Cognitive Services Platform Market Demographical MRFR Industry, Top Key Players Growing at a CAGR of according to Emerge Research Report Forecast By 2027
Market Scenario:
The
worldwide Cognitive
Services Platform Market is predicted to register
a significant market value for the forecast period of 2027. Also, this market
is registered to account for a substantial CAGR during the research period.
Cognitive Services is extensively used for building intelligent applications
and a set of cognitive Artificial Intelligence (AI) and Application Programming
Interfaces (APIs) algorithms.
The
rising implementation of artificial intelligence and the growing popularity of
artificial intelligence among different industry verticals are driving the
global market growth during the assessment timeframe. In addition, the growing
demand for real-time data analysis is boosting up the growth of the Cognitive
Services Platform Market.
However,
the increasing issues related to security and safety, hacking, and data
breaches might hamper the market growth. Moreover, the Cognitive Services
Platform Market growth might be affected due to the lack of awareness regarding
artificial intelligence and IOT.
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Competitive
Outlook:
The
major market players operating in the global market as acknowledged by MRFR are IBM Corporation (U.S.), Tata
Consultancy Services Limited (India), Infosys Limited (India), Wipro Limited
(India), Google, Inc. (U.S.), Microsoft Corporation (U.S.), General Electric
(U.S.), Attivio (U.S.), Enterra Solutions LLC (U.S.), Numenta (U.S.) and
others.
Segmentation:
Multiple
segments such as end-users, technology, and verticals in the Cognitive Services
Platform Market are further sub-divided into many factors.
Depending
on the end-user segment, the current market has been segmented as Large
enterprises and SME’s. The global market is divided into Natural Language
Processing (NLP), deep learning, and Machine learning based on the technology
segment. Out of all segments, the Natural Language Processing segment is
expected to generate a higher market share in the analysis period.
On
the basis of the vertical segment, the worldwide market has been classified
into consumer electronics & retail, healthcare, IT & telecommunication,
BFSI, travel & tourism, education & retail, aerospace & defense,
oil & gas, and others. Of these, the vertical healthcare segment is
anticipated to expand at a significant growth rate for the assessment period.
On the other hand, the IT & telecommunication segment is expected to
account for the significant CAGR for the review period.
Regional
Analysis:
Regionally,
the Cognitive Services Platform Market is divided into various regions like
Asia Pacific, Europe, North America, and the rest of the world.
Of
these, the North American region is attributed to generating the largest market
share during the analysis timeframe. This region consists of nations like
Canada and the US, where people have more knowledge and interest regarding the
internet of things, leading to a rise in the demand for IoT and cognitive
applications. As a result, this region is growing on a large scale for the
research period. Additionally, this region has developed the implementation of
advanced technologies and well-established infrastructure, which is boosting up
the North American regional market.
Along
with this, the Asia Pacific and European countries are projected to acquire the
largest market share during the research timeframe. The government spending for
the development of AI-based projects and increasing investment of various
organizations are the major factor for the development of the Asia Pacific
region.
Industry News
In
March 2018, the prominent market player Microsoft Corporation launched its enhancement
and new offerings for its developed Azure Cognitive Services cloud APIs. This
service is designed to help developers enhance AI-based capabilities in mobile
apps.
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Table of Contents:
1 Executive
Summary
2 Scope of the
Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
Continued…
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