The global cognitive services market is anticipated to grow at a considerable CAGR of 36.45% during the forecast period. The speeding up of IT and Telecommunication industry is one of the prime factors affecting and driving the market. The cognitive services are supporting the telecommunication industry in aligning their core business tasks by automating support bots by understanding natural language and translating text. Additionally, companies in the telecommunication and IT sector are also adopting cognitive services to improve their customer engagement, optimize operations and gain a competitive edge over others. Companies are also leveraging cognitive services to extract the valuable data from a lake of data. So, the adaptation of artificial intelligence and the internet of things is supporting the growth of the cognitive services market.
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A part from this certain restrains and challenges faced in cognitive services which will hamper the growth of the market. Strict external regulations are there for cognitive services in various regions and therefore are the biggest restriction of the market, another is the high cost associated with the implementation of cognitive services that might also restrict the growth of the market up to a certain extent over the forecast period.
Global Cognitive Services Market Report Segment
By Deployment
- Cloud-Based
- On-Premise
By Enterprise size
- Small and Medium Enterprises
- Large Enterprises
By End-user Industry
- BFSI
- IT and Telecommunication
- Retail
- Healthcare
- Others Industries
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Cognitive Services Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- International Business Machines Corp.
- Cisco Systems, Inc.
- BMC Software, Inc.
- Qualcomm Technologies, Inc.
- Nokia Corp.
- Apple Inc.
- TCS Ltd.
- Softweb Solutions Inc.
- Inbenta Technologies Inc.
- AMELIA (IPsoft)
- Folio3 Software Inc.
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