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The global cognitive services market reached a value of approximately USD 16.63 billion in 2023. The market is expected to grow at a CAGR of 40.9% between 2024 and 2032, reaching a value of USD 363.91 billion by 2032.
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Cognitive services use APIs, algorithms, and software to enhance the capabilities of artificial intelligence (AI), solve AI-related problems, and help data scientists and developers in accessing artificial intelligence easily. They enable the building of solutions that have the capability of seeing, hearing, understanding, speaking, and even making decisions, and can be incorporated into a wide range of industries and applications.
Based on deployment, the market is bifurcated into cloud and on-premises. On the basis of technology, the market is divided into machine and deep learning and natural language processing. By enterprise size, the market is categorised into small and medium enterprises, and large enterprises. On the basis of end user, the market is segmented into BFSI, IT and telecommunication, retail, and healthcare, among others. Based on region, the market is segregated into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global cognitive services market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
IT and telecommunication is expected to hold a large share of the market for cognitive services based on end user over the forecast period. IT companies commonly deploy software and hardware solutions supporting cognitive services and develop advanced machine learning algorithms used for analysing massive volumes of data to gain important insights. Furthermore, IT and telecommunication, with the help of cognitive services, are able to optimise operations, gain competitive edge, improve customer engagement, and develop network infrastructure.
Regionally, North America accounts for a sizable share of the market for cognitive services due to significant investments in technology in the region and increasing adoption rate of cloud-based services. IoT enabled technologies and smart devices are gaining popularity across the region and people are adapting machine learning and natural language processing technologies at a faster rate, increasing the demand for cognitive services.
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Microsoft Corporation, founded in 1975 with headquarters in Washington, United States, is a multinational technology company that offers leading software products including Internet Explorer, the Windows line of operating systems, Edge web browsers, and Microsoft Office suite, among others.
Google LLC is a technology company which was established in 1998 and has its headquarters in California, United States. They focus on search engine technology, computer software, consumer electronics, online advertising, cloud computing, quantum computing, and artificial intelligence.
Amazon Web Services, Inc was started in 2006 is based out of Washington in the United States. It is an IT service management company that provides its consumers with reliable, highly scalable object storage, and secure and durable services.
Other market players include Nokia Corporation, IBM Corporation, Attivio, Inc, SAS Institute Inc, Enterra Solutions, LLC, Infosys Limited, and Cisco Systems, Inc., among others.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Deployment |
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| Breakup by Technology |
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| Breakup by Enterprise Size |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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Cognitive Services Market Size
Cognitive Services Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global market for cognitive services reached a value of around USD 16.63 billion in 2023.
The market is expected to grow at a CAGR of 40.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 363.91 billion by 2032.
Increasing demand for natural language processing, and growing concern over data privacy and security are the major market drivers.
The key trends of the market are increasing demand for prevention of network attacks, rising adoption by businesses to reach their goals, and growing demand from various verticals owing to advantages of cognitive services.
The primary technologies of cognitive services are machine and deep learning and natural language processing.
The major enterprise sizes for cognitive services are small and medium enterprises, and large enterprises.
The key players in the cognitive services market are Microsoft Corporation, Google LLC, Amazon Web Services, Inc, Nokia Corporation, IBM Corporation, Attivio, Inc, SAS Institute Inc, Enterra Solutions, LLC, Infosys Limited, and Cisco Systems, Inc., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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