New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cognitive Media Global Market Report 2023" - https://www.reportlinker.com/p06466699/?utm_source=GNW
, Albert Inc., Crimson Hexagon, Valossa Labs Oy, SoundHound AI, Inc., Newsrx, ByteDance Ltd., Kenshoo Inc., Zeta Global, Kitewheel LLC, Clarifai Inc., and Spotad LTD.
The global cognitive media market is expected to grow from $1.37 billion in 2022 to $1.73 billion in 2023 at a compound annual growth rate (CAGR) of 26.2%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cognitive media market is expected to reach $4.35 billion in 2027 at a CAGR of 25.9%.
The cognitive media market consists of revenues earned by entities by providing cognitive media services such as deployment and integration, training, and consulting.The market value includes the value of related goods sold by the service provider or included within the service offering.
The cognitive media market also includes sales of central processing unit, scanners, and video display unit.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Cognitive media refers to the inferential methods employed by the human user, instead of physical aspects of the computer representation. This media is used for developing explainer films, whiteboard videos, representations, and infographics, making the information more user-friendly.
North America was the largest region in the cognitive media market in 2022. The regions covered in cognitive media report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of cognitive media are services and solutions. Cognitive media services refer to the cloud-based system that enables users to create media-based approaches, such as OTT content creation or live streaming. are used for content protection, unleashing insights, and encoding videos. The various technology includes natural language processing, deep learning, and machine learning that are deployed on-premises and, in the cloud. These are used in various applications such as predictive analysis, security management, content management, network optimization, recommendation and personalization, customer retention, and other applications, and are used by various end users such as the banking sector, retail sector, healthcare sector, and others.
Growing demand for artificial intelligence technologies for various applications is expected to propel the growth of the cognitive media market going forward.Artificial intelligence technologies for various applications refer to the intervention or implementation of artificial intelligence in various applications, such as decision management, AI-optimized hardware, robotic process automation, and natural language processing.
Cognitive computing is used to describe AI systems that simulate human cognition that involves real-time analysis of the real-world environment, context, intent, and many other variables that inform a person’s ability to solve problems and are widely used in various businesses.For instance, in May 2022, according to the IBM Global AI Adoption Index 2022, survey research commissioned among 7,502 businesses around the world, by International Business Machines Corporation, (IBM), a US-based technology corporation, the adoption rate of AI globally increased significantly and was at 35%, up four points from the previous year.
In 2022, 13% more firms are projected to have used AI than in 2021. 35% of organizations reported adopting AI in their company; 42% are considering AI for adoption; and two-thirds of the companies (66%) are either presently executing or intending to utilize AI to meet their sustainability goals. Therefore, the growing demand for artificial intelligence technologies for various applications is driving the growth of the cognitive media market.
Technological development is a key trend gaining popularity in the cognitive media market.Major companies operating in the cognitive media market are focusing on technological developments to sustain their position in the market.
For instance, in March 2023, Juji Inc., a US-based artificial intelligence company engaged in the development of chatbot, empathetic AI solutions, launched a new generative AI tool for automating cognitive AI chatbot creation that allows any organization to rapidly develop customized AI chatbots without using new IT resources or writing any code. These cognitively intelligent AI chatbots can scale human teams to manage and automate high-touch, high-stakes interactions by utilizing superior human interpersonal abilities like active listening and comprehending body language.
In September 2021, Digilant Inc., a US-based advertising services company, acquired Happyfication for an undisclosed amount, from its holding company, ISPD. With this acquisition, the companies together aim for the innovative omnichannel marketing strategy of Digilant and Happyfication’s end-to-end media competencies are the ideal solution for helping marketers get greater value from their media assets and Happyfication, being a cognitive marketing platform would improve the insights, multichannel targeting, and data analysis abilities of Digilant. Happyfication is a US-based company ognitive marketing technology company.
The countries covered in the cognitive media market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cognitive media market research report is one of a series of new reports that provides cognitive media market statistics, including the cognitive media industry global market size, regional shares, competitors with a cognitive media market share, detailed cognitive media market segments, market trends and opportunities, and any further data you may need to thrive in the cognitive media industry. This cognitive media market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466699/?utm_source=GNW
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