New York, USA, June 02, 2021 (GLOBE NEWSWIRE) -- As per a recent report offered by Research dive, the global cognitive cloud computing market is anticipated to gather a revenue of $108,788.7 million by the end of 2027, rising from a market share of $11,530.0 million in 2019, at a notable CAGR of 31.3% during 2020-2027 timeframe. The report highlights the Covid-19 impact on the market, major drivers, hindrances, and regional outlook of the market. The research methodology used in the report is a combination of both primary and secondary research methods.
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Effect of Covid-19 Outbreak on the Market
The global cognitive cloud computing market is anticipated to augment during the coronavirus emergency due to the prominence of the NLP (Natural Language Processing) technique in the pharmaceutical and healthcare sectors to aid scientists & physicians during the outbreak. Further, the NLP method is considered the most advanced approach for patient care and monitoring. These facets are estimated to boost the growth of the global market during the pandemic.
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Aspects Impacting the Market Growth
The market is projected to surge globally during the 2020-2027 timeframe due to an increase in the use of AI (Artificial Intelligence) in cognitive cloud computing techniques. Further, cognitive cloud computing is an excellent choice for using computerized methods to process signals & AI. Also, it can synthesize data from numerous sources such as natural language processing, data mining, and pattern recognition for business operations. These all facets are speculated to bolster the market growth during the analyzed timeframe. High installation expenses of cognitive technology are expected to hamper the market growth. On the other hand, the evolution of exclusive interactive platforms and tools for the cloud is projected to generate ample opportunities in the market.
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Natural Language Processing Sub-Segment to be the Most Profitable
From the technology segment, the natural language processing sub-segment was accounted to gather the majority of the market share in 2019 and is expected to continue to grow during the forecasted period as well. The sub-segment market growth is due to the massive usage of natural language processing with cognitive computing technology across varied end-user verticals. NLP helps to amplify communication with humans in real-time.
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Large Enterprise Sub-Segment to be Fastest Growing
Among the enterprise size segment, the large enterprise sub-segment held a market size of $8,069.0 million in 2019 and is expected to reach $73,711.1 million by the end of 2027. Cognitive computing technology helps employers during critical decision-making, therefore preferred by large enterprises.
Healthcare Sub-Segment to Contribute Significantly to the Market
From the industry vertical segment, the healthcare sub-segment is projected to acquire the biggest market share and is estimated to show dominance throughout the analyzed timeframe. Healthcare professionals are better guided due to the usage of cognitive computing as this technology aids in the improved diagnosis of diseases. This factor is predicted to fuel the growth of the sub-segment during the analyzed timeframe.
Regional Outlook
The North American market was accounted for a market size of $3,849.9 million in 2019 and is projected to expand rapidly during the estimated timeframe. The United States has been a hub for all forthcoming inventions and has been a progressive economy as well. Also, Canada is well equipped with organizations that constantly adopt innovations. These aspects are anticipated to propel the growth of the North American market during the forecasted years.
Key Players and Business Strategies
• Nuance Communications, Inc.
• SparkCognition
• Numenta
• Cisco
• Microsoft
• SAP
• CognitiveScale
• Hewlett Packard Enterprise Development LP
• EXPERT.AI
• IBM
These leading players are planning varied strategies such as acquisitions of companies, product developments, tie-ups & collaborations for maximizing profits, research & development, and organizational development to gain an upper edge in the market worldwide. For example, in May 2019, Microsoft, a technological company, revealed cognitive services and machine learning services. The cognitive services include API for building form detectors, personalization of features, handwriting identifying API, and augmented speech recognition.
The report consists of various facets of all the vital players that are operative in the market such as financial performance, product portfolio, present strategic moves, major developments and SWOT. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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