Market Overview:
The global cognitive services market is expected to grow at a CAGR of over 28% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for cognitive services across different industries, such as BFSI, healthcare, retail, IT and telecommunication, government and education, manufacturing and others. Additionally, the growing adoption of machine learning (ML) and deep learning (DL) technologies is also contributing significantly to the growth of this market. On the basis of type, ML accounted for a larger share of the global cognitive services market in 2017. However; DL is expected to grow at a higher CAGR during the forecast period from 2018 to 2030. This can be attributed to its ability to provide more accurate results as compared with ML algorithms.
Product Definition:
Cognitive Services is a set of APIs that allow developers to add features such as facial recognition, speech recognition, and natural language processing to their applications. Cognitive Services are important because they make it easier for developers to add features like facial recognition and speech recognition to their applications. This makes it easier for end users to interact with these applications, which can improve the overall user experience.
Machine Learning and Deep Learning:
Machine learning and deep learning are the two majorly used techniques in data mining. They have different applications but use similar algorithms. Machine Learning (ML) is a subset of artificial intelligence, which aims to train an algorithm to learn from experience without being explicitly programmed. In other words, it enables a computer to "scan" through large datasets and identify patterns or trends by itself with the help of statistical analysis methods without being explicitly told how to analyze each dataset.
Natural Language Processing (NLP):
Natural language processing is the study of computer processing of natural language. It aims at the transformation of human languages into structured data using grammars and rules. The field has witnessed tremendous growth in recent years owing to rapid advancements in artificial intelligence, big data analytics, machine learning, and natural language generation technologies.
Application Insights:
The application segment has been further categorized into Banking, Financial Services, and Insurance (BFSI), healthcare, retail, IT and telecomunications, government and education sectors. The BFSI sector is expected to emerge as the leading adopter of cognitive services over the forecast period. The growing adoption of digital technologies in banking activities such as customer profiling & behavior analysis to deliver personalized services is expected to drive demand for cognitive services within this sector.
The healthcare segment is also anticipated to witness significant growth over the forecast period owing to increasing penetration of cloud computing coupled with rising need for data analytics in medical research activities.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to maintain its position during the forecast period. This can be attributed to increasing investments in R&D and growing adoption of cloud, IoT, and AI technologies across various sectors including retail, manufacturing, healthcare & life sciences, government & education among others. Moreover rising demand for on-demand services and digital products has also contributed significantly towards regional growth.
Asia Pacific is anticipated to emerge as the fastest-growing region over the next eight years owing to significant developments taking place at a rapid pace in countries such as China and India with their large population base along with other countries such as Australia Indonesia Singapore Thailand Vietnam etc., which are considered emerging economies or developing nations within APAC region.
Growth Factors:
- Increasing demand for cognitive services from small and medium businesses (SMBs) due to the increasing awareness of the benefits of these services.
- The growing demand for cloud-based cognitive services due to their scalability and flexibility.
- The increasing demand for artificial intelligence (AI)-enabled cognitive services to enable more efficient decision-making processes.
- The rising popularity of chatbots among businesses as a means of providing better customer service experiences.
- Growing investments in research and development by technology companies to develop new and innovative cognitive services offerings
Scope Of The Report
Report Attributes
Report Details
Report Title
Cognitive Services Market Research Report
By Type
Machine Learning and Deep Learning, Natural Language Processing (NLP)
By Application
BFSI, Healthcare, Retail, IT and Telecommunication, Government and Education, Manufacturing, Others
By Companies
IBM, Microsoft, Google, AWS, Baidu, Nuance Communications, Qualcomm Technologies, SAS, Apple, TCS, Nokia, Expert System, Verbio Technologies, Softweb Solutions, Folio3 Software, Fusion Informatics, Inbenta, Cognitivescale, Ipsoft
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
242
Number of Tables & Figures
170
Customization Available
Yes, the report can be customized as per your need.
Global Cognitive Services Market Report Segments:
The global Cognitive Services market is segmented on the basis of:
Types
Machine Learning and Deep Learning, Natural Language Processing (NLP)
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
BFSI, Healthcare, Retail, IT and Telecommunication, Government and Education, Manufacturing, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- IBM
- Microsoft
- Google
- AWS
- Baidu
- Nuance Communications
- Qualcomm Technologies
- SAS
- Apple
- TCS
- Nokia
- Expert System
- Verbio Technologies
- Softweb Solutions
- Folio3 Software
- Fusion Informatics
- Inbenta
- Cognitivescale
- Ipsoft
Highlights of The Cognitive Services Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Machine Learning and Deep Learning
- Natural Language Processing (NLP)
- By Application:
- BFSI
- Healthcare
- Retail
- IT and Telecommunication
- Government and Education
- Manufacturing
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Cognitive Services Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Cognitive Services is a suite of cloud-based services that helps organizations automate the process of understanding and responding to user queries. Cognitive Services can be used to understand natural language, identify objects, and extract information from text or images.
Some of the key players operating in the cognitive services market are IBM, Microsoft, Google, AWS, Baidu, Nuance Communications, Qualcomm Technologies, SAS, Apple, TCS, Nokia, Expert System, Verbio Technologies, Softweb Solutions, Folio3 Software, Fusion Informatics, Inbenta, Cognitivescale, Ipsoft.
The cognitive services market is expected to grow at a compound annual growth rate of 28%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Cognitive Services Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Cognitive Services Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Cognitive Services Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Cognitive Services Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Cognitive Services Market Size & Forecast, 2018-2028
4.5.1 Cognitive Services Market Size and Y-o-Y Growth
4.5.2 Cognitive Services Market Absolute $ Opportunity
Chapter 5 Global Cognitive Services Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Cognitive Services Market Size Forecast by Type
5.2.1 Machine Learning and Deep Learning
5.2.2 Natural Language Processing (NLP)
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Cognitive Services Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Cognitive Services Market Size Forecast by Applications
6.2.1 BFSI
6.2.2 Healthcare
6.2.3 Retail
6.2.4 IT and Telecommunication
6.2.5 Government and Education
6.2.6 Manufacturing
6.2.7 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Cognitive Services Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Cognitive Services Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Cognitive Services Analysis and Forecast
9.1 Introduction
9.2 North America Cognitive Services Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Cognitive Services Market Size Forecast by Type
9.6.1 Machine Learning and Deep Learning
9.6.2 Natural Language Processing (NLP)
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Cognitive Services Market Size Forecast by Applications
9.10.1 BFSI
9.10.2 Healthcare
9.10.3 Retail
9.10.4 IT and Telecommunication
9.10.5 Government and Education
9.10.6 Manufacturing
9.10.7 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Cognitive Services Analysis and Forecast
10.1 Introduction
10.2 Europe Cognitive Services Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Cognitive Services Market Size Forecast by Type
10.6.1 Machine Learning and Deep Learning
10.6.2 Natural Language Processing (NLP)
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Cognitive Services Market Size Forecast by Applications
10.10.1 BFSI
10.10.2 Healthcare
10.10.3 Retail
10.10.4 IT and Telecommunication
10.10.5 Government and Education
10.10.6 Manufacturing
10.10.7 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Cognitive Services Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Cognitive Services Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Cognitive Services Market Size Forecast by Type
11.6.1 Machine Learning and Deep Learning
11.6.2 Natural Language Processing (NLP)
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Cognitive Services Market Size Forecast by Applications
11.10.1 BFSI
11.10.2 Healthcare
11.10.3 Retail
11.10.4 IT and Telecommunication
11.10.5 Government and Education
11.10.6 Manufacturing
11.10.7 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Cognitive Services Analysis and Forecast
12.1 Introduction
12.2 Latin America Cognitive Services Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Cognitive Services Market Size Forecast by Type
12.6.1 Machine Learning and Deep Learning
12.6.2 Natural Language Processing (NLP)
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Cognitive Services Market Size Forecast by Applications
12.10.1 BFSI
12.10.2 Healthcare
12.10.3 Retail
12.10.4 IT and Telecommunication
12.10.5 Government and Education
12.10.6 Manufacturing
12.10.7 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Cognitive Services Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Cognitive Services Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Cognitive Services Market Size Forecast by Type
13.6.1 Machine Learning and Deep Learning
13.6.2 Natural Language Processing (NLP)
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Cognitive Services Market Size Forecast by Applications
13.10.1 BFSI
13.10.2 Healthcare
13.10.3 Retail
13.10.4 IT and Telecommunication
13.10.5 Government and Education
13.10.6 Manufacturing
13.10.7 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Cognitive Services Market: Competitive Dashboard
14.2 Global Cognitive Services Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 IBM
14.3.2 Microsoft
14.3.3 Google
14.3.4 AWS
14.3.5 Baidu
14.3.6 Nuance Communications
14.3.7 Qualcomm Technologies
14.3.8 SAS
14.3.9 Apple
14.3.10 TCS
14.3.11 Nokia
14.3.12 Expert System
14.3.13 Verbio Technologies
14.3.14 Softweb Solutions
14.3.15 Folio3 Software
14.3.16 Fusion Informatics
14.3.17 Inbenta
14.3.18 Cognitivescale
14.3.19 Ipsoft
