At a CAGR of 42.6% Cognitive Services Market will surpass $5.28 Billion by 2023 from $2.59 Billion i

According to new market research report "Cognitive Services Market by Technology, Service Type, Deployment Mode, Application, End-User, Vertical (BFSI, Healthcare, Retail, IT and Telecommunication, Government and Education, Manufacturing), and Region - Global Forecast to 2023", MarketsandMarkets expects the global cognitive services market to grow from USD 2.59 Billion in 2018 to USD 15.28 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 42.6% during the forecast period.

Cognitive services offer a systematic way to attain business objectives by reducing the efforts required to work on repetitive tasks. Also, various Application Programming Interfaces (APIs), including vision, speech, text, and search capabilities, play a crucial role in the process of automation and data analysis. The growing data is becoming crucial and organizations are majorly focusing on the integration of cognitive capabilities with their applications to analyze their data. Therefore, the need to align core work with business objectives and growth in data volumes are expected to drive the growth of the cognitive services market.

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The consulting and advisory service type is expected to grow at a higher CAGR during the forecast period

In the cognitive services market, consulting and advisory services are rapidly growing to leverage the benefits offered by the cognitive technology without deploying complete solution and infrastructure. As the small enterprises have budget constraints and are primarily focused on reducing infrastructure cost, they face challenges while deploying a complete cognitive solution. They also face similar issues while employing developers and cognitive technology experts to perform the data analysis. The consulting and advisory services can help these enterprises understand the best-fit cognitive service that can help them meet their requirements.

The cloud deployment type is expected to have the larger market size during the forecast period

On the basis of deployment type, the cognitive services market is segmented into cloud and on-premises. 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.

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APAC is expected to grow at the highest CAGR during the forecast period

In the Asia Pacific (APAC) region, global as well as domestic enterprises are investing in the enterprise Artificial Intelligence (AI) technology. The APAC region shows potential to grow in the cognitive services market. Enterprises in the APAC region are using cognitive services to generate insights from large volumes of data to enhance business processes. The growth in the APAC region is attributed to the growing investment in cognitive technologies across the region.

The cognitive services market report encompasses the competitive landscape and company profiles of the key vendors based on their product offerings and business strategies. The major cognitive service vendors include IBM (US), Microsoft (US), AWS (US), Google (US), TCS (India), Baidu (China), Apple (US), Nuance Communications (US), Qualcomm Technologies (US), and SAS Institute (US).

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