Market Analysis
The Global Cognitive Services Market is expected to reach USD 2.1 billion by 2025 from USD 18.53 billion in 2017 and is projected to grow at a CAGR of 46.5% the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Market Definition
A cognitive services is an automated model which provides language, speech, vision, search, and knowledge APIs. It is a toolkit which is used to develop artificial intelligence and cognitive computing-based applications for generating business value from unstructured information It helps to build powerful intelligence into applications to enable natural and contextual interactions. It is a set of APIs, SDKs and services. The advantage of cognitive services are ensuring cost reductions, greater efficiency and enhanced results simultaneously in core business areas such as customer support.It is applicable in various industry which include banking, financial services, and insurance (BFSI), healthcare, retail, IT and telecommunication, government and education and manufacturing and others.
In 2018 Microsoft launched “Artificial Intelligence and entry level software development” courses focusing on Azure and Microsoft’s cognitive services for more advanced developers to increase knowledge of machine learning.
In 2017, Microsoft developed” machine learning algorithms” for cognitive services. It helps to solve problems in the field of Artificial Intelligence and categories in vision, analyze images and videos for content and other useful information.
In 2017, Aricent Inc. Launched “Cognitive Services” to bring artificial intelligence to customer experience of products and services content and other useful information. It helps to provide exclusive value around their products and services for a truly compelling customer experience.
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Market Drivers and Restraints:
• Rising growth in aligning organizational core work with business objectives
• Growth in data volumes creating demand for cognitive services demand for graphics software in business processes.
• Stringent external regulations across regions.
Major Competitors:
The renowned players in cognitive services market are
• IBM, Attivio,
• Amazon Web Services, Inc.,
• Qualcomm Technologies, Inc.,
• Nuance Communications, Inc.,
• Apple Inc.,
• Tata Consultancy Services Limited.,
• Nokia.,
• Expert System S.p.A.,
• Verbio Technologies,
• Softweb Solutions Inc,
• Folio3 Software Inc.,
• Inbenta Technologies Inc.,
• Microsoft,
• SONY, Inc.,
• BMC Software, Inc.,
• IPsoft Inc.,
• CognitiveScale. and among others.
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Market Segmentation
• The market is based on technology, service type, deployment mode, application and geographical segments.
• Based on technology, the market is segmented into machine learning and deep learning, natural language processing.
• Based on service type, the market is segmented into cloud and web-based application programming interface, data transformation, knowledge management, data integration and cognitive automation, cognitive risk intelligence, consulting and advisory, training and support, communication monitoring and others.
• Based on deployment mode, the market is segmented into cloud and on-premises.
• Based on application, the market is segmented into marketing analysis, predictive maintenance, supply chain management, quality management investigation and recommendation safety and security management, diagnosis and treatment system.
• Based on geography, the market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
Competitive Analysis
The global cognitive Services market is fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market in order to sustain in long run. The report includes market shares of cognitive services market for global, Europe, North America, Asia Pacific and South America.
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