Cognitive Services Platform Market:
The worldwide Cognitive Services Platform Market is
predicted to register a significant market value for the forecast period of
2030. Also, this market is registered to account for a substantial CAGR during
the research period. Cognitive Services is extensively used for building
intelligent applications and a set of cognitive Artificial Intelligence (AI)
and Application Programming Interfaces (APIs) algorithms.
The rising implementation of artificial
intelligence and the growing popularity of artificial intelligence among
different industry verticals are driving the global market growth during the
assessment timeframe. In addition, the growing demand for real-time data
analysis is boosting up the growth of the Cognitive Services Platform
Market.
However, the increasing issues related to security
and safety, hacking, and data breaches might hamper the market growth.
Moreover, the Cognitive Services Platform Market growth might be affected due
to the lack of awareness regarding artificial intelligence and IOT.
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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.)
Market Segmentation:
Multiple segments such as end-users, technology,
and verticals in the Cognitive Services Platform Market are further sub-divided
into many factors.
Depending on the end-user segment, the current
market has been segmented as Large enterprises and SME’s. The global market is
divided into Natural Language Processing (NLP), deep learning, and Machine
learning based on the technology segment. Out of all segments, the Natural
Language Processing segment is expected to generate a higher market share in
the analysis period.
On the basis of the vertical segment, the worldwide
market has been classified into consumer electronics & retail, healthcare,
IT & telecommunication, BFSI, travel & tourism, education & retail,
aerospace & defense, oil & gas, and others. Of these, the vertical
healthcare segment is anticipated to expand at a significant growth rate for
the assessment period. On the other hand, the IT & telecommunication
segment is expected to account for the significant CAGR for the review
period.
Regional Analysis:
Regionally, the Cognitive Services Platform Market
is divided into various regions like Asia Pacific, Europe, North America, and
the rest of the world.
Of these, the North American region is attributed
to generating the largest market share during the analysis timeframe. This
region consists of nations like Canada and the US, where people have more
knowledge and interest regarding the internet of things, leading to a rise in
the demand for IoT and cognitive applications. As a result, this region is
growing on a large scale for the research period. Additionally, this region has
developed the implementation of advanced technologies and well-established
infrastructure, which is boosting up the North American regional market.
Along with this, the Asia Pacific and European
countries are projected to acquire the largest market share during the research
timeframe. The government spending for the development of AI-based projects and
increasing investment of various organizations are the major factor for the
development of the Asia Pacific region.
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Industry News:
In March 2018, the prominent market player
Microsoft Corporation launched its enhancement and new offerings for its
developed Azure Cognitive Services cloud APIs. This service is designed to help
developers enhance AI-based capabilities in mobile apps.
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