Cognitive Services Platform Market Trends

The cognitive services platform market is getting defined by the rising popularity of artificial intelligence and the growing implementation of the same across various industry verticals. Due to this, Market Research Future reveals a study that compels that the global cognitive services platform market is all set to cross existing valuation to substantial valuation by 2023 at an impressive CAGR during the same forecast period.

Market Drivers & Challenges

The factors that can be verified beneficial in context to the market’s growth that is spurring its growth are the investments that are being made by giant companies such as IBM Corporation and Microsoft Corporation. The investments are taking place with the rising demand for cognitive services from various industry verticals like retail, corporate, healthcare, government, and more. One of the most exceptional factors that are driving the market is mentioned to be the rising adoption of the Internet of Things and artificial intelligence. These are being highly adopted in the latest business giants to advance their business processes and operations. Thus, the cognitive services platform is built in the cloud, which enhances artificial intelligence and human intelligence to provide better customer service experience across the world.

At the same time, another major factor driving the growth of cognitive services platform market is marked to be the growing implementation of artificial intelligence across various industry verticals. As artificial intelligence has become an integral component of the internet of things devices, the market can witness promising growth in the coming years.

With this, the increasing demand for real-time data analysis is yet another factor driving the growth of cognitive services platform market. The cognitive services platform provides a data-driven platform that operates on data exploration and by making use of machine learning techniques. Thus, this helps in providing a level of intelligence to the products of cognitive services.

Market Segmentation

The report has its spotlight on the segmentation of the global cognitive services platform market, which has been conducted by technology, end-user, and vertical.

The vertical segment is bifurcated among BFSI, healthcare, consumer electronics & retail, education & retail, IT & telecommunication, travel & tourism, aerospace & defense, oil & segments. Among these, the retail and healthcare verticals might nurture at a significant rate during the assessment period.

The end-user segment includes small and medium businesses and large enterprises.

In terms of vertical: The market includes BFSI, Travel & Tourism, Consumer Electronics & Retail, Aerospace & Defense, Education & Retail, IT & Telecommunication, Healthcare, Oil & Gas, and more segments.

Regional Framework

The region-specific approach of the global cognitive services platform market is towards the key regions of Europe, Asia Pacific, North America, and the Rest of the World.

Among other regions, the cognitive services platform market in North American might witness significant growth and occupies the largest market share during the assessment period. The U.S and Canada can compel the growth of the cognitive services platform market to an enormous extent owing to the presence of a large number of established key players like IBM Corporation and Microsoft Corporation. With this, the upcoming companies in cognitive services platforms like CognitiveScale are also investing broadly to assist the market in a significant way. Also, the region has a well-established infrastructure that allows a higher penetration of devices and thus provides better connectivity. Such a can also be expected to be a significant factor for the growth of the cognitive services platform market.

Market Players

The crucial players in cognitive services platform market are listed as Enterra Solutions LLC (U.S.), Tata Consultancy Services Limited (India), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Wipro Limited (India), Google, Inc. (U.S.), General Electric (U.S.), Infosys Limited (India), Attivio (U.S.), Numenta (U.S.) and to name a few.

More Information@

Cognitive Services Platform Market Research Report Forecast 2023 | MRFR

Cognitive Services Platform market is expected to witness significant growth and hold the largest…

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