Cognitive Cloud Market - Challenges, Key Vendors, Drivers and Trends by Forecast to 2023
Major giants like IBM Corporation and Google are investing into cognitive cloud market owing to the increasing demand from various industry verticals like healthcare, retail, corporate, government among others. Increasing adoption of internet of things is one major factor fueling the growth of cognitive cloud market. CognitiveScale runs its cognitive clouds on IBM Watsons Bluemix in order to provide insights into the business processes and applications. It offers complete transparency while maintaining data security. Cognitive cloud helps in effectively using information and in turn driving the overall growth of the organization.
North America region holds the largest market share of global cognitive cloud 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 cloud platforms for building and managing applications in the region. The region also has a well-established infrastructure which allows implementation of advanced technologies.
Cognitive Cloud Market has been segmented on the basis of technology, service, 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. In healthcare, cognitive cloud helps in gathering all the available information and integrating that data with patient information which in turn helps in providing more personalized services. Cognitive cloud also helps in making healthcare cost efficient.
Major factor driving the growth of cognitive cloud market is the increasing demand for content personalization. Increasing demand for real time data analysis is another factor driving the growth of cognitive cloud market.
The global cognitive cloud market is expected to grow at approx. USD 3.42 Billion by 2023, at 16% of CAGR between 2017 and 2023.
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Major Key Players:
• Google, Inc. (U.S.)
• IBM Corporation (U.S.)
• Microsoft Corporation (U.S.)
• Spark Cognition, Inc. (U.S.)
• CognitiveScale (U.S.)
• Enterra Solutions LLC (U.S.)
• Numenta (U.S.)
• Vicarious (U.S.)
• Saffron Technology (U.S.)
• ColdLight Solutions (U.S.)
Cognitive cloud market can be segmented on the basis of following:
• Natural Language Processing
• Machine Learning
• Automated Reasoning
• Managed Service
• Professional Service
By End User
• Large Enterprises
• Consumer Electronics & Retail
• Education & Retail
• IT & Telecommunication
• Travel & Tourism
• Aerospace & Defense
• Oil & Gas
The regional analysis of cognitive cloud 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 cloud market in North America is attributed to technical advancements and increasing need for real time analysis of massive and diversified data in that region.
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• Technology Investors
• Research/Consultancy Firms
• Infrastructure Providers
• OEM technology solution providers
• Cloud solution provider
• System Integrators
• External Service Providers (ESPs)
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