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Cognitive Services Market Size, Share, Growth, Forecast 2024 To 2033
Cognitive Services Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Technological advancement is a key trend gaining popularity in the cognitive services market. 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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Major Key Players of the Market:
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
Cognitive Services Market 2024 Key Insights:
• 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%.
• Elevated Data Volumes Fuel Growth In Cognitive Services Market
• Tech Advancements Drive Momentum In Cognitive Services Market
• North America was the largest region in the cognitive services market in 2023
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