Cognitive Services Platform Market Overview:
The cognitive services platform market forecast 2020 and its strategy of connecting business across the world have made cognitive services especially vulnerable to the disruptions of the COVID 19 pandemic. Key players understand what is looking to be a prolonged crisis in the present time. On this, Market Research Future published a report on the global cognitive services platform market, saying that it would rise at a towering pace and grab high CAGR during the forecast period till 2030.
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Key Players:
Key Players of the cognitive market,
- IBM Corporation (U.S.)
- Tata Consultancy Services Limited (India)
- Infosys Limited (India)
- Wipro Limited (India)
- Google, Inc. (U.S.)
- Microsoft Corporation (U.S.)
- General Electric (U.S.)
- Attivio (U.S.)
- Enterra Solutions LLC (U.S.)
- Numenta (U.S.) and others.
Top Impacting Factors:
Growth in computing power is observing boom owing to the heave in the data and the incorporation of superior machine learning algorithms that facilitates creation of an intelligent ecosystem motivated by cognitive services. Cognitive services gathered eminence in the year 2015 when Microsoft released a set of intelligent technologies, which performed cognitive tasks, such as categorizing images, face detection, language understanding and speech recognition. The technology has made revolutionary progress and has started to have noteworthy implications on the business world. These factors have been causative to the growth of the market since then and would forward until the forecasted period.
The anticipations of the companies from adopting automation are shifting towards getting value at an elevated speed. Hence, with the escalating automation across the industries, cognitive service providers are gaining traction for developing more APIs to built smarter applications that assists in aligning the core works with business objectives. Advent to this, the rising data volume and complexity are creating demand for cognitive services by eliminating recurring tasks at the back offices. These factors are scoring well for the market to expand wisely in the crises of Coronavirus pandemic across the world.
Furthermore, the cognitive services are also facilitating telecommunication industry with aligning core business tasks by automating support bots and understanding natural language and translating text. Ultimately it assists in transforming the telecom back offices into a knowledgeable customer support team. Numerous IT and telecommunication companies are adopting cognitive services to improve and optimize operations, customer engagement, and gain a competitive edge over others. All these have gained massive popularity in the years, which has helped the market to gain valuation, thus framing a secured business in the future timeframe.
Leading Segments:
Cognitive services platform market has further been studied among segments of technology, end-user and vertical.
The vertical segment is bifurcated into healthcare, BFSI, education & retail, consumer electronics & retail, travel & tourism, IT & telecommunication, oil & gas and aerospace & defence. Out of which retail and healthcare verticals are likely to inflate at a significant rate during the assessment period.
The End User segment includes SMEs and large enterprises.
Leading Regional Market:
The regional analysis of cognitive services platform market is studied for regions such as North America, Asia Pacific, Europe and the Rest of the World.
MRFR has observed that North America is estimated to grab the largest share of the market. The significant growth in cognitive services platform market in North America is attributed to technological advancements and escalating popularity of artificial intelligence in that region.
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The Asia-Pacific market is projected to grow at the fastest rate during the forecast period.
Europe is also expected to inflate considerably. Several initiatives taken by the European Union regarding smart manufacturing and the digitization of healthcare sector are liable to act as a significant motivator for the market in the region. The smart manufacturing market in the region is amplified by the European Commissions, which plans to transform the digital sector of Europe. One of the well-known aims is to digitize the traditional industry in a global fight to lead the economy in Europe.
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