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Cognitive Services Market trends, Top Companies, Share, Growth And Forecast 2033
Cognitive Services Market
The Business Research Company presents an extensive market research report on the Cognitive Services Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The cognitive services market size has grown exponentially in recent years. It will grow from $12.9 billion in 2023 to $17.55 billion in 2024 at a compound annual growth rate (CAGR) of 36.1%. The growth in the historic period can be attributed to rising demand for automation, data explosion, enterprise adoption, improved natural language processing (nap) (2018-2021), global events and remote work (2020-2021).
The cognitive services market size is expected to see exponential growth in the next few years. It will grow to $64.53 billion in 2028 at a compound annual growth rate (CAGR) of 38.5%. The growth in the forecast period can be attributed to enhanced user experiences, industry-specific applications, enhanced personalization. Major trends in the forecast period include global digital transformation, increasing AI integration, technological advancements, customization and industry-specific solutions.
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Key Market Players:
Major companies operating in the cognitive services market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Group, SK Inc., LG Corp., IBM Corporation, Deloitte Touche Tohmatsu Limited, Microsoft Corporation, Cisco Systems Inc., Ernst & Young Global Limited, Qualcomm Technologies Inc., Oracle Corporation, KPMG International Limited, SAP SE, Tata Consultancy Services Limited, Nokia Corporation, Capgemini SE, NEC Corporation, Cognizant Technology Solutions Corporation, Infosys Limited, Adobe Inc., HCL Technologies Limited, Atos SE, Wipro Limited, Fujitsu Limited, SAS Institute Inc., BMC Software Inc., Attivio Inc., Enterra Solutions LLC
Market Drivers:
An increase in data volume and complexity is expected to propel the growth of the cognitive services market going forward. 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. For instance, according to Tech Jury, a US-based business software solution company, 181 zettabytes of data will be produced globally by 2025. Therefore, an increase in data volume and complexity is driving the cognitive services market growth.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/cognitive-services-global-market-report
The cognitive services market covered in this report is segmented -
1) 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
2) By Deployment: On-Premises, Cloud
3) By Technology Type: Natural Language Processing, Machine Learning and Deep Learning
4) By Application: Predictive Maintenance, Marketing Analysis, Quality Management Investigation And Recommendation, Supply Chain Management, Diagnosis And Treatment System, Safety And Security Management, Other Applications
5) By End User: Healthcare, Banking, Financial Services, and Insurance, IT and Telecommunication, Retail, Manufacturing, Education, Government, Other End Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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