Market Synopsis
The global cognitive cloud market, according to MRFR, is expected to grow
at nearly USD 3.42 Billion by 2023, at 16% of CAGR over the review period of
2017 to 2023.
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, CognitiveScale 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.
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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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Cognitive Cloud Market Research Report:
Information by Technology (Hall Effect, Magneto Resistive, Variable
Reluctance), By Application (Automotive, Industrial, Aerospace & Defense,
Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle
East & Africa, and South America)—Forecast till 2030
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