Global Cognitive Cloud Market to Expand Remarkably at a CAGR of 14.20% during Forecast period of 2022 to 2030

Pune, India, November 2018/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Cognitive Cloud Market.

Market Overview:

Rapid technological advancement is aiding the development of adaptive, interactive, iterative and contextual cloud-based solutions. Cognitive cloud is a shared platform for configurable computer system resources and other services that can be instantly provisioned with minimal management efforts with the help of artificial intelligence, machine learning, natural language processing and other technologies. Market Research Future (MRFR) has published a detailed report asserting that the global cognitive cloud market is market to expand remarkably at a CAGR of 14.20% during the forecast period of 2022-2030 and reach the valuation of 213.6 Bn by the end of the forecast period.

Market Drivers and Restraints:

Increasing demand for cloud-based solutions and rapid development and incorporation of artificial intelligence with cloud are majorly fueling the growth of the global cognitive cloud market. Increased adoption of advanced cloud-based solutions in various industry verticals such as education, healthcare, BSFI, IT and telecommunication, retail, aerospace and defense, oil and gas and others are leading to the significant expansion of the global cognitive cloud market. however, concerns regarding data security due to increased cybercrime activities are likely to restrain the growth of the global cognitive cloud market during the forecast period.

Market Segmentation:

The global cognitive cloud market has been segmented on the basis of technology, service, verticals and end-user. Based on technology, the cognitive cloud market has been segmented into natural language processing, machine learning, automated reasoning and others. Based on services, the cognitive cloud market has been segmented into managed services and professional services. Based on verticals, the cognitive cloud market has been segmented into BFSI, healthcare, consumer electronics and retail, education, IT and telecommunication, travel and tourism, aerospace and defense, oil and gas, and others.

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Regional Analysis

Geographically, the global cognitive cloud market is segmented into four major regions such as Asia Pacific, Europe, North America, and the rest of the world. Among these, the North America region command for the largest share in the global cognitive cloud market due to the presence of large pool of established players in the global cognitive cloud, rapid adoption of technologically advanced solutions and increasing need for real-time analysis of data in various enterprises in this region. The Asia Pacific region is forecasted to be the fastest growing market in the global cognitive cloud market owing to the increased reliance of various industrial sectors on cloud-based solutions in order to manage the massive and diversified data in this region. The Europe region is forecasted to project significant growth in the global cognitive cloud market owing to the easy adoption of technologically advanced solutions and increasing incorporation of internet of things in various industrial sectors in this region.

Industry Updates:

In November 2018, BMC, a leading player in IT solutions for digital enterprises, has announced that its BMC Helix Cognitive Service Management Solution is now available on Microsoft Azure. Enterprises can now operate BMC Helix on multiple clouds of their choice which include Azure, AWS and BMC cloud.

In October 2018, it has been announced that IBM is moving its Watson Cognitive Health Services to a hybrid cloud model in order to provide customers with greater access to payer and health record information for data analytics.

Key Players:

The leading players profiled by MRFR that are operating in the global cognitive cloud market are Google, Inc. (the U.S.), IBM Corporation (the U.S.), Microsoft Corporation (the U.S.), Spark Cognition, Inc. (the U.S.), CognitiveScale (the U.S.), Enterra Solutions LLC (the U.S.), Numenta (the U.S.), Vicarious (the U.S.), Saffron Technology (the U.S.), ColdLight Solutions (the U.S.) and others.