New York, USA, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Research Dive states that the global cognitive cloud computing market is estimated to garner a revenue of $108,788.7 million by 2027, and rise at a CAGR of 31.3% in the forecast period from 2020 to 2027. The all-inclusive report on cognitive cloud computing market provides a brief summary of the current market scenario along with the key aspects of the industry, such as significant growth and restraining factors, challenges, and multiple growth opportunities. Besides, the report provides all the estimations of the market, making it easier and helpful for the novel participants to better understand the global market.
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Cognitive Cloud Computing Market Dynamics
Analysts at Research Dive states that the gradual shift of businesses across the globe towards modernizing their processes and the increasing utilization of artificial intelligence (AI) tools in cognitive cloud computing models are the major factors anticipated to propel the growth of the global cognitive cloud computing market. In addition, the increasing implementation of cognitive cloud computing models in OTT sector is another factor predicted to boost the global market growth by 2028. Moreover, the increasing adoption of innovative tools and emerging technologies are projected to open up massive growth opportunities for the global cognitive cloud computing market in the coming years. Conversely, the high costs associated with the implementation of cognitive cloud computing platforms may restrict the market growth in the forecast period.
Impact of COVID-19 on the Cognitive Cloud Computing Market
The outbreak of COVID-19 has favorably impacted the global cognitive cloud computing market growth during the pandemic period. The positive growth of the market is majorly owing to the growing importance of NPL (natural language processing) technique in the healthcare as well as pharmaceutical organizations in order to support scientists and healthcare professionals during the pandemic. Being an automated process, NPL technique allow clinicians to efficiently monitor and manage patient population by finding coronavirus related symptoms in real time. Thus, the rising demand for NLP is directly impacting the demand for cognitive cloud computing method in healthcare systems.
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Natural Language Processing Sub-segment to Witness Significant Growth
Based on technology, the natural language processing sub-segment accounted for the majority of market share in 2019 and is predicted to grow at a CAGR of 32.2% during the analysis period. This sub-segment growth of the global cognitive cloud computing market is mainly owing to the increasing utilization of NLP along with cognitive computing technologies in industry verticals of almost all sizes as it enables the computers to efficiently communicate with humans in real time.
Large Enterprises Sub-segment to Witness Lucrative Growth
Based on enterprise size, the large enterprises sub-segment is expected to surpass a revenue of $73,711.1 million by 2027 and is predicted to observe lucrative growth during the analysis period. This is majorly owing to the increasing usage of cognitive computing techniques in the large enterprises mainly because it helps employees in dealing with complex decision making.
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Healthcare Sub-segment to be Most Dominant
Based on industry vertical, the healthcare sub-segment is predicted to hold the largest market share and rise at a CAGR of 32.5% over the forecast period. This sub-segment growth of the global cognitive cloud computing market is mainly because cognitive computing technologies are widely utilized in the healthcare sector for assisting healthcare professionals in improved and better treatment of diseases.
North America Region to Create Massive Growth Opportunities
By region, the North America cognitive cloud computing market valued for $3,849.9 million in 2019 and is expected to dominate in the global industry during the analysis period. This is majorly due to the presence of technically progressive economies, such as the U.S. and Canada. Besides, U.S. is the major revolution hub for the numerous upcoming technologies. Moreover, most organizations are adopting novel technologies to revolutionize and modernize their business activities, which is predicted to drive the regional market growth by 2027.
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Prominent Cognitive Cloud Computing Market Players
The report presents several aspects of these major players such as strategic moves and business & financial performance of key players, latest developments, SWOT analysis, and product portfolio. Some of the key players of the global cognitive cloud computing market are:
• Nuance Communications, Inc.
• SparkCognition
• Numenta
• Cisco
• Microsoft
• SAP
• CognitiveScale
• Hewlett Packard Enterprise Development LP
• EXPERT.AI
• IBM
These players are executing several strategies to gain a dominant position in the global industry.
For instance, in July 2020, SparkCognition, the leading industrial AI company, entered into a collaboration with a data science solutions company, Cendana Digital, to expand the global presence of SparkCognition to bring advanced AI solutions to the Malaysia’s oil & gas market.
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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