Press release
Cognitive Services Market: Accelerated Growth Expected to Reach $92.25 Billion by 2029
Cognitive Services Market
What Is The Projected Market Size Of The Global Cognitive Services Market And Its Growth Rate?
• Estimated Market Size in 2024: $17.24 billion
• Expected Market Size in 2025: $23.25 billion (CAGR of 34.9%)
• Predicted Market Size in 2029: $92.25 billion (CAGR of 41.1%)
What Is Driving The Growth In The Cognitive Services Market?
The growth in the cognitive services market can be largely attributed to an increase in data volumes and complexity. Data sets have grown exponentially in size, reaching the terabyte and petabyte range. This data surge, fuelled by social media, mobile, analytics, and cloud environments, generates vast amounts of real-time, multimodal, unstructured, and redundant data. Cognitive services enable effective data evaluation, processing, and reduction of data redundancy. For example, according to Tech Jury, the production of global data is projected to scale to 181 zettabytes by 2025.
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Who Are the Key Players Driving Cognitive Services Market Growth?
The cognitive services market is led by:
• Amazon.com Inc.
• Apple Inc.
• Alphabet Inc.
• Samsung Group
• LG Corp.
• accenture* plc
• IBM Corporation
• Deloitte Touche Tohmatsu Limited
What Are The Key Trends In The Cognitive Services Market?
Key trends in the cognitive services market include:
• Global digital transformation
• Increased AI integration
• Technological advancements
• Customization and industry-specific solutions
What Are The Segments Of The Global Cognitive Services Market?
The global cognitive services market is segmented by:
• Service Type: Data Transformation, Cloud And Web-Based Application Programming Interface, Knowledge Management, Cognitive Risk Intelligence, and others
• Deployment: On-Premises, Cloud
• Technology Type: Natural Language Processing, Machine Learning And Deep Learning
• Application: Predictive Maintenance, Marketing Analysis, Quality Management Investigation And Recommendation, and others
• End User: Healthcare, Banking, Financial Services, And Insurance, IT And Telecommunication, and others
Which Region Leads The Cognitive Services Market?
North America held the largest share of the cognitive services market in 2024. The Asia-Pacific region, however, is expected to be the fastest-growing during the forecast period.
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What Is Covered In The Cognitive Services Market Global Market Report?
• Market Size Analysis: Analyze the Cognitive Services Market size by key regions, countries, product types, and applications.
• Market Segmentation Analysis: Identify various subsegments within the Cognitive Services Market for effective categorization.
• Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
• Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
• Market Contribution: Evaluate contributions of different segments to the overall Cognitive Services Market growth.
• Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
• Industry Challenges: Analyze challenges and risks affecting the Cognitive Services Market.
• Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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