New York, April 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cognitive Services Global Market Report 2023" - https://www.reportlinker.com/p06443929/?utm_source=GNW
, Nokia Corporation, Infosys Limited, Wipro Limited, Enterra Solutions LLC, Apple Inc., and BMC Software.
The global cognitive services market grew from $9.66 billion in 2022 to $13.3 billion in 2023 at a compound annual growth rate (CAGR) of 37.6%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cognitive services market is expected to grow to $48.03 billion in 2027 at a CAGR of 37.9%.
The cognitive services market includes revenues earned by entities by providing data transformation, cloud and web-based application programming interface, knowledge management, cognitive risk intelligence, data integration and cognitive automation, training and support, communication monitoring, and consulting and advisory.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Cognitive services are a set of tools and frameworks that helps businesses to build AI-infused applications and operationalize AI services quickly without the need for data scientists.These enable the computer to process pieces of external information.
The cognitive services are used to implement artificial intelligence (AI) into several components for easy utilization in applications.
North America was the largest region in the cognitive services market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the cognitive services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main service types of cognitive services are 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, and others.The different technologies include natural language processing, machine learning and deep learning.
Natural language processing refers to the branch of computer science—specifically, the branch of artificial intelligence or AI concerning giving computers the ability to understand the text and spoken words in the same way that humans do.The natural language processing is used for text analytics, predictive text, language translation, digital phone calls, and data analysis.
The different deployment modes include on-premises and cloud that are used in several applications such as predictive maintenance, marketing analysis, quality management investigation and recommendation, supply chain management, diagnosis and treatment systems, safety and security management, and other applications. The several end users include healthcare, banking, financial services, and insurance, it and telecommunication, retail, manufacturing, education, government, others.
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.
In January 2022, ei3 Corporation, a US-based company providing artificial intelligence technology acquired Cognitive Solutions and Innovation AG (COGSI AG) for an undisclosed amount.As a result of this acquisition, industrial clients of ei3 gain deep insights into their operations to reduce unplanned downtime in the future, improve asset efficiency, and increase sustainability.
COGSI AG is a Switzerland-based company that provides cutting-edge artificial intelligence solutions for industrial manufacturing.
The countries covered in the cognitive services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cognitive services market research report is one of a series of new reports that provides cognitive services market statistics, including cognitive services industry global market size, regional shares, competitors with a cognitive services market share, detailed cognitive services market segments, market trends and opportunities, and any further data you may need to thrive in the cognitive services industry. This cognitive services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06443929/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
