The Cognitive Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cognitive Services Global Market Report 2024, The cognitive services market size has grown exponentially in recent years. It will grow from $12.9 billion in 2023 to $17.55 billion in 2024 at a compound annual growth rate (CAGR) of 36.1%. The growth in the historic period can be attributed to rising demand for automation, data explosion, enterprise adoption, improved natural language processing (nap) (2018-2021), global events and remote work (2020-2021).
The cognitive services market size is expected to see exponential growth in the next few years. It will grow to $64.53 billion in 2028 at a compound annual growth rate (CAGR) of 38.5%. The growth in the forecast period can be attributed to enhanced user experiences, industry-specific applications, enhanced personalization. Major trends in the forecast period include global digital transformation, increasing AI integration, technological advancements, customization and industry-specific solutions.
An increase in data volume and complexity is expected to propel the growth of the cognitive services market going forward. The volume of data refers to the size of the data sets that must be evaluated and processed, which can be in the terabyte and petabyte range. With the increased use of social media, mobile, analytics, and the cloud paradigm, massive amounts of real-time, multimodal, unstructured, and redundant data are generated. Cognitive Services reduce data redundancy and result in faster big data processing. For instance, according to Tech Jury, a US-based business software solution company, 181 zettabytes of data will be produced globally by 2025. Therefore, an increase in data volume and complexity is driving the cognitive services market growth.
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The cognitive services market covered in this report is segmented –
1) By Service Type: Data Transformation, Cloud and Web-Based Application Programming Interface, Knowledge Management, Cognitive Risk Intelligence, Data Integration and Cognitive Automation, Training and Support, Communication Monitoring, Consulting and Advisory, Other Service Types
2) By Deployment: On-Premises, Cloud
3) By Technology Type: Natural Language Processing, Machine Learning and Deep Learning
4) By Application: Predictive Maintenance, Marketing Analysis, Quality Management Investigation And Recommendation, Supply Chain Management, Diagnosis And Treatment System, Safety And Security Management, Other Applications
5) By End User: Healthcare, Banking, Financial Services, and Insurance, IT and Telecommunication, Retail, Manufacturing, Education, Government, Other End Users
Major companies operating in the cognitive services market is focused on developing new technologies such as cognitive speech services to sustain their position. Cognitive speech service refers to any speech processing technology that utilizes artificial intelligence and machine learning techniques to understand and analyze spoken language. For instance, in March 2023, Microsoft Corporation, a US-based technology company, launched Microsoft Azure Cognitive Speech Services. It is designed with pronunciation assessment feature that helps language learners improve their pronunciation by providing feedback on their spoken speech in terms of prosody, vocabulary, grammar, and topic. It has prebuilt voice enhancements available for certain languages and improved the ability to create custom neural voices.
The cognitive services market report table of contents includes:
1. Executive Summary
2. Cognitive Services Market Characteristics
3. Cognitive Services Market Trends And Strategies
4. Cognitive Services Market – Macro Economic Scenario
5. Global Cognitive Services Market Size and Growth
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31. Cognitive Services Market Other Major And Innovative Companies
32. Global Cognitive Services Market Competitive Benchmarking
33. Global Cognitive Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cognitive Services Market
35. Cognitive Services Market Future Outlook and Potential Analysis
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