In this rapidly changing world of technology, cognitive services platform market is projected to show major growth prospects during the forecast period. Major factor driving the cognitive services platform market is the increasing adoption of artificial intelligence and growing data generation which needs real time analysis. Analyzing consumer behaviors with cognitive analytics helps in tracking the behavior patterns of consumers and can enable target advertising. This will eventually help in driving the cognitive services platform market.
The global cognitive services platform market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the cognitive services platform market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of cognitive services platform market. This is owing to the presence of large number of established key players like IBM Corporation and Microsoft Corporation and also upcoming companies in cognitive services platform like Cognitive Scale in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. This is expected to be a major factor for the growth of cognitive services platform market. Growing adoption of artificial intelligence and internet of things in corporate, retail and healthcare sector is another major factor driving the growth of cognitive services platform market in the region. Increasing adoption by small and medium businesses could be a major factor driving the growth of cognitive services platform market in the region.
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Major Key Players:
- IBM Corporation (U.S.),
- Tata Consultancy Services Limited (India),
- Infosys Limited (India),
- Wipro Limited (India),
- Google, Inc. (U.S.),
- Microsoft Corporation (U.S.),
- General Electric (U.S.),
- Attivio (U.S.),
- Enterra Solutions LLC (U.S.),
- Numenta (U.S.)
Taste the market data and market information presented through more than 30 market data tables and figures spread over 100 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “Cognitive Services Platform Market Research Report-Forecast to 2023”.
Market Research Analysis:
It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in cognitive Services Platform market in North America is attributed to technical advancements and increasing popularity of artificial intelligence across various industry verticals in that region.
Major factor driving the growth of cognitive services platform market is the increasing popularity of artificial intelligence and growing implementation of the same across various industry verticals. Increasing demand for real time data analysis is another factor driving the growth of cognitive services platform market. Artificial intelligence has become an integral component of the internet of things devices. Cognitive services platform provides a data driven platform which operates on data exploration and by making use of machine learning techniques. This helps in providing a level of intelligence to the products of cognitive services.
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Cognitive services platform market has been segmented on the basis of technology, end user and vertical. The vertical segment is further bifurcated into BFSI, healthcare, consumer electronics & retail, education & retail, IT & telecommunication, travel & tourism, aerospace & defense, oil & gas and others. Out of which retail and healthcare verticals are expected to grow at a significant rate during the forecast period. Cognitive services platforms are making work easier by automating the mundane regular tasks. This helps in increasing overall productivity of the organization.
Cognitive Services Platform market can be segmented on the basis of following:
- Continuous Compliance
- Autonomous Governance
- Self Service & Automated Provisioning
- Customer Support
- Knowledge Management
- Communication Monitoring
By End User
- Large Enterprises
- Consumer Electronics & Retail
- Education & Retail
- IT & Telecommunication
- Travel & Tourism
- Aerospace & Defense
- Oil & Gas
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