What is Cognitive Services?
A cognitive service is the set of machine learning algorithm and automated model which can be used to enable natural and contextual interaction within applications. It provides language, speech, vision, search, and knowledge APIs. The primary goal of cognitive services is to democratize Artificial Intelligence by boxing it into discrete components that are easy for developers to use in their own apps
The market study is broken down by Type (Machine Learning And Deep Learning and Natural Language Processing), by Application (Banking, Financial Services and Insurance (BFSI),, Healthcare Sector, Retail Sector, IT and Telecommunication Sector,, Government and Educational Organisation, Manufacturing and Others) and major geographies with country level break-up. According to AMA, the Global Cognitive Services market is expected to see growth rate of 40.3% and may see market size of USD20.03 Billion by 2026.
Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global Cognitive Services market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Microsoft Corporation (United States), AWS Inc. (United States), Google (United States), IBM Corporation (United States), Apple Inc. (United States), Expert System Enterprise (United States), Folio3 Software (United States), Inbenta (United States), IPsoft (United States), Nokia (Finland), Nuance Communications (United States) and Qualcomm Technologies (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are SAS (United States), Softweb Solutions (United States), TCS (India) and Verbio Technologies (Spain).
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Cognitive Services market by Type, Application and Region.
On the basis of geography, the market of Cognitive Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Type, the sub-segment i.e. Cloud will boost the Cognitive Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User, the sub-segment i.e. Small and Medium Enterprises will boost the Cognitive Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
In 2018 Microsoft launched “Artificial Intelligence and entry-level software development” courses focusing on Azure and Microsoft’s cognitive services for more advanced developers to increase knowledge of machine learning
California Consumer Privacy Act (CCPA) is passing a law for protection of data in United States which will be effective by January, 2020. It is expected to be country’s highest commendable security and privacy law. Also, SEC is taking risk prohibiting steps to overcome breaches in financial sectors specific to public listed companies to increase risk assurance. European Union laws (GDPR) is taking important measures to protect data privacy and is expected to impact ~4% of global annual sales.
Market Trend
- The Growth of Smarter Applications Through Intelligent APIs
- Increasing Use of Cognitive Services Across Various Industries
Market Drivers
- Rising Growth in Aligning Organizational Core Work with Business
- The Growing Data is Becoming Crucial and Organizations Are Majorly Focusing on the Integration of Cognitive Capabilities
Opportunities
- Increasing Development of IT Infrastructure in Developing Economies
Restraints
- Stringent External Regulations Across Numerous Regions
- Lack of Awareness Across Industry
Challenges
- Lack of Security and Increasing Cyber Attack
Key Target Audience
Services platform solution providers, Small and Medium-sized Enterprises (SMEs), Infrastructure providers, External Service Providers (ESPs), Corporate sector, Original Equipment Manufacturers (OEMs) and technology solution providers, Government and Public Sector Undertakings (PSUs), IT and telecommunication industry and System integrators
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.