According to a new market research report "Cognitive Services Market by Technology, Service Type, Deployment Mode,
Application, End-User, Vertical (BFSI, Healthcare, Retail, IT and Telecommunication,
Government and Education, Manufacturing), and Region - Global Forecast to
2023", published by MarketsandMarkets™,
the global Cognitive Services Market to grow from USD 2.59 Billion in
2018 to USD 15.28 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of
42.6% during the forecast period.
Browse 68
market data Tables and 42 Figures spread through 151 Pages and in-depth
TOC on "Cognitive
Services Market”
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Cognitive services offer a systematic way to attain business
objectives by reducing the efforts required to work on repetitive tasks. Also,
various Application Programming Interfaces (APIs), including vision, speech,
text, and search capabilities, play a crucial role in the process of automation
and data analysis. The growing data is becoming crucial and organizations are
majorly focusing on the integration of cognitive capabilities with their
applications to analyze their data. Therefore, the need to align core work with
business objectives and growth in data volumes are expected to drive the growth
of the Cognitive Services Market.
The consulting and advisory service type is expected to grow
at a higher CAGR during the forecast period
In the Cognitive Services Market, consulting and advisory services
are rapidly growing to leverage the benefits offered by the cognitive
technology without deploying complete solution and infrastructure. As the small
enterprises have budget constraints and are primarily focused on reducing
infrastructure cost, they face challenges while deploying a complete cognitive
solution. They also face similar issues while employing developers and
cognitive technology experts to perform the data analysis. The consulting and
advisory services can help these enterprises understand the best-fit cognitive
service that can help them meet their requirements.
The cloud deployment type is expected to have the larger
market size during the forecast period
On the basis of deployment type, the Cognitive Services Market is
segmented into cloud and on-premises. Cognitive services solutions deployed on
the cloud are flexible and easily accessible for enterprises. Instead of
installing the required software, the solution and its benefits can be
leveraged remotely by enterprises on a pay-per-use model. Cognitive service
providers are focusing on the development of robust cloud-based solutions for
their users, as many organizations have started adopting the cloud model.
APAC is expected to grow at the highest CAGR during the
forecast period
In the Asia Pacific (APAC) region, global as well as domestic
enterprises are investing in the enterprise Artificial Intelligence (AI)
technology. The APAC region shows potential to grow in the Cognitive Services
Market. Enterprises in the APAC region are using cognitive services to generate
insights from large volumes of data to enhance business processes. The growth
in the APAC region is attributed to the growing investment in cognitive
technologies across the region.
The Cognitive Services
Market report encompasses the competitive landscape and company profiles of
the key vendors based on their product offerings and business strategies. The
major cognitive service vendors include IBM (US), Microsoft (US), AWS (US),
Google (US), TCS (India), Baidu (China), Apple (US), Nuance Communications
(US), Qualcomm Technologies (US), and SAS Institute (US).
Know more about the Cognitive Services
Market@
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