Cognitive cloud is the technological advancements that help in increasing operational efficiency and speeds up business processes. The cognitive cloud market enables to effectively utilize information and works on exhilarating the overall growth of an organization. It is adaptive, contextual, interactive, iterative, and stateful, which means it can understand time, meaning processes, and other elements on the basis of multiple sources of information. Moreover, it grasps new things and interacts with users when help is needed. The modern developments in the cognitive cloud have enhanced the customer experience and are known for their increased productivity. All these lead to the huge growth of the global cognitive cloud business.
Big tech giants such as IBM Corporation and Google are investing more and more in the cognitive cloud market to meet the demand raised by various sectors like retail, healthcare, corporate, and many more. In the healthcare sector, the cognitive cloud industry will allow to gather of the information available and integrate the same data with patient information. This will help in getting a more personalized service. Cognitive cloud also benefits in making an organization cost-efficient.
Over the years, the demand for the cognitive cloud market has escalated due to its innumerable advantages that can enhance any organization’s performance. The automated pattern discovery reduces time as well as cost, and the automated machine learning eases out application processes. The predictive and real-time analysis solves various issues of organizations. Such advancements and increased adoption of technologies are propelling the cognitive cloud market growth. The CognitiveScale executes its cognitive clouds on IBM Watson Bluemix that offer insights into the business applications and processes. It provides full transparency with the management of data security.
The report includes the overall growth aspects of the cognitive cloud market and describes the factors that can propel the market potential in the coming years. It provides an idea about the cognitive cloud market segments along with the key market players that have a major role in driving the growth of the market. The report also sheds light on certain regions that can elaborate the market presence. As the demand for the cognitive cloud market is soaring up rapidly in the current times, the cognitive cloud market size is anticipated to reach a value of USD 3.42 Billion by the year 2023. The CAGR is presumed to be 16 percent between the years 2017 and 2023.
The surge of the COVID19 pandemic resulted in the massive destruction of the global economy and brought a major crisis in the finance and health field. The growth rate slowed down and reached its lowest points. During the pandemic, every sector suffered and encountered numerous challenges. Such damages will take time to recover. In the lockdown, industrial operations and production work were restricted, and manual operations were limited. The cognitive cloud market also faced certain limitations during the pandemic. However, the increased shifting towards cloud technologies and elevated dependence on the cognitive cloud have restored the market value even in these tough times.
With the intense efforts of the cognitive cloud market players to bring out advanced solutions to enrich the customer experience, the demand of the market is surging to a greater extent. Moreover, the recent developments in cognitive cloud market trends are pushing the growth of the market to optimum levels. In the upcoming times, the increased demand for the cognitive cloud will emerge the market value upwards to have a substantial rise.
The global cognitive cloud market is divided into different segments based on services, technology, end-users, and verticals.
The cognitive cloud market is studied on several geographies such as North America, Europe, Asia-Pacific, and the remaining parts of the world. North America accounts for the largest cognitive cloud market share all across the globe and is followed by Europe and Asia-Pacific regions.
In North America, the US and Canada contribute the most due to the higher demand for cloud platforms in creating and managing applications, as well as the growing implementation of the internet of things. The region also has a great infrastructure that allows the incorporation of advanced technologies. Such reasons elevate the cognitive cloud market sales in the region.
The major cognitive cloud market players are the following:
|Market Size||USD 3.42 Billion (2023)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By Service|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Google, Inc. (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Spark Cognition, Inc. (U.S.), CognitiveScale (U.S.), Enterra Solutions LLC (U.S.), Numenta (U.S.), Vicarious (U.S.), Saffron Technology (U.S.), ColdLight Solutions (U.S.)|
|Key Market Opportunities||The growth is North America region is mainly dominated by U.S. and Canada and is attributed to the increasing demand for internet of things and growing demand for cloud platforms for building and managing applications in the region.|
|Key Market Drivers||Major factor driving the growth of cognitive cloud market is the increasing demand for content personalization. Increasing demand for real time data analysis is another factor driving the growth of cognitive cloud market.|
Frequently Asked Questions (FAQ) :
Major giants like IBM Corporation and Google are investing in the cognitive cloud market because of swelling demand from various industry verticals of healthcare, retail, corporate, government.
The mounting adoption of the internet of things is one significant factor fueling the growth of the cognitive cloud market.
North America holds the largest market share of the global cognitive cloud market.
The market will be achieving a valuation of USD 3.42 Billion by 2023.
The market will be growing at 6% of CAGR during the forecast period.