According to 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", MarketsandMarkets
expects 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.
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.
68 - Tables
42 - Figures
151 - Pages
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).
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