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Global Cognitive Services Market 2023 Growth Insights, Research Statistics, Business Strategy And Forecast To 2032 | Major Players Are IBM Corporation, Amazon Web Services, Inc., Google LLC, Nuance Communications, SAS Institute Inc
Cognitive Services Market
The Business Research Company's Cognitive Services Global Market Report 2023 identifies An increase in data volume and complexity as the major driver for the Cognitive Services Market's growth in the forecast period. The volume of data refers to the size of the data sets that must be evaluated and processed, which can be in the terabyte and petabyte range. With the increased use of social media, mobile, analytics, and the cloud paradigm, massive amounts of real-time, multimodal, unstructured, and redundant data are generated. Cognitive Services reduce data redundancy and result in faster big data processing.
The global cognitive services market size grew from $9.66 billion in 2022 to $13.3 billion in 2023 at a compound annual growth rate (CAGR) of 37.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cognitive services market size is expected to grow to $48.03 billion in 2027 at a CAGR of 37.9%.
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Major competitors in the cognitive services market are IBM Corporation, Amazon Web Services, Inc., Google LLC, Nuance Communications, SAS Institute Inc., Microsoft Corporation, Attivio Inc., Tata Consultancy Services Limited, Qualcomm Technologies Inc., Nokia Corporation, Infosys Limited, Wipro Limited, Enterra Solutions LLC, Apple Inc., and BMC Software.
A key trend in the Cognitive Services Market includes technological advancement. Major players operating in the cognitive services sector is focused on developing and implementing new technologies to meet consumer demand and reinforce their position. For instance, in May 2022, Microsoft Corporation, a US-based technology company expanded the Azure OpenAI service with the help of InstructGPT. InstructGPT is a collection of GPT-3-based models that are less faulty and do not generate as much problematic text as their rivals.
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The Cognitive Services Market is segmented -
By Service Type: 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, Other Service Types
By Deployment: On-Premises, Cloud
By Technology Type: Natural Language Processing, Machine Learning and Deep Learning
By Application: Predictive Maintenance, Marketing Analysis, Quality Management Investigation And Recommendation, Supply Chain Management, Diagnosis And Treatment System, Safety And Security Management, Other Applications
By End User: Healthcare, Banking, Financial Services, and Insurance, IT and Telecommunication, Retail, Manufacturing, Education, Government, Other End Users
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Cognitive Services Market.
The Business Research Company's "Global Cognitive Services Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Cognitive Services Market Include:
1. Executive Summary
2. Cognitive Services Market Characteristics
3. Cognitive Services Market Trends And Strategies
4. Cognitive Services Market - Macro Economic Scenario
5. Cognitive Services Market Size And Growth
……
26. Africa Cognitive Services Market
27. Cognitive Services Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Cognitive Services Market
29. Cognitive Services Market Future Outlook and Potential Analysis
30. Appendix
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