macro Economic Scenario
5. Global Cognitive Services Market Size and Growth
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31. Cognitive Services Market Other Major And Innovative Companies
32. Global Cognitive Services Market Competitive Benchmarking
33. Global Cognitive Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cognitive Services Market
35. Cognitive Services Market Future Outlook and Potential Analysis
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Also, the statistical survey elaborates detailed commentary on changing market dynamics that includes market growth drivers, roadblocks and challenges, future opportunities, and influencing trends to better understand Cognitive Services market outlook.
The Cognitive Services Market report facilitates businesses to successfully make decisions about business strategies to achieve maximum return on investment (ROI).
It is a tool that is useful to develop artificial intelligence and cognitive computing applications for generating business value from unstructured information.
Download Sample PDF Copy of the Cognitive Services Market Report to understand the structure of the complete report@ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-cognitive-services-market This Cognitive Services Market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market.
A large-scale Cognitive Services Market report delivers a comprehensive analysis of the market structure along with estimations of the various segments and sub-segments of the market.
Some of the geographies included in this study:North America (Canada, The United States, and rest of North America)Europe (France, Germany, and Rest of Europe)Asia-Pacific (India, Japan, China, and the rest of Asia-Pacific)LAMEA (Brazil, Turkey, and the rest of LAMEA) Major players covered in the Cognitive Services Market reportIBM, Attivio Networks Inc., Amazon Web Services, Inc., Qualcomm Technologies, Inc., Nuance Communications, Inc., Apple Inc., Tata Consultancy Services Limited., Nokia., Expert System S.p.A., Version Technologies S.L., Softweb Solutions Inc, Folio3 Software Inc., Inbenta Technologies Inc., Microsoft, SONYCorporation, BMC Software, Inc.
Cognitive Services Platform Market, By Service (Continuous Compliance, Autonomous Governance, Self Service & Automated Provisioning), By End User (SMEs, Large Enterprises) and By Vertical - Forecast 2023Market OverviewIn the research report, Market Research Future (MRFR), emphasizes that the Global Cognitive Services Platform Market 2020 is expected to grow exponentially, securing a substantial market valuation and a healthy CAGR over the review period.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/4363Drivers and RestraintsThe cognitive technology easily learns from the trends of business environments' internal and external sources to provide information from vast amounts of structured and unstructured data.
The insights gathered allow companies to identify market risks and vulnerabilities across all business functions and thus help them to facilitate continuous business improvement.
This dimension fuels the demand for cognitive resources that help businesses draft marketing strategies, avoid network attacks and reshape the model of operations.
Different industries are experiencing a rapid change in the market scenario which requires them to upgrade and maintain an advantage over their competitors to increase the profit margin.Artificial intelligence has been an important part of applications in the internet of things.
This will eventually continue to drive the demand for the cognitive resources network.
Increasing demand for real time data analysis is another factor driving the growth of the cognitive services platform market.Segmental AnalysisThe cognitive services platform market has been segmented based on services, end-user, and vertical.The services segment comprises of continuous compliance, autonomous governance, self-service and automated provisioning, customer support, knowledge management, communication monitoring, and others.The end-users segment comprises of SMEs and large enterprises.The vertical segment is segmented into BFSI, healthcare, consumer electronics & retail, education & retail, IT & telecommunication, travel & tourism, aerospace & defense, oil & gas, and others.
Cognitive Services Platform Market Size The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Cognitive Services Platform Market Size.
The growth sectors of the Cognitive Services Platform Market Size are identified with precision for a better growth perspective.The cognitive services platform market is getting defined by the rising popularity of artificial intelligence and the growing implementation of the same across various industry verticals.
Due to this, Market Research Future reveals a study that compels that the global cognitive services platform market is all set to cross existing valuation to substantial valuation by 2023 at an impressive CAGR during the same forecast period.
FREE PDF@ https://www.marketresearchfuture.com/sample_request/4363Market Drivers & ChallengesThe factors that can be verified beneficial in context to the market’s growth that is spurring its growth are the investments that are being made by giant companies such as IBM Corporation and Microsoft Corporation.
One of the most exceptional factors that are driving the market is mentioned to be the rising adoption of the Internet of Things and artificial intelligence.
These are being highly adopted in the latest business giants to advance their business processes and operations.
