Research Dive has recently published a report titled “Cognitive Cloud Computing Market, by Technology (Natural Language Processing, Machine Learning, Automated Reasoning, Others), Enterprise Size (Large Enterprises, Small and Medium Enterprises), Industry Vertical (Healthcare, BFSI, Retail, Government, IT & Telecom, Energy & Power, Others), Regional Analysis (North America, Europe, Asia-Pacific, LAMEA): Global Opportunity Analysis and Industry Forecast, 2020–2027″
The Global Cognitive Cloud Computing Market will garner a revenue of $108,788.7 million by 2027, at a CAGR of 31.3%. The market recorded a revenue of $11,530.0 million in 2019.
North America will dominate the market in the upcoming years. The market reached $3,849.9 million in 2019 and is further anticipated to continue its growth during the forecast period. U.S. being the major hub for all-things-technology, and Canada’s progressive economy have contributed to the growth of the cognitive cloud computing market.
Highlights of the Report
The report has divided the market into different segments based on technology, enterprise size, industry vertical, and regional analysis.
- Natural language processing technology sub-segment will be the most lucrative. The reason behind this growth is mainly the extensive application of NLP with cognitive computing technologies in the almost all size of industry verticals because this enables the computers to communicate with the humans in the real time.
- Large enterprise sub-segment will become the most profitable during the forecast period. This segment is predicted to generate a revenue of $73,711.1 million by the end of 2027. Extensive usage of cognitive computing techniques in the large enterprises has made this growth possible for the segment. The cognitive computing technique supports the employees of the organization in complex decision making.
- Healthcare sub-segment will earn the highest profit during the forecast period. The extensive application of cognitive computing technologies in the healthcare sector. The technology helps the healthcare professionals in offering advanced treatment to the patients.
To explore more details, Download the Sample Report of Cognitive Cloud Computing Market
Cognitive cloud computing can synthesize data from different sources such as data mining, natural language processing and patter recognition. In this way, it can suggest the most proper approaches for business operations. These benefits have increased the adoption of cognitive cloud computing models in various industry verticals including healthcare and BFSI. This is considered as one of the major growth enhancing factor of the market. Moreover, growing usage of artificial intelligence in cognitive cloud computing models is another factor behind the growth of the industry.
The installation cost of the cognitive cloud computing platforms is quite high which is predicted to restrain the growth of the market during the forecast period.
Emergence of innovative tools and interaction platforms in the cognitive cloud computing models is predicted to create lucrative opportunities for the market growth in the coming years.
Top 10 Key Players of the Cognitive Cloud Computing Market
The most significant players of the global cognitive cloud computing market include
- Nuance Communications, Inc.
- Hewlett Packard Enterprise Development LP
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments. – Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
COVID-19 Impact Analysis on the Cognitive Cloud Computing Market
The coronavirus outbreak impacted the global cognitive cloud computing market in a positive way.
The rising importance of natural language processing technique in the healthcare and pharmaceutical organizations to support healthcare professionals and scientists during the pandemic outbreak has influenced the growth of the market. NLP technique has been proved as the most advanced approach for patient monitoring and patient care. Also, NLP technique is an automated process and allows clinicians to more efficiently manage and monitor patient population through finding virus related symptoms in real time. This is another factor boosting the growth of the industry.
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