New York, USA, Oct. 25, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global cognitive cloud computing market is expected to garner $108,788.7 million by 2027 and rise at a stable CAGR of 31.3% in the 2020-2027 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the cognitive cloud computing market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2020-2027. The report also contains all the crucial market figures to help new entrants understand the market easily.
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Dynamics of the Cognitive Cloud Computing Market
Drivers: Over the years, there has been a gradual shift of businesses towards modernizing their systems which is expected to be the primary growth driver of the cognitive cloud computing market in the forecast period. Additionally, increasing adoption of cognitive cloud computing technologies in various industries such as BFSI, retail, etc. is anticipated to push the growth rate of the market higher in the analysis timeframe.
Opportunities: Increasing adoption of emerging technologies is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growing adoption of cognitive cloud computing technology in healthcare sector is expected to augment the growth rate of the market
Restraints: However, according to market analysts, high implementation cost might become a restraint in the growth of the cognitive cloud computing market.
Impact of Covid-19 on the Cognitive Cloud Computing Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The cognitive cloud computing market, however, faced a positive impact of the pandemic. The growth of this market during the pandemic period is mainly attributed to the growing importance of natural language processing (NLP) technique in the healthcare sector and pharmaceutical companies as NLP helps clinicians to more efficiently manage and monitor patient population.
Segments of the Cognitive Cloud Computing Market
The ResearchDive report has fragmented the cognitive cloud computing market across different segments such as technology, enterprise size, industry vertical, and region.
Technology: Natural Language Processing Sub-segment to be the Most Dominant
By technology, the natural language processing sub-segment was the most dominant in 2019 and is expected to continue on this path in the forecast period. The wide utilization of NLP with cognitive computing technologies in almost all industries is expected to push the growth of this sub-segment in the forecast period.
Enterprise Size: SMEs Sub-segment to Flourish Immensely
By enterprise size, the SMEs sub-segment of the cognitive cloud computing market is predicted to be highly profitable and garner a revenue of $35,077.7 million by 2027. Increasing adoption of cognitive cloud computing services by SMEs for modernization of their systems and infrastructure is expected to boost the growth of this sub-segment in the forecast period.
Industry Vertical: BFSI Sub-segment to be Highly Lucrative
By industry vertical, the BFSI sub-segment is expected to be highly lucrative one and generate a revenue of $19,486.4 million by 2027. Increasing implementation of cognitive cloud computing technologies in banks and financial institutions to identify financial frauds is expected to boost the growth of this sub-segment in the forecast period.
Region: Market in the North America Region to be the Most Profitable
By regional analysis, the cognitive cloud computing market in North America region is predicted to grow immensely in the analysis timeframe. Presence of technically progressive economies such as U.S. and Canada is predicted to be the primary driver of the market in the forecast period.
Prominent Cognitive Cloud Computing Market Players
Some prominent players in the cognitive cloud computing market are
- Nuance Communications, Inc.
- SparkCognition
- Numenta
- Cisco
- Microsoft
- SAP
- CognitiveScale
- Hewlett Packard Enterprise Development LP
- EXPERT.AI
- IBM, among others.
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market. – Buy the Full Report
For instance, in December 2021, Brillio, a leading developer of digital technology services, announced the acquisition of Cedrus Digital, a leading cloud consulting firm. The acquisition by Brillio is aimed at developing cognitive automation capabilities and transformation service capabilities in healthcare sector.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Cognitive Cloud Computing Market:
- Cognitive Cloud Computing Market: Redefining Computing System with New Innovations
- Why Businesses are turning Towards Cognitive Cloud Computing Technology?
