In the research report, Market Research Future (MRFR), emphasizes that the Global Cognitive Services Platform Market 2020 is expected to grow exponentially, securing a substantial market valuation and a healthy CAGR over the review period.
Drivers and Restraints
The cognitive technology easily learns from the trends of business environments’ internal and external sources to provide information from vast amounts of structured and unstructured data. The insights gathered allow companies to identify market risks and vulnerabilities across all business functions and thus help them to facilitate continuous business improvement. This dimension fuels the demand for cognitive resources that help businesses draft marketing strategies, avoid network attacks and reshape the model of operations. Different industries are experiencing a rapid change in the market scenario which requires them to upgrade and maintain an advantage over their competitors to increase the profit margin.
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Artificial intelligence has been an important part of applications in the internet of things. Increasing the internet of things and artificial intelligence is one of the major factors driving the development of the demand for cognitive services platforms. Analyzing customer behaviors with cognitive analytics helps track consumer behavior trends and can enable target ads. This will eventually continue to drive the demand for the cognitive resources network. The key factor driving the growth of the demand for cognitive services platforms is the growing acceptance of artificial intelligence and the growing application of artificial intelligence across various vertical sectors. Increasing demand for real time data analysis is another factor driving the growth of the cognitive services platform market.
Segmental Analysis
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The cognitive services platform market has been segmented based on services, end-user, and vertical.
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The services segment comprises of continuous compliance, autonomous governance, self-service and automated provisioning, customer support, knowledge management, communication monitoring, and others.
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The end-users segment comprises of SMEs and large enterprises.
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The vertical segment is segmented into BFSI, healthcare, consumer electronics & retail, education & retail, IT & telecommunication, travel & tourism, aerospace & defense, oil & gas, and others.
Regional Analysis
The geographical overview of the global cognitive services platform market has been conducted in four significant regions, including the Asia Pacific, Europe, North America, and the rest of the world.
The cognitive services platform market in North America is poised to witness significant growth and account for the largest market share over the review period. U.S and Canada are anticipated to drive the growth of the cognitive services platform market. This is due to the presence in that area of a large number of existing main players such as IBM Corporation and Microsoft Corporation and also emerging companies in cognitive service platforms such as CognitiveScale. Besides this, the area also has a well-established network that allows for greater mobile penetration and eventually provides better connectivity. This is projected to be an significant factor in market growth for cognitive resources platforms. Another major factor driving growth of the region’s cognitive services platform market is the increasing adoption of artificial intelligence and IOT in the corporate, retail, and healthcare sectors. Growing adoption by small and medium-sized businesses may be a major factor driving growth of the region’s cognitive services platform market. APAC has significant growth opportunities in the cognitive services industry. Due to the rapidly evolving competitive environment on the sector, the region is focused on improving its digital capabilities and increasing its security expenditure. The field is also concerned with cybersecurity, which can be tackled through the services of cognitive risk intelligence.
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Competitive Landscape
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.
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