Press release
Elevated Data Volumes Fuel Growth In Cognitive Services Market Driver: A Major Catalyst in the Evolution of the Cognitive Services Market in 2025
Cognitive Services
The cognitive services market is likely to experience significant growth due to an increase in data volume and complexity. Data volume refers to the size of data sets requiring evaluation and processing, and it can range from terabytes to petabytes. The growing use of social media, mobile devices, analytics, and cloud paradigms have resulted in the production of large quantities of real-time, multimodal, unstructured, and duplicate data. Cognitive Services effectively reduce duplicate data and allow for quicker processing of big data. For instance, Tech Jury, a business software solution firm based in the United States, reported that by 2025, the world will be storing 181 zettabytes of data. As such, enhanced data volume and complexity are substantial contributors to the growth of the cognitive services market.
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What is the projected compound annual growth rate (CAGR) of the cognitive services market from 2025 to 2034, and what factors influence it?
The market size of cognitive services has seen significant growth over the past few years. It is expected to expand from $17.24 billion in 2024 to $23.25 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 34.9%. This growth witnessed during the historical period can be traced back to factors such as the increase in demand for automation, a surge in data, adoption by enterprises, advancements in natural language processing (2018-2021), as well as global events and the shift to remote work (2020-2021).
Over the coming years, the cognitive services market size is anticipated to experience significant increases, potentially reaching $92.25 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 41.1%. This impressive expansion in the forecast period can be linked to improved user experiences, applications designed for specific industries, and heightened personalization. Major trends for this period are predicted to be the global shift towards digital transformation, greater integration of AI, advancements in technology, as well as customization and solutions catered to the needs of specific industries.
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What new trends are reshaping the cognitive services market and its opportunities?
One notable trend that is gaining traction in the cognitive services market is the advancement of technology. The major players within this sector are prioritizing the development and application of new technologies to effectively cater to customer demand and solidify their market standing. As an example, the US technology firm Microsoft Corporation augmented the Azure OpenAI service utilizing InstructGPT in May 2022. InstructGPT refers to a suite of GPT-3-based models that are more reliable and produce less problematic text compared to competing models.
What are the major segments of the cognitive services market and their role in driving growth?
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
Subsegments:
1) By Data Transformation: Data Cleaning And Preparation, Data Enrichment Services
2) By Cloud And Web-Based Application Programming Interface: RESTful APIs, SDKs For Integration
3) By Knowledge Management: Knowledge Bases And Repositories, Content Management Systems
4) By Cognitive Risk Intelligence: Risk Assessment Tools, Threat Detection And Mitigation
5) By Data Integration And Cognitive Automation: ETL (Extract, Transform, Load) Services, Automated Workflow Solutions
6) By Training And Support: User Training Programs, Technical Support Services
7) By Communication Monitoring: Sentiment Analysis, Social Media Monitoring
8) By Consulting And Advisory: Strategy Development, Implementation Consulting
9) By Other Service Types: Custom Cognitive Solutions, Specialized Industry Services
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Which regions are key players in the growth of the cognitive services market?
North America was the largest region in the cognitive services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the cognitive services market?
Major companies operating in the cognitive services market include Amazon.com Inc., Apple Inc., Alphabet Inc., Samsung Group, LG Corp., accenture* plc, 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
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What Is Covered In The Cognitive Services Global Market Report?
• Market Size Forecast: Examine the cognitive services market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the cognitive services market for a structured understanding.
• Key Players Overview: Analyze major players in the cognitive services market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cognitive services market.
• Segment Contributions: Evaluate how different segments drive overall growth in the cognitive services market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cognitive services market.
• Industry Challenges: Identify potential risks and obstacles affecting the cognitive services market.
• Competitive Landscape: Review strategic developments in the cognitive services market, including expansions, agreements, and new product launches.
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