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Cognitive Cloud Computing Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, Dell Inc., Amazon Web Services
Cognitive Cloud Computing Global Market Report 2024
As per the report, the cognitive cloud computing market size has grown exponentially in recent years. It will grow from $32.21 billion in 2023 to $42.36 billion in 2024 at a compound annual growth rate (CAGR) of 31.5%. The cognitive cloud computing market size is expected to see exponential growth in the next few years. It will grow to $127.99 billion in 2028 at a compound annual growth rate (CAGR) of 31.8%.
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The Growth Of Cognitive Cloud Computing Fueled By Rising Data Volumes
The increasing volume of raw data is expected to propel the growth of the cognitive cloud computing market going forward. Raw data refers to unprocessed, unorganized, and unstructured information collected directly from its source. It has not undergone any analysis, transformation, or manipulation. The increase in the volume of raw data is due to the proliferation of digital devices, the growth of online activities, the Internet of Things (IoT) devices, and the increasing digitization of various industries. Cognitive cloud computing utilizes sophisticated AI algorithms to effectively handle and analyze vast amounts of data, facilitating quicker insights and decision-making through automated learning and adaptable features. For instance, in December 2022, according to the Linux Foundation, a US-based non-profit consortium, an average end-user organization with a storage capacity of up to 20 petabytes experienced annual data growth of 566 TB in 2021 and 1,746 TB in 2022. Further, yearly data growth for organizations with a storage capacity of up to 25 petabytes reached a significant 2,208 TB in 2022, three times more than in 2021 (700 TB). Therefore, the increasing volume of data is driving the growth of the cognitive cloud computing market.
Advancements In Generative Artificial Intelligence (AI) Transforming Document Processing
Major companies operating in the cognitive cloud computing market are developing innovative solutions, such as generative artificial intelligence (AI) and AI-based cognitive intelligence platforms, to gain a competitive edge in the market. A generative artificial intelligence (AI)-based cognitive intelligence platform is a system that combines generative AI techniques with cognitive computing capabilities to create intelligent and adaptable solutions. For instance, in March 2024, Mphasis, an India-based information technology solutions company, launched DeepInsights Doc AI. This cognitive intelligence platform powered by generative AI transforms document processing. DeepInsights Doc AI utilizes generative AI technology to extract context-specific information from documents and integrate it with downstream IT systems. The platform can handle different types of content, such as text, forms, tables, and images, and accurately extract relevant information.
The cognitive cloud computing market covered in this report is segmented -
1) By Type: On-Premises Software, Cloud-Based Services
2) By Technology: Natural Language Processing, Machine Learning, Automated Reasoning, Other Technologies
3) By Application: Healthcare, Banking, Financial Services, And Insurance (BFSI), Retail, Government, Information Technology (IT) And Telecommunication, Security, Other Applications
4) By End-User: Large Enterprises, Small And Medium Businesses (SMEs)
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Major companies operating in the cognitive cloud computing market are Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, Dell Inc., Amazon Web Services, International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Cisco Systems Inc., PricewaterhouseCoopers International Limited, Oracle Corporation, SAP SE, NVIDIA Corporation, Hewlett Packard Enterprise Company, Tata Consultancy Services Limited, Salesforce.com Inc., Capgemini SE, Cognizant Technology Solutions Corporation, Infosys Limited, Adobe Inc., VMware Inc., HCL Technologies Limited, Wipro Limited, Red Hat Inc., BMC Software Inc., Mphasis Limited
Contents of the report:
1. Executive Summary
2. Cognitive Cloud Computing Market Report Structure
3. Cognitive Cloud Computing Market Trends And Strategies
4. Cognitive Cloud Computing Market - Macro Economic Scenario
5. Cognitive Cloud Computing Market Size And Growth
…..
27. Cognitive Cloud Computing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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