The Cognitive Services Market Is Expected To Grow At Almost 40% Rate Due To The Increase In Data Volume And Complexity As Per The Business Research Company's Cognitive Services Global Market Report 2022
LONDON, Dec. 13, 2022 (GLOBE NEWSWIRE) -- *Avail a limited period discount of 33% on our uniquely designed Opportunities and Strategies market research reports.** Contact us today and make winning strategies!*According to The Business Research Company’s research on the cognitive services market, the global cognitive services market size is expected to grow from *$6.94 billion in 2021* to *$9.83 billion in 2022* at a compound annual growth rate *(CAGR) of 41.6%.* The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The cognitive services market is expected to grow to *$37.69 billion in 2026* at a *CAGR of 39.9%.*
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An increase in data volume and complexity is expected to propel the growth of the cognitive services market going forward. The volume of data refers to the size of the data sets that must be evaluated and processed, which can be in the terabyte and petabyte range. With the increased use of social media, mobile, analytics, and the cloud paradigm, massive amounts of real-time, multimodal, unstructured, and redundant data are generated. Cognitive Services reduce data redundancy and result in faster big data processing. For instance, according to Tech Jury, a US-based business software solution company, 181 zettabytes of data will be produced globally by 2025. Therefore, an increase in data volume and complexity is driving the growth of the cognitive services market.
Technological advancement is a key trend gaining popularity in the cognitive services market. Major players operating in the cognitive services sector is focused on developing and implementing new technologies to meet consumer demand and reinforce their position. For instance, in May 2022, Microsoft Corporation, a US-based technology company expanded the Azure OpenAI service with the help of InstructGPT. InstructGPT is a collection of GPT-3-based models that are less faulty and do not generate as much problematic text as their rivals.
Major players in the cognitive services market are IBM Corporation, Amazon Web Services, Inc, Google LLC, Nuance Communications, SAS Institute Inc, Microsoft Corporation, Attivio Inc, Tata Consultancy Services Limited, Qualcomm Technologies Inc, Nokia Corporation, Infosys Limited, Wipro Limited, Enterra Solutions LLC, Apple Inc, and BMC Software.
The global cognitive services market is segmented by service type into data transformation, cloud and web-based application programming interface, knowledge management, cognitive risk intelligence, data integration and cognitive automation, training and support, communication monitoring, consulting and advisory, other service types; by deployment into on-premises, cloud; by technology type into natural language processing, machine learning and deep learning; by application into predictive maintenance, marketing analysis, quality management investigation and recommendation, supply chain management, diagnosis and treatment system, safety and security management, other applications; by end user into healthcare, banking, financial services, and insurance, it and telecommunication, retail, manufacturing, education, government, other end users.
*North America* was the *largest region* in the cognitive services market in 2021. *Asia-Pacific* is expected to be the *fastest-growing region* in the cognitive services market forecast period. The regions covered in the cognitive services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Cognitive Services Global Market Report 2022 –Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide cognitive services market forecast size and growth, cognitive services market segmentation, cognitive services market trends, cognitive services market drivers and restraints, cognitive services market leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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