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Elevated Data Volumes Fuel Growth In Cognitive Services Market: Pivotal Factor Influencing Cognitive Services Market Growth in 2025
Cognitive Services
Cognitive Services Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the cognitive services market has seen radical expansion over recent years. It's predicted to increase from a market value of $17.24 billion in 2024 to $23.25 billion in 2025, sporting a compound annual growth rate (CAGR) of 34.9%. The growth observed in the historical period is due to the increased need for automation, data boom, adoption by enterprises, advancements in natural language processing (NLP) (2018-2021), various worldwide events, and the rise of remote work (2020-2021).
Cognitive Services Market Size Forecast: What's the Projected Valuation by 2029?
The size of the cognitive services market is projected to experience a significant surge in the coming years, expanding to $92.25 billion by 2029 with a compound annual growth rate (CAGR) of 41.1%. The anticipated growth during this period can be ascribed to improved user interaction, applications tailored to specific industries, and heightened personalization. In the forecast period, key trends involve worldwide digital transformation, a rise in AI integration, technological progress, personal customization, and solutions specific to certain industries.
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What Are the Drivers Transforming the Cognitive Services Market?
The expansion of the cognitive services market is projected to be driven by the surge in data volume and its complexity. The term data volume alludes to the magnitude of the data sets required for evaluation and processing, potentially extending to terabytes and petabytes. The amplified use of social media, mobile devices, analytics, and the cloud environment are generating vast amounts of unstructured, multimodal, real-time, and repetitive data. Cognitive Services are efficient in reducing data redundancy, leading to quicker big data processing. For example, Tech Jury, a commercial software solution company based in the US, estimates that by 2025, the global data production will reach 181 zettabytes. Thus, the rise in data volume and its complexity is catalyzing the growth of the cognitive services market.
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What Long-Term Trends Will Define the Future of the Cognitive Services Market?
The rapid progression of technology is a predominant trend on the rise within the cognitive services market. Leading companies in this sector are zeroing in on the creation and implementation of novel technologies to fulfill customer expectations and bolster their standing. To illustrate, Microsoft Corporation, a technology enterprise based in the United States, broadened the Azure OpenAI service in May 2022 with the aid of InstructGPT. InstructGPT encompasses a range of GPT-3-based models that exhibit fewer errors and don't produce as much contentious text compared to competitors.
Which Segments in the Cognitive Services Market Offer the Most Profit Potential?
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 Firms Dominate the Cognitive Services Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in 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.
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