DUBLIN--(BUSINESS WIRE)--The "Cognitive Computing Market by Component, Deployment Mode, Business Function, Application (IVA and Chatbot and Behavioral Analysis), Technology (Human Computer Interface and Deep Learning), Industry Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Cognitive Computing Market Size is Projected to Grow from USD 20.5 Billion in 2020 to USD 77.5 Billion by 2025, at a CAGR of 30.5%
The report comprehensively describes the factors impacting the growth of cognitive computing market. It comprises market dynamics, such as drivers, restraints, opportunities, and challenges; use cases; and various industry standards, which affect the growth of the market. Globally, companies are rapidly adopting cognitive computing technologies to gain a competitive edge in the market. The key players in the cognitive computing market are Microsoft, IBM, SAS, Google, AWS, TCS, Cisco, and Virtusa. These companies are continuously innovating their products and services to overcome large and complex data challenges as compared to other database solutions.
Services segment to grow at a higher CAGR during the forecast period
The services segment has been further divided into managed services and professional services. These services play a vital role in the functioning of cognitive computing solutions. Cognitive computing providers require technical support services and consulting services to manage the deployment of these solutions. These services ensure faster and smoother implementation that maximizes the value of enterprise investments. They are an integral part in deploying technology solutions and are taken care by solution and service providers. They ensure the end-to-end deployment of the chatbot platform and address pre- and post-deployment queries.
Banking, financial services and insurance industry vertical to grow at the highest rate during the forecast period
The cognitive computing market by vertical is segmented into nine categories: Banking Financial Services and Insurance (BFSI), telecommunication and IT, retail and e-commerce, healthcare and life sciences, manufacturing, travel and hospitality, media and entertainment, government, defense, and others (energy and utilities, transportation and logistics, and education). The BFSI industry vertical is expected to grow at a rapid pace during the forecast period. Organizations are adopting cognitive computing solutions to enhance patient experience, and enable data-driven, actionable analytics. These solutions offer travel and hospitality organizations with cost-effective ways while processing large volumes of disparate data types.
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Increasing investments by the technology companies in major APAC countries, such as China, Japan, and India; growing digitalization; increasing adoption of advanced Artificial Intelligence (AI) and Machine Learning (ML) technologies; and government regulations and initiatives are expected to drive the growth of the market in the APAC region.
- Continuous Evolution in the Computing Environment: Cloud, Mobile, and Analytics
- Rise in Customer Engagement Through Social Media Platforms
- Increasing Demand for Intelligent Business Processes
- Inability to Recognize Customer Intent and Respond Effectively
- Utilizing Cognitive Abilities to Reduce Excess Operational Costs
- Growing Use of Deep Learning Technology in Artificial Intelligence Recommendation Engine Solutions
- Data Management and Regulations
- Artificial Solutions
- Enterra Solutions
- Expert System
- Cognitive Software Group
- Vantage Labs LLC
- Red Skios LTD
For more information about this report visit https://www.researchandmarkets.com/r/1xmvzg