Cognitive Cloud Market, By Technology (NLP, Machine Learning, Automated Reasoning), By Service (Managed, Professional), By End User (SMEs, Large Enterprises) and By Vertical - Forecast 2027
Market Synopsis
The global cognitive cloud market, according to MRFR, is expected to grow at nearly USD 3.42 Billion by 2027, at 16% of CAGR over the review period of 2020 to 2027.
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Market Scenario
Increasing Internet of Things adoption is one of the major factors that fuel the growth of the cognitive cloud market. To provide insights into the business processes and applications, Cognitive Scale runs its cognitive clouds on IBM Watsons Bluemix. It provides complete transparency while maintaining security of the data. Cognitive cloud helps to use information effectively, and in turn to drive the organization's overall growth. Major giants such as IBM Corporation and Google are investing in the cognitive cloud market due to the rising demand from various vertical sectors such as healthcare, retail, business, government and others. The increasing demand for content customisation is a major factor driving the growth of the cognitive cloud market. An additional factor driving the growth of the cognitive cloud market is the growing demand for real-time data analysis. While COVID-19 has had a notable impact on the cognitive cloud market worldwide, organizations realize that cloud services are necessarily a good fit for unmatched uncertainties ensuring business continuity amid physical lockdowns. As many businesses are challenged, but cognitive cloud providers build a balance by providing greater flexibility to customers versus opportunistic solutions. Such factors are evaluated as advantageous for increasing the cognitive cloud market over the forecast period. As the global cognitive cloud market encompasses technologies such as natural language processing , machine learning , information retrieval, and automated rationale for translating unstructured data to sense, these create meticulous opportunities for new players to invest in and take market valuation to the next level.
Segmentation of Market
The cognitive cloud market has been evaluated over segmental analysis, which is done over service, technology, end-user, and vertical segments.
The vertical segment has been bifurcated into healthcare, education & retail, BFSI, consumer electronics & retail, travel & tourism, oil & gas, IT & telecommunication, and aerospace & defense. Out of which, during the forecast era, retail and healthcare verticals have potential to expand at a significant pace. In healthcare, the cognitive cloud helps to assemble the information available and integrate that data with patient information , which in turn helps to present more personalized services. The cognitive cloud is also helping to make health services cost-effective.
The technology segment has included natural language processing, machine learning, automated reasoning, and others.
The service segment has been divided managed service and professional service.
The end-user segment has bifurcated into SMEs and large enterprises.
Regional Analysis
Cognitive cloud market regional analysis is being studied for regions such as Asia Pacific, North America , Europe and the Rest of the World. North America was projected to account for the largest market share, whereas Asia-Pacific is expected to grow at the fastest rate over the review period. The substantial growth in North America 's cognitive cloud market is due to technological innovations and an growing need for real-time analysis of large and diversified data in that area.
The Asia-Pacific region is expected to rise at the fastest pace in the predicted period. Over the forecast period Asia Pacific is expected to rise at CAGR rate. Increasing technology companies' investments in leading countries like Japan, China , and India, growing digitalization, machine learning ( ML), increasing adoption of advanced artificial intelligence ( AI), and government regulations and initiatives are expected to drive market growth in the APAC region.
Key Players
The prominent players in cognitive cloud market are – IBM Corporation (U.S.), Spark Cognition, Inc. (U.S.), Google, Inc. (U.S.), Microsoft Corporation (U.S.), CognitiveScale (U.S.), Enterra Solutions LLC (U.S.), Vicarious (U.S.), Numenta (U.S.), Saffron Technology (U.S.), ColdLight Solutions (U.S.) and others.
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