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Cognitive Cloud Market Overview
The report includes the overall growth aspects of the cognitive cloud market and describes the factors that can propel the market potential in the coming years. It provides an idea about the cognitive cloud market segments along with the key market players that have a major role in driving the growth of the market. The report also sheds light on certain regions that can elaborate the market presence. As the demand for the cognitive cloud market is soaring up rapidly in the current times, the cognitive cloud market size is anticipated to reach a value of USD 213.6 Billion by the year 2030. The CAGR is presumed to be 14.20% between the years 2022 and 2030.
Cognitive cloud is the technological advancements that help in increasing operational efficiency and speeds up business processes. The cognitive cloud market enables to effectively utilize information and works on exhilarating the overall growth of an organization. It is adaptive, contextual, interactive, iterative, and stateful, which means it can understand time, meaning processes, and other elements on the basis of multiple sources of information. Moreover, it grasps new things and interacts with users when help is needed. The modern developments in the cognitive cloud have enhanced the customer experience and are known for their increased productivity. All these lead to the huge growth of the global cognitive cloud business.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Big tech giants such as IBM Corporation and Google are investing more and more in the cognitive cloud market to meet the demand raised by various sectors like retail, healthcare, corporate, and many more. In the healthcare sector, the cognitive cloud industry will allow to gather of the information available and integrate the same data with patient information. This will help in getting a more personalized service. Cognitive cloud also benefits in making an organization cost-efficient.
Over the years, the demand for the cognitive cloud market has escalated due to its innumerable advantages that can enhance any organization’s performance. The automated pattern discovery reduces time as well as cost, and the automated machine learning eases out application processes. The predictive and real-time analysis solves various issues of organizations. Such advancements and increased adoption of technologies are propelling the cognitive cloud market growth. The CognitiveScale executes its cognitive clouds on IBM Watson Bluemix that offer insights into the business applications and processes. It provides full transparency with the management of data security.
COVID-19 Analysis
The surge of the COVID19 pandemic resulted in the massive destruction of the global economy and brought a major crisis in the finance and health field. The growth rate slowed down and reached its lowest points. During the pandemic, every sector suffered and encountered numerous challenges. Such damages will take time to recover. In the lockdown, industrial operations and production work were restricted, and manual operations were limited. The cognitive cloud market also faced certain limitations during the pandemic. However, the increased shifting towards cloud technologies and elevated dependence on the cognitive cloud have restored the market value even in these tough times.
With the intense efforts of the cognitive cloud market players to bring out advanced solutions to enrich the customer experience, the demand of the market is surging to a greater extent. Moreover, the recent developments in cognitive cloud market trends are pushing the growth of the market to optimum levels. In the upcoming times, the increased demand for the cognitive cloud will emerge the market value upwards to have a substantial rise.
Market Dynamics
Major Drivers of The Market
- The cognitive cloud market is evolving at such a faster rate due to the increased adoption of advanced technologies like the internet of things or IoT. The cognitive cloud enables the gathering of information and integrating the data to provide more personalized services. The rising demand for content personalization is leading to the progression and growth of the cognitive cloud market sales. The cognitive cloud stores the data process and analyzes it in real-time through sensor logs and many more, which is an immense need in today’s day and age.
- As operational efficiency and productivity elevate by using the cognitive cloud, the entire cognitive cloud business demand is skyrocketing. Moreover, the presence of eminent cognitive cloud market players in contributing excellent solutions for better customer experience is driving the market growth.
Significant Opportunities for The Market
- The higher adoption and implementation of cloud-based technologies and the internet of things are raising the cognitive cloud market potential. The cognitive cloud analyses information in real-time, which helps in enhancing the quality of outcomes and increases business growth. The unique and advantageous features will fuel the expansion of the cognitive cloud market size.
- Various sectors are creating immense demand for the cognitive cloud as it escalates organizational performance. The competitive landscape of the cognitive cloud market is also enhancing the market growth opportunities for the next many years.
Market Restraints
As the coronavirus pandemic devastated the entire economy, it affected the cognitive cloud industry too. Industrial operations were put at a halt for an uncertain time period, and the supply chain was severely disturbed. However, the inclination of several sectors towards the adoption of cognitive cloud helped in restoring the market growth, and the key players’ attempt for better solutions benefitted in expanding the cognitive cloud market size.
Market Growth Challenges
The cognitive cloud market has several opportunities for growth, but it also possesses certain limitations. The concern of data security is a major reason that can restrict the overall cognitive cloud market growth in the near future.
Cumulative Growth Analysis
As the demand of the cognitive cloud market is not going to reduce sooner, the market is expected to attain stupendous heights in the forecast years with a growth rate of 14.20%. The market players put in much effort to create a solution that can overcome the limitations and escalate the customer experience. All these reasons help in propelling the cognitive cloud market sales to maximum levels and will continue to surge upwards in the upcoming times.
Segment Overview
The global cognitive cloud market is divided into different segments based on services, technology, end-users, and verticals.
- By Services: The cognitive cloud market segment on the basis of services consists of managed services and professional services.
- By Technology: In this segment, the cognitive cloud market is categorized as automated reasoning, natural language processing, machine learning, and many others. All these benefits in enhancing user experience and elevating operational efficiency.
- By End-Users: The cognitive cloud market on the basis of end-users comprises small and medium-scale enterprises and large-scale enterprises where the cognitive cloud will be extensively utilized.
- By Verticals: This segment includes healthcare, retail, BFSI, consumer electronics, education, travel and tourism, oil and gas, IT and telecommunication, Aerospace and defense, and many others. Out of all the verticals, retail and healthcare will show a significant growth rate in the forecast years.
Regional Analysis
The cognitive cloud market is studied on several geographies such as North America, Europe, Asia-Pacific, and the remaining parts of the world. North America accounts for the largest cognitive cloud market share all across the globe and is followed by Europe and Asia-Pacific regions.
In North America, the US and Canada contribute the most due to the higher demand for cloud platforms in creating and managing applications, as well as the growing implementation of the internet of things. The region also has a great infrastructure that allows the incorporation of advanced technologies. Such reasons elevate the cognitive cloud market sales in the region.
Competitive Landscape
The major cognitive cloud market players are the following:
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ColdLight Solutions (U.S.)
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Google, Inc. (U.S.)
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Saffron Technology (U.S.)
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IBM Corporation (U.S.)
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Vicarious (U.S.)
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Microsoft Corporation (U.S.)
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Numenta (U.S.)
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Spark Cognition, Inc. (U.S.)
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Enterra Solutions LLC (U.S.)
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CognitiveScale (U.S.)
Recent Developments
Sas Institute Inc., the global leader in artificial intelligence (AI) and analytics, on November 29, 2023, announced that it has signed a strategic collaboration agreement (SCA) with Amazon Web Services (AWS) to assist customers in maximizing value and performance of their data in the cloud.
Sanctuary Cognitive Systems Corporation (Sanctuary AI), a business aimed at developing human-level general intelligence in robots for the very first time globally, stated in March 2023 that it had completed deploying an unprecedented system aimed at delivering human-level general intelligence to generic purpose robots on a commercial customer site through its partnership with Canadian Tire Corporation.
Specifically, Tata Consultancy Services Ltd. announced on March 14, 2023, the launch of its TCS Cognitive Plant Operations Adviser solution enabled by 5G for Microsoft Azure Private Mobile Edge Computing (PMEC) platform, which is meant to help industries like manufacturing, oil and gas consumer packaged goods and pharmaceuticals transform production so as to make it more intelligent, agile and resilient using AI and machine learning technologies.
Camgian Corporation successfully delivered Taylor360—an artificial intelligence (AI)--equipped maintenance optimization platform—to Taylor Machine Works in November 2022. Camgian’s Cognitive Computing Services have been used by Taylor360 to provide production-ready digital capabilities that drive automation, productivity, and scale.
For instance, IBM included natural language processing improvements within Watson Discovery in November 2021. This is expected to be beneficial for businesses such as insurance companies and financial or legal service providers, according to IBM.
Enterra Solutions LLC revealed on September 15th, 2021, that it was opening a new office in Cambridge, Massachusetts, situated at Kendall Square, which will further expand the company’s business footprint position across the globe’s technology innovation hub while driving the development of advanced artificial intelligence offerings that traverse commercial sector-academia-government agencies.
Report Overview
- The report highlights the cognitive cloud market insights and mentions the expected market valuation as well as the growth rate for the forecast period.
- It provides the COVID19 analysis that delivers information about the pandemic effect on the cognitive cloud industry.
- The report includes the market dynamics, which explains the factors affecting market growth, including the drivers, challenges, opportunities, and restraints.
- It focuses on the cognitive cloud market segments that are bifurcated into services, technology, end-users, and verticals. A brief description is given on the regional analysis that represents the market growth in several geographies.
- It also consists of the competitive landscape that gives an idea about the prominent cognitive cloud market players, and it describes some of the recent developments.
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