Global Cognitive Services Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast: 2019–2028

“Global Cognitive Services Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global cognitive services market report has been segmented on the basis of technology, service type, deployment mode, application, and region.

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Global Cognitive Services Market: Overview

Cognitive services are known as a group of machine learning algorithms that are developed by Microsoft in order to solve difficulties in the field of Artificial Intelligence (AI). The primary goal of cognitive services is to implement AI into several components in order to make it easy for developers to utilize it in applications. Universal and web windows platform developers can use these machine learning algorithms via standard REST calls over the internet with cognitive services APIs.

Global Cognitive Services Market: Dynamics

Various benefits offered by cognitive services includes help to reduce cost, provides high efficiency, and improved results in various businesses. These are major factors expected to drive growth of the global cognitive services market. In addition, increasing adoption of cognitive services in various industries such as banking, insurance, and financial services, retail, healthcare and IT & telecom, education, and manufacturing is a factor expected to drive growth of the global cognitive services market.

Moreover, rising demand for aligning business objectives with organizational core work culture is another factor expected to fuel growth of the global cognitive services market. Furthermore, increasing data volumes has resulted in high demand for cognitive services for graphic software in business processes is another factor projected to drive growth of the global cognitive services market. High adoption of cognitive services by small and medium organizations is factor projected to boost growth of the global cognitive services market.

However, stringent government rules and regulations across various regions are a major factor expected to hamper growth of the global cognitive services market. In addition, lack of knowledge regarding various applications as well as lack of awareness is other factors expected to hamper growth of the global cognitive services market.

Global Cognitive Services Market: Segment Analysis

Among deployment mode segments, the cloud segment is expected to dominate global cognitive services market with largest market share in terms of revenue. Increasing usage of cloud-based technology and easy and flexible structure are factors expected to drive revenue growth of the cloud segment in the global cognitive services market.

Global Cognitive Services Market: Region Analysis

North America market is projected to account for highest revenue share in the global cognitive services market. Cognitive service providers are mainly focusing on expansion of cloud-based solutions for consumers as well as high adoption of cloud-based technology are factors expected to drive growth of the global cognitive services market in North America. North America is followed by Asia Pacific and expected to show significant growth in coming years. As organizations in this region using cognitive services to generate insight for a large amount of data in order to improve the business process is a factor expected to drive growth of the target market in the Asia Pacific region.

Global Cognitive Services Segmentation:

Segmentation by Technology:

• Machine Learning and Deep Learning
• Natural Language Processing

Segmentation by Service Type:

• Cloud and Web-Based Application Programming Interface
• Data Transformation
• Knowledge Management
• Data Integration and Cognitive Automation
• Cognitive Risk Intelligence
• Consulting and Advisory
• Training and Support
• Communication Monitoring

Segmentation by Deployment Mode:

• Cloud
• On-premises

Segmentation by Application:

• Predictive Maintenance
• Supply Chain Management
• Quality Management Investigation
• Recommendation Safety
• Security Management
• Diagnosis and Treatment System

Segmentation by Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa