Cognitive Services Market – Industry Analysis and Forecast (2019-2027)

Cognitive Services Market was valued US$ 1.95 Mn in 2019 and is estimated to reach US$ XX Mn by 2027 at a CAGR of about XX % 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

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.

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.

The objective of the report is to present comprehensive Global Cognitive Services Market, by Geography including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with analysis of complicated data in simple language. The report covers all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.

The report also helps in understanding Global Cognitive Services Market dynamics, structure by analyzing the market segments, and project the Global Cognitive Services Market size. Clear representation of competitive analysis of key player by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Cognitive Services Market make the report investor’s guide.

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Scope Cognitive Services Market

Cognitive Services Market, By Technology
• Machine Learning
• Natural Language Processing

Cognitive Services Market, By Service
• Professional
• Managed

Cognitive Services Market, By Deployment Type
• Cloud
• On-premises

Cognitive Services Market, By Application
• Safety & Security Management
• Supply Chain Management
• Treatment System
• Quality Management
• Predictive Maintenance
• Others

Cognitive Services Market, By Enterprise Size
• Large Enterprise
• SMEs

Cognitive Services Market, By Vertical
• Healthcare
• BFSI
• Retail
• Manufacturing
• Public Sector
• Education
• IT & Telecommunication
• Others

Cognitive Services Market, By Geography
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America

Key Players operating in the Cognitive Services Market:

• IBM
• Microsoft
• Baidu
• Apple
• TCS
• Verbio Technologies
• Softweb Qualcomm
• Nokia
• Inbenta
• AWS
• Google
• SAS
• Ipsoft
• BMC Software
• Attivio
• Nuance Communications
• Expert System
• Solutions
• Folio3 Software
• Fusion Informatics
• Cognitive scale

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