Market Research Future (MRFR) estimates the global cognitive cloud market size to reach USD 3.42 Billion at a CAGR of 16% from 2020 to 2027 (forecast period).
Several Factors Contributing to Market Growth
Due to the rising usage of advanced technologies such as the internet of things, or IoT, the Cognitive Cloud Industry is evolving at such a rapid pace. The cognitive cloud enables the collection and integration of data in order to give more personalized services. The increased demand for content personalization is propelling the cognitive cloud market sales forward and upward. The cognitive cloud stores and analyses data in real-time via sensor logs and other means, which is a huge demand in today's world.
As the cognitive cloud improves operational efficiency and productivity, the overall cognitive cloud business demand skyrockets. Furthermore, the presence of eminent cognitive cloud market players in providing outstanding solutions for better customer experience is propelling market expansion.
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COVID-19 Impact on the Worldwide Market
The outbreak of the COVID-19 pandemic wreaked havoc on the world economy and triggered a catastrophic financial and health crisis. The rate of growth declined and fell to its lowest point. Throughout the pandemic, every sector suffered and faced severe challenges. Such losses will take months to repair. During the lockdown, industrial and production operations were curtailed, and manual operations were constrained. During the pandemic, the cognitive cloud market also encountered certain constraints. However, even in these difficult circumstances, the greater shift toward cloud technologies and increased reliance on the cognitive cloud have recovered market value.
The industry's demand is increasing due to the intensive efforts of cognitive cloud market players to bring forth innovative solutions to enhance the customer experience. Furthermore, current advances in cognitive cloud market trends are driving market expansion to new highs. Increased demand for the cognitive cloud will drive the market value upwards in the future years, resulting in significant growth.
The global cognitive cloud market has been divided based on services, technology, end-users, and verticals.
By services, the global cognitive cloud market has been divided into managed services and professional services.
By technology, the global cognitive cloud market has been divided into automated reasoning, natural language processing, machine learning, and many others.
By end-users, the global cognitive cloud market has been divided into small and medium-scale enterprises and large-scale enterprises.
By verticals, the global cognitive cloud market has been divided into healthcare, retail, BFSI, IT and telecommunication, consumer electronics, education, travel and tourism, oil and gas, Aerospace and defense, and many others.
North America to Dominate the Global Market
Due to the increased need for cloud platforms in generating and managing applications, as well as the expanding adoption of the internet of things, the United States and Canada contribute the most in North America. The region also has excellent infrastructure, which enables the incorporation of cutting-edge technologies. Such factors boost the region's cognitive cloud market sales.
Notable players in the global cognitive cloud market are Google, Inc. (U.S.), Vicarious (U.S.), IBM Corporation (U.S.), CognitiveScale (U.S.), Microsoft Corporation (U.S.), Spark Cognition, Inc. (U.S.), Enterra Solutions LLC (U.S.), Numenta (U.S.), Saffron Technology (U.S.), ColdLight Solutions (U.S.)
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Cognitive Cloud Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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