Market Highlights:
Major giants like IBM Corporation and Microsoft Corporation are investing into cognitive services platform market owing to the increasing demand from various industry verticals like healthcare, retail, corporate, government among others. Increasing adoption of internet of things and artificial intelligence is one major factor fueling the growth of cognitive services platform market. IBM has built a cognitive services platform in order to transform business processes and operations. Cognitive services platform is built on IBM’s cloud which augments artificial intelligence and human intelligence in order to provide better customer service experience. This IBMs cognitive services platform is an IBM Watson based services platform which will enable in predicting problems and help in making faster data driven decisions.
North America region holds the largest market share of global cognitive services platform market followed by Europe and Asia Pacific regions. 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 services platform platforms for building and managing applications in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies.
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Cognitive Services Platform Market has been segmented on the basis of technology, end user and vertical. The vertical segment is further bifurcated into BFSI, healthcare, consumer electronics & retail, education & retail, IT & telecommunication, travel & tourism, aerospace & defense, oil & gas and others. Out of which retail and healthcare verticals are expected to grow at a significant rate during the forecast period. Cognitive services platforms are making work easier by automating the mundane regular tasks. This helps in increasing overall productivity of the organization.
Major factor driving the growth of cognitive services platform market is the increasing popularity of artificial intelligence and growing implementation of the same across various industry verticals. Increasing demand for real time data analysis is another factor driving the growth of cognitive services platform market. Artificial intelligence has become an integral component of the internet of things devices. Cognitive services platform provides a data driven platform which operates on data exploration and by making use of machine learning techniques. This helps in providing a level of intelligence to the products of cognitive services.
Major Key Players:
- IBM Corporation (U.S.)
- Tata Consultancy Services Limited (India)
- Infosys Limited (India)
- Wipro Limited (India)
- Google, Inc. (U.S.)
- Microsoft Corporation (U.S.)
- General Electric (U.S.)
- Attivio (U.S.)
- Enterra Solutions LLC (U.S.)
- Numenta (U.S.)
Regional Analysis:
The regional analysis of cognitive services platform market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period.
The major growth in cognitive services platform market in North America is attributed to technological advancements and increasing popularity of artificial intelligence in that region.
Cognitive Services Platform Market Segmentation:
The cognitive services platform market has been segmented on the basis of service, end user and vertical. The end user segment is further bifurcated into small and medium businesses and large enterprises. Cognitive services platform is increasingly being adopted by many small and large enterprises today owing to its efficiency in providing real time analysis of massive and diversified data.
Cognitive services platform helps in building of cognitive applications which in turn helps these organizations in proper data interpretation and in driving the return on investment factor.
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Market Research Analysis:
It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period.
The major growth in cognitive Services Platform market in North America is attributed to technical advancements and increasing popularity of artificial intelligence across various industry verticals in that region.
Intended Audience:
- Technology Investors
- Research/Consultancy Firms
- Infrastructure Providers
- OEM technology solution providers
- Services Platform Solution Provider
- System Integrators
- Technology Providers
- External Service Providers (ESPs)
- Corporate Sector
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