Market Overview
The worldwide Cognitive Services Platform Market is predicted to register a significant market value for the forecast period of 2027. Also, this market is registered to account for a substantial CAGR during the research period. Cognitive Services is extensively used for building intelligent applications and a set of cognitive Artificial Intelligence (AI) and Application Programming Interfaces (APIs) algorithms.
The rising implementation of artificial intelligence and the growing popularity of artificial intelligence among different industry verticals are driving the global market growth during the assessment timeframe. In addition, the growing demand for real-time data analysis is boosting up the growth of the Cognitive Services Platform Market.
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However, the increasing issues related to security and safety, hacking, and data breaches might hamper the market growth. Moreover, the Cognitive Services Platform Market growth might be affected due to the lack of awareness regarding artificial intelligence and IOT.
Market segmentation
Multiple segments such as end-users, technology, and verticals in the Cognitive Services Platform Market are further sub-divided into many factors.
Depending on the end-user segment, the current market has been segmented as Large enterprises and SME’s. The global market is divided into Natural Language Processing (NLP), deep learning, and Machine learning based on the technology segment. Out of all segments, the Natural Language Processing segment is expected to generate a higher market share in the analysis period.
On the basis of the vertical segment, the worldwide market has been classified into consumer electronics & retail, healthcare, IT & telecommunication, BFSI, travel & tourism, education & retail, aerospace & defense, oil & gas, and others. Of these, the vertical healthcare segment is anticipated to expand at a significant growth rate for the assessment period. On the other hand, the IT & telecommunication segment is expected to account for the significant CAGR for the review period.
Regional analysis
Regionally, the Cognitive Services Platform Market is divided into various regions like Asia Pacific, Europe, North America, and the rest of the world.
Of these, the North American region is attributed to generating the largest market share during the analysis timeframe. This region consists of nations like Canada and the US, where people have more knowledge and interest regarding the internet of things, leading to a rise in the demand for IoT and cognitive applications. As a result, this region is growing on a large scale for the research period. Additionally, this region has developed the implementation of advanced technologies and well-established infrastructure, which is boosting up the North American regional market.
Along with this, the Asia Pacific and European countries are projected to acquire the largest market share during the research timeframe. The government spending for the development of AI-based projects and increasing investment of various organizations are the major factor for the development of the Asia Pacific region.
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Industry News
In March 2018, the prominent market player Microsoft Corporation launched its enhancement and new offerings for its developed Azure Cognitive Services cloud APIs. This service is designed to help developers enhance AI-based capabilities in mobile apps.
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