COGNITIVE SERVICE MARKET TO REACH USD 18.2 BILLION BY 2024 | CAGR 42.2% – FORENCIS RESEARCH

Cognitive Service Market Size, Share, Trends, Growth, Analysis, Research

Global Cognitive Service Market: Key Highlights

  • According to the new market research report Cognitive Service Market by Service (Knowledge Management, Data Revolution, Training, Communication, Cloud Service and Others), By Technology (Machine Learning, Natural Language Processing, Optimization and Robotics), By Application (Government and Education, Healthcare, Banking, financial services and insurance (BFSI), Manufacturing and Others), By Region (Asia-Pacific, North America, Europe, Middle East & Africa, South America) – Global Forecast (2019 to 2024)”, the global cognitive service market is estimated to reach USD 18.2 Billion by 2024 at a CAGR of around 42.2% during the review period.
  • It helps to provide the next generation services by digital automation, artificial intelligence and machine learning which will lead to enhance the growth of the market in the forecast period.
  • The services use to support the business anticipate and to solve the customer problems which will increase the market growth the market demand in the projected period.
  • However, the slow adoption process act as major restraining factor for the growth of the cognitive services market.

Cognitive Service Market

Global Cognitive Service Market: Key Market Dynamics

  • Increasing growth in large scale industries which lead to improve the customer engagement which is projected to increase the revenue and performance of the organization.
  • Rising demand of new generation robot will advance in the feature such as image recognition, translation and language understanding.
  • High data security, as the company such as Microsoft Azure has a high focus on security which flows through the standard security model of detect, diagnose, assess and stabilize.
  • Advanced artificial intelligence (AI) features will enhance the transformation across the business and its performance.

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Global Cognitive Service Market: Regional Overview

  • Asia-Pacific

The cognitive market in the Asia-Pacific region is projected to witness high demand as the region is faster adoption the technology such as artificial intelligence, Internet of things (IoT).

According to the Australian Trade and Investment Commission, the Made in China 2025 and the Internet plus are planning to reach the China’s manufacturing sector with the value chain by advancing and growing innovative technology system. Also, there is growing market for exporters and for startup of technologies by the China.

However, the China is projected to reach its 2020 target by 2.5% of GDP spending on its R&D which is anticipate to increase the demand of the market in the period of forecast.

  • Europe

Owing to the rapid adoption of the technology, innovation and engineering in the region is expected to increase the market demand in the forecast period. Germany is one of the world major player in the field of technology, and research and development. Also, the UK is one of the leading market player in adoption new technologies to advance the public services. According to the European Commission, the region projected to invest in the new emerging technologies which may lead to support the adoption of Internet of things (IoT) and 5G.

Global Cognitive Service Market: Key Players Overview

  • IBM Corporation:

International Business Machines (IBM) Corporation is a global technology company which sell and produce software, hardware and consulting services. The cognitive-based system helps to difference how to interact with person and to systems. Whereas, cognitive computing contain a features which includes natural language processing and machine learning. Also the cognitive service includes conversation, speech to text, visual recognition and language translation.

Furthermore, in 2018 the company has design mainly first ever commercialized cognitive computing platform for the solution and development of an enterprise.

  • Microsoft Corporation:

Microsoft Corporation is a multinational organization which develops, license, support and sells personal computer and consumer electronics. The Azure Cognitive services includes artificial intelligence (AI) for each and every developer without the help of machine learning expertise. Also the company has developed this service to solution the problem in the field of artificial intelligence (AI). In 2020 the company has announced a new feature for Azure Cognitive Service and the Bot Service for the enhancement purpose.

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Rep Id : ICT 026

Published : 2020-01-06