Global Cognitive Services Market 2019 Technology Trends, Service Type, Comprehensive Study, Top Companies Development Strategies and Forecast 2024

The Research Study of Global Cognitive Services Market Provides Industry Size, Share, Growth Analysis, Applications, Regional Demand and Outlook

Dallas, United States - September 12, 2019 /MarketersMedia/ —

The Global Cognitive Services Market is expected to register a CAGR of over 36.45% during the forecast period 2019 - 2024. Growth in computing power is witnessing boom due to the surge in the data and the incorporation of advanced machine learning algorithms. This facilitates the creation of an intelligent ecosystem driven by cognitive services

- Cognitive services gained prominence in 2015 when Microsoft released a set of intelligent technologies, which performed cognitive tasks, such as face detection, categorizing images, speech recognition, and language understanding. The technology has made groundbreaking progress and has started to have significant implications on the business world.
- The expectations of the companies from adopting automation are shifting towards getting value at a higher speed. Hence, with the increasing automation across the industries, cognitive service providers are gaining traction for developing more APIs to built smarter applications that helps in aligning the core works with business objectives.
- The third step of the intelligent automation journey after robotics process automation and simple machine learning, the trend of automating the analysis of customer sentiments through blogs is driving the adoption of cognitive services. Advent to this, the increasing data volume and complexity are creating demand for cognitive services by eliminating the recurring tasks at the back offices.
- However, due to the high cost incorporated with the implementation are restricting the growth of the market to an extent.

Request a sample of this report @ https://www.orbisresearch.com/contacts/request-sample/3635895?utm_source=km

Scope of the Report:

The scope of the study for the cognitive service market is limited to the cloud and on-premise deployment of the services provided by the companies and their applications in a wide range of industries of both large, small and medium enterprises globally.

Key Market Trends:

IT and Telecommunication Segment to Grow Significantly

- The cognitive services help telecommunication industry in aligning their core business tasks by automating support bots by understanding natural language and translating text. Ultimately it helps in transforming the telecom back offices into intelligent customer support team.
- Moreover, the volume of big data in data storage centers is on the rapid increase in addition to its complexity leading to the adoption of cognitive services, as it is providing the organization the right information to sharpen and accelerate business decision making. According to the Cisco Systems, this volume has reached 124 Exabytes in 2018 and is estimated to make it 403 Exabytes by 2021.
- Machine assets are generating a tremendous amount of data having the potential for extraordinary business value. To extract that value from a lake of data, organizations are also leveraging cognitive machine learning to carry out predictive maintenance.
- Many IT and telecommunication companies are adopting cognitive services to improve their customer engagement, optimize operations, and gain a competitive edge over others. For instance, in late 2018, Du, a telecommunication company in UAE collaborated with Mircosoft for cognitive services across all of their current touchpoints and digital channels.

Europe is Expected to Grow Significantly:

- Initiatives taken by the European Union regarding smart manufacturing and the digitization of healthcare sector are expected to act as a major driver for the market in the region.
- The smart manufacturing market in the region is augmented by the European Commissions, which plans to transform Europe’s digital sector. One of the prominent aims is to digitize the traditional industry in a global fight to lead the knowledge economy and keep jobs in Europe.
- The European Commission is working to provide its citizens access to safe and top quality digital services in health and care with the priorities to provide citizens with secured access to their health data, personalized medicine through shared European data infrastructure, and citizen empowerment with digital tools for user feedback and person-centered care.
- Moreover, according to the China AI development report published in 2018, the companies in Europe, including only in Sweden, Germany, France, and Spain account for over 14.70% of the AI companies worldwide. The region represented the third position after North America and Asia-Pacific and expected to show significant growth in the forecast period.

Competitive Landscape:

The cognitive service market is inclined towards concentration with the presence of a few key players in the market, including Microsoft, Google, and AWS. These companies are highly investing in the research and developments towards improving cognitive services for varied industries and continuing their market dominance.

- May 2019 - Microsoft announced its Machine learning model for its Cognitive Services Platform. This model has an API for recognizing handwriting and an improved speech recognizing service for transcribing conversations.

Place a purchase order of this report @ https://www.orbisresearch.com/contact/purchase-single-user/3635895?utm_source=km

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support

Some Points from Table of content:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Adoption of Intelligent APIs to Build Smarter Applications
4.2.2 Increase in Data Volume and Complexity
4.3 Market Restraints
4.3.1 High Cost Incorporated with the Implementation
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Deployment
5.1.1 Cloud
5.1.2 On-Premise
5.2 By Enterprise Size
5.2.1 Small and Medium Emterprises
5.2.2 Large Enterprises
5.3 By End-user Industry
5.3.1 BFSI
5.3.2 IT and Telecommunication
5.3.3 Retail
5.3.4 Healthcare
5.3.5 Other End-user Industries
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East & Africa
............Continued

Similar Report on:

Cognitive Security Market-Growth, Trends, and Forecast (2019-2024)
https://www.orbisresearch.com/reports/index/cognitive-security-market-growth-trends-and-forecast-2019-2024

Contact Info:
Name: Hector Costello
Email: Send Email
Organization: Orbis Research
Address: 4144N Central Expressway, Suite 600
Phone: +1 (214) 884-6817
Website: https://www.orbisresearch.com/reports/index/cognitive-services-market-growth-trends-and-forecast-2019-2024

Source URL: https://marketersmedia.com/global-cognitive-services-market-2019-technology-trends-service-type-comprehensive-study-top-companies-development-strategies-and-forecast-2024/88918254

Source: MarketersMedia

Release ID: 88918254

More News From Sport Solid

Molina, DeJong homer off Kimbrel, Cards beat Cubs 9-8

Sep 22, 2019

CHICAGO — Yadier Molina and Paul DeJong homered on Craig Kimbrel's first two pitches in the ninth inning, and the St. Louis Cardinals handed the reeling Chicago Cubs their fifth straight loss with a wild 9-8 victory on Saturday. Marcell Ozuna also connected as the NL Central-leading Cardinals (88-67) won for the fifth time in six games. Dexter Fowler had two hits and two RBIs, and Paul Goldschmidt also drove in two runs. Chicago (82-73) used pinch-hit homers by Ian Happ and Tony Kemp and a solo drive by rookie Nico Hoerner to carry an 8-7 lead into the ninth....

Herta continues to overshadow IndyCar championship race

Sep 22, 2019

MONTEREY, Calif. — Colton Herta shifted the spotlight away from IndyCar's championship race with yet another masterful drive around Laguna Seca Raceway. The 19-year-old rookie won the pole for Sunday's season-ending race roughly an hour after Andretti Autosport said it was pulling Herta inside its organization next season. It's capped a masterful debut weekend at Laguna Seca for Herta, who has been one of the fastest drivers in every session. His win this season days before his 19th birthday made him IndyCar's youngest winner, and Saturday's pole was his third of the season. His father, Bryan, is a two-time winner...

Kelly throws 7 strong innings, Arizona routs Padres 9-0

Sep 22, 2019

SAN DIEGO — Rookie Merrill Kelly pitched seven dominant innings and Josh Rojas hit a three-run double in the seven-run eighth for the Arizona Diamondbacks, who beat the lackluster San Diego Padres 9-0 Friday night. Arizona remained five games behind Milwaukee for the second NL wild card and also need to overtake the Chicago Cubs and New York Mets. The Diamondbacks have won four of their last six games after losing six straight. San Diego has lost eight of nine. The 30-year-old Kelly (12-14) was impressive in his final road start this season. He held the Padres to two hits...

Correa HRs twice, Astros magic number at 1 for AL West

Sep 22, 2019

HOUSTON — Carlos Correa hit two home runs, Jose Altuve and Alex Bregman also connected and the Houston Astros dropped their magic number to clinch the AL West to one by beating the Los Angeles Angels 6-4 Friday night. Houston could lock up a third straight division title by the end of the night if Oakland lost a late game against the Texas Rangers. The Astros have won six straight and already secured a playoff spot. Altuve sent Jaime Barria's fifth pitch into the left field seats to spark a five-run first inning, which also included Bregman's 38th homer and...

Turner homers twice to lead Nationals over Marlins

Sep 22, 2019

MIAMI — Trea Turner welcomed back manager Dave Martinez with two big swings. Turner hit two solo homers, and the Washington Nationals beat the Miami Marlins 6-4 on Friday night. Washington stayed one game ahead of Milwaukee for the top spot in the NL wild-card standings. The Nationals had dropped four of six. "I felt I've been seeing the ball pretty decent," Turner said. "Today all four at-bats, I had a good approach. The swing and timing was there as opposed to the last series. I feel good and hopefully roll it into tomorrow and keep going." Martinez rejoined the...

Sign up now!