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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Cognitive Services Market Size
The global cognitive services market size 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.
Key Trends in the Market
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.
- Cognitive services can aid in preventing network attacks by learning from external and internal sources of enterprise environments. They can provide insights from large volumes of unstructured and structured data which further helps enterprises analyse vulnerabilities and threats across operations.
- Increasing number of businesses are taking help of the cognitive services to achieve their goals as cognitive services reduce the efforts required on repetitive tasks and deliver better products and services. This, in turn, is boosting the adoption of cognitive services and supporting the cognitive services market growth.
- Rising demand of cognitive services from various verticals such as healthcare, finance, retail, and education, owing to the advantages they offer, is a major cognitive services market trend as these services support speech recognition, machine learning, and text recognition technologies, among others.
Cognitive Services Market Report Snapshots
Cognitive Services Market Size
Cognitive Services Market Analysis
Cognitive Services Market Share
*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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Key Questions Answered in the Report
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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+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