Cognitive Services Market will Reach Nearly USD 63.99 Billion, Expanding at a CAGR of 35.8% during the Forecast Period of 2028

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The global cognitive services market is forecast to reach USD 63.99 Billion by 2028, according to a new report by Reports and Data. Cognitive services can be considered as a part of artificial intelligence [AI] platform. One of the mentionable benefits associated with the service is the effective application of AI to various scenarios with a comprehensive portfolio of domain-specific AI capabilities. Most importantly, the service is useful in making faster and smarter decisions, helping organizations to lead the market competition. It is with the help of an anomaly detector; potential issues may be detected on a prior hand, based on which strategic decisions can be taken to avoid the problem. Thus, the presence of these benefits are supporting the growth of the market.  In context to region, Europe can be seen to occupy a prominent market position. The market position held by the region is resultant of the continuous growth of the eCommerce industry and healthcare sector.

Key participants include Microsoft, IBM, AWS, Google, Nuance Communications, Baidu, SAS, Qualcomm Technologies, Nokia, TCS, and Apple.

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Market Overview:

The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.

The Cognitive Services Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Cognitive Services Market.

Further key findings from the report suggest

  • The cognitive services market held a market share of USD 5,306.6 Million in the year 2020 and forecasted to grow at a rate of 35.8% during the forecast period.
  • In regards to Technology, the Natural Language Processing segment generated a higher revenue of USD 1.83 Billion in 2020, with a growth rate of 39.0% during the forecast period. The extensive application of the technology in the functioning of this service wherein it is required to perceive, read human languages and contribute in the communication with the computer, results in the revenue generated by the segment.
  • In context to Deployment Mode, the Cloud segment is projected to witness a faster CAGR of 41.3% during the forecast period, which is expected to occupy 70.0% of the market by 2028. The growth rate experienced by the cloud segment is resultant of various benefits associated with this deployment mode like affordability, vast storage capacity, and ability to access the service from any location, which is resulting in increasing preference for this deployment mode among the service provider. Furthermore, the increasing involvement of cloud giants like Microsoft, IBM, with this service, is also contributing to the growth rate experienced by this segment.
  • In context to region, Asia Pacific is projected to witness the fastest growth rate of 40.4% during the forecast period. The growth of the eCommerce sector and technological advancement contributes to the growth of the market in this region.

To understand how our Cognitive Services Market can bring difference to your business strategy:

For the purpose of this report, Reports and Data have segmented the global cognitive services market based on Service Type, Technology, Organization Size, Deployment Mode, Application, End-user, and region:

Service Type Outlook (Revenue, USD Billion; 2020-2028)

  • 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
  • Others

Technology Type Outlook (Revenue, USD Billion; 2020-2028)

  • Natural Language Processing
  • Machine Learning and Deep Learning

Organization size Type Outlook (Revenue, USD Billion; 2020-2028)

  • Large Enterprises
  • Small and Medium-Sized Enterprises

Deployment Mode Type Outlook (Revenue, USD Billion; 2020-2028)

  • On-Premises
  • Cloud

Application Type Outlook (Revenue, USD Billion; 2020-2028)

  • Predictive Maintenance
  • Marketing Analysis
  • Quality Management Investigation and Recommendation
  • Supply Chain Management
  • Diagnosis and Treatment System
  • Safety and Security Management
  • Others

End-user Type Outlook (Revenue, USD Billion; 2020-2028)

  • Healthcare
  • Banking, Financial Services, and Insurance
  • IT and Telecommunication
  • Retail
  • Manufacturing
  • Education
  • Government
  • Others

Regional Outlook (Revenue, USD Billion; 2020-2028)

  • North America
    • S
  • Europe
    • K
    • France
  • Asia Pacific
    • China
    • India
    • Japan
  • MEA
  • Latin America
    • Brazil

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Key Advantages of Cognitive Services Market:

  • Identification and analysis of the market size and competition
  • Qualitative and quantitative analysis of the market data
  • Data validated by industry experts after extensive primary and secondary research
  • Extensive regional analysis of the Cognitive Services industry
  • Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
  • SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
  • Feasibility analysis and investment analysis to enable strategic investment decisions
  • Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Cognitive Services Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

About Us:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

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