Cognitive Services Market – Global Industry Analysis and Forecast (2017-2026)
Posted: Jun 09, 2019
Cognitive Services Market was valued US$ 1.95 Bn in 2017 and is estimated to reach US$ 16.34 Bn by 2026 at a CAGR of about 44.43% during a forecast period.
The report cognitive services market is segmented into technology, service, deployment type, application, enterprise size, vertical, and region. In terms of technology, the cognitive services market is categorized into machine learning and natural language processing. Based on service, the cognitive services market is classified into professional and managed. On the basis of deployment type, the cognitive services market is segmented into cloud and on-premises. In terms of application, the cognitive services market is divided into safety & security management, supply chain management, treatment system, quality management, predictive maintenance, and others. Based on enterprise size, the cognitive services market is classified into large enterprise and SMEs. On the basis of vertical, the cognitive services market is categorized into healthcare, BFSI, retail, manufacturing, public sector, education, IT & telecommunication, and others. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Increase in adoption of an internet of things and artificial intelligence is one major factor fuelling the growth of cognitive services platform market. The growing use of cognitive services across various industries and a rise in demand for intelligent APIs to build smarter applications is expected to provide opportunities for the cognitive services market. However, stringent external regulations across regions restrict end-user verticals from sharing customer’s data with cognitive service providers, which may restrain the growth of the cognitive services market. The cognitive services market faces numerous challenges as well that includes lack of awareness across different industry verticals along with lack of knowledge about data and its applications.
In terms of enterprise size, SMEs segment that is expected to grow at a higher CAGR as compared to the large enterprise during the forecast period. Cognitive services help the SMEs to take advantage of various cognitive capabilities without investing a lot in the infrastructure. The SMEs have gradually realized the benefits that are being offered by cognitive services for analyzing large volumes of data and have thereby generates insights to increase their overall revenues
Based on vertical, BFSI is a data-driven industry that constantly focuses on enhancing customer experience. The adoption of cognitive services can help the BFSI vertical analyze large volumes of transaction data, customer profiles, and other such data, to formulate customer engagement strategies. Along with that, cognitive services can help the BFSI vertical solve challenges related to risk and fraud management, credit decisioning, customer engagement, and many more.
On the basis of deployment type, Cognitive services solutions deployed on the cloud are flexible and easily accessible for enterprises. Instead of installing the required software, the solution and its benefits can be leveraged remotely by enterprises on a pay-per-use model. Cognitive service providers are focusing on the development of robust cloud-based solutions for their users, as many organizations have started adopting the cloud model.
In terms of region, the cognitive services market can be segmented into North America, Europe, Asia Pacific, Middle East, and Latin America. North America is expected to hold the largest market share in the cognitive services market, while the Asia Pacific or APAC is projected to grow at the highest rate during the forecast period when compared with other regions globally.
The key players of cognitive services market include SAS, Baidu, Apple, AWS, Google, IBM, TCS, and Microsoft.
Scope Cognitive Services Market
Cognitive Services Market By Technology
- Machine Learning
- Natural Language Processing
Cognitive Services Market By Service
Cognitive Services Market By Deployment Type
Cognitive Services Market By Application
- Safety & Security Management
- Supply Chain Management
- Treatment System
- Quality Management
- Predictive Maintenance
Cognitive Services Market By Enterprise Size
- Large Enterprise
Cognitive Services Market By Vertical
- Public Sector
- IT & Telecommunication
Cognitive Services Market By Geography
- North America
- Middle East & Africa
- Latin America
Key Players operating in the Cognitive Services Market:
- Verbio Technologies
- Softweb Qualcomm
- BMC Software
- Nuance Communications
- Expert System
- Folio3 Software
- Fusion Informatics
- Cognitive scale
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This article is published by this Maximize Market Research Company