Industry Background:
Cognitive collaboration is the concept which consists of combination of artificial intelligence (AI) and machine learning (ML) technologies to give people the support and guidance they require for better work productivity. With this combination of natural language processing, advanced algorithms in hardware, cloud analytics users are offered contextual data insights into their business communications. This concept enhances the advanced capabilities like facial recognition, digital assistants, noise suppression and audio transcriptions. It increases productivity, accelerates data insights and improves customer engagement.This growth is primarily driven by Increasing Demand for Personalized Integrated Services and Growing Robotic Process Automation and Artificial Intelligence.
Globally, a noticeable market trend is evident The Advent of Virtual Assistants for Cognitive Collaboration
. Major Players, such as Cisco Systems, Inc. (United States), Microsoft Corporation (United States), IBM (International Business Machines Corporation) (United States), Slack Technologies, Inc. (United States), Intec Systems Limited (United Kingdom), Softweb Solutions Inc. (United States), CognitiveScale (United States), Loop AI Labs (United States), Bluescape (United States), Collaboration.Ai (United States) and Resemble Systems (Dubai) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 4th June 2019, CognitiveScale Inc, announced its expansion of the strategic relationship with Microsoft to boost the adoption of Cognitive Scale's software using Microsoft Azure. In recent tests, Cortex successfully reduced AI build time by 65% and overall AI DevOps time by 94% through its unique virtualization technology. With the help of this partnership, businesses will be able to deploy the full Cortex product suite in its Azure cloud environment more quickly. Cortex software also now integrates seamlessly with a suite of Azure models ranging from Natural Language Processing (NLP) to Computer Vision that can be used by enterprises to speed up their AI system development.
On 19th March 2019, Cisco announced a new cognitive collaboration feature for Webex. The series of new AI-driven feature, as the video conferencing tool, is used by around 130 million people monthly. The new features will help users get meetings started more quickly and easily learn more about the people they're meeting with.
Regulatory Insights:
"In a 2018 report, the Organization of American States (OAS) called on the banking sector in Latin America and the Caribbean to “prioritize the development of capacities using emerging digital technologies, such as Big Data, Artificial Intelligence and related (such as cognitive computing and Machine Learning), which have an important potential in the optimization of resources destined for detection and prevention. It found that “49% of banking entities are still not and implementing tools, controls or processes using Emerging Digital Technologies, such as Big Data, Machine Learning or Artificial Intelligence. These are all very important for the prevention of cyberattacks or defining suspect patterns associated with fraud, among other detection capabilities.”
Market Drivers
- Increasing Demand for Personalized Integrated Services
- Growing Robotic Process Automation and Artificial Intelligence
Market Trend
- The Advent of Virtual Assistants for Cognitive Collaboration
- Emerging Assistive Devices for People with Disabilities
Restraints
- Safety and Security Concerns due to Cyber Attacks
Opportunities
Surging Demand for Cognitive Collaboration in Education Sector
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Cognitive Collaboration Study Sheds Light on
The Cognitive Collaboration Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Cognitive Collaboration industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Cognitive Collaboration industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.