HOME Top Market Reports Cognitive Services Market by Technology, Service Type, Deployment Mode, Application, End-User, Vertical (BFSI, Healthcare, Retail, IT and Telecommunication, Government and Education, Manufacturing), and Region - Global Forecast to 2023

Cognitive Services Market by Technology, Service Type, Deployment Mode, Application, End-User, Vertical (BFSI, Healthcare, Retail, IT and Telecommunication, Government and Education, Manufacturing), and Region - Global Forecast to 2023

By: marketsandmarkets.com
Publishing Date: June 2018
Report Code: TC 6367

 

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Aligning core business work with organizational objectives and increase in data volumes are expected to drive the growth of the cognitive services market. With the help of cognitive services, the growing data volumes across various enterprises can be used to identify potential growth opportunities, enhance business operations, and design growth strategies. MarketsandMarkets expects the global market to grow from USD 1.95 Billion in 2017 to USD 15.28 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 42.6% during the forecast period. The base year considered for the study is 2017 and the forecast period is 2018–2023.

The objective of the report is to define, describe, and forecast the size of the cognitive services market by technology, service type, deployment mode, application, end-user, vertical, and region. The report also aims at providing detailed information about the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges).

The research methodology used to estimate and forecast the global market size began with capturing the data from the key vendor revenues through secondary research, annual reports, government publishing sources, IEEE, Factiva, Bloomberg, and press releases. The vendor offerings were also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall global cognitive services market size from the revenues of the key market players. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key individuals, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of the primary participants has been depicted in the figure given below:

Cognitive Services Market

To know about the assumptions considered for the study, download the pdf brochure

The cognitive services market includes various key vendors, such as IBM (US), Microsoft (US), AWS (US), Google (US), SAS (US), Apple (US), TCS (India), Baidu (China), Qualcomm Technologies (US), and Nuance Communications (US).

The target audience of the cognitive services market report is given below:

  • Small and Medium-sized Enterprises (SMEs)
  • Government and Public Sector Undertakings (PSUs)
  • IT and telecommunication industry
  • Technology Investors
  • Research/consultancy firms
  • Infrastructure providers
  • Original Equipment Manufacturers (OEMs) and technology solution providers
  • Services platform solution providers
  • System integrators
  • Technology providers
  • External Service Providers (ESPs)
  • Corporate sector

“The study answers several questions for the stakeholders, primarily, which market segments to focus on in the next 2–5 years for prioritizing efforts and investments.”

Scope of the Report

The cognitive services market is segmented on the basis of technologies, services, application areas, components (solution and services), deployment types, organization sizes, industries, and regions.

By Technology

  • Machine learning and deep learning
  • Natural Language Processing (NLP)

By Service Type

  • Knowledge management
  • Data transformation
  • Cloud and web-based Application Programming Interfaces (APIs)
  • Data integration and cognitive automation
  • Cognitive risk intelligence
  • Consulting and advisory
  • Training and support
  •  Communication monitoring
  • Others*

By Application Area

  • Marketing analysis
  • Predictive maintenance
  • Supply chain management
  • Quality management investigation and recommendation
  •  Safety and security management
  •  Diagnosis and treatment system
  •  Others*

By Deployment Mode

  • Cloud
  • On-premises

By End-user

  • SMEs
  • Large enterprises

By Vertical

  • Banking, Financial Services, and Insurance (BFSI)
  • Healthcare
  • Retail
  • IT and telecommunication
  • Government and education
  • Manufacturing
  • Others*

By Region

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Geographic Analysis

  • Further breakdown of the North American cognitive services market
  • Further breakdown of the European market
  • Further breakdown of the APAC market
  • Further breakdown of the RoW market

Company Information

  • Detailed analysis and profiling of additional market players

Table of Contents

1 Introduction (Page No. - 17)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
    1.4 Years Considered for the Study
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 20)
    2.1 Research Data
           2.1.1 Secondary Data
           2.1.2 Primary Data
                    2.1.2.1 Breakdown of Primaries
                    2.1.2.2 Key Industry Insights
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Research Assumptions
    2.4 Limitations

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 30)
    4.1 Attractive Opportunities in the Cognitive Services Market
    4.2 Market Top 3 Verticals
    4.3 Market Top 3 Applications and Regions
    4.4 Market Investment Scenario

5 Market Overview and Industry Trends (Page No. - 33)
    5.1 Market Dynamics
           5.1.1 Drivers
                    5.1.1.1 Help With Aligning Organizational Core Work With Business Objectives
                    5.1.1.2 Growth in Data Volumes Creating Demand for Cognitive Services
           5.1.2 Restraints
                    5.1.2.1 Stringent External Regulations Across Regions
           5.1.3 Opportunities
                    5.1.3.1 Growing Use of Cognitive Services Across Various Industry Verticals
                    5.1.3.2 Increasing Demand for Intelligent Apis to Build Smarter Applications
           5.1.4 Challenges
                    5.1.4.1 Lack of Awareness Across the Industry
                    5.1.4.2 Lack of Knowledge About Data
    5.2 Cognitive Services Market: Use Cases
           5.2.1 Introduction
                    5.2.1.1 Use Case: Scenario 1
                    5.2.1.2 Use Case: Scenario 2
                    5.2.1.3 Use Case: Scenario 3
                    5.2.1.4 Use Case: Scenario 4
                    5.2.1.5 Use Case: Scenario 5

6 Cognitive Services Market, By Technology (Page No. - 38)
    6.1 Introduction
    6.2 Machine Learning and Deep Learning
           6.2.1 Facial Recognition
           6.2.2 Emotion Detection
    6.3 Natural Language Processing

7 Cognitive Services Market, By Service Type (Page No. - 42)
    7.1 Introduction
    7.2 Cloud and Web-Based Application Programming Interface
    7.3 Data Transformation
    7.4 Knowledge Management
    7.5 Data Integration and Cognitive Automation
    7.6 Cognitive Risk Intelligence
    7.7 Consulting and Advisory
    7.8 Training and Support
    7.9 Communication Monitoring
    7.10 Others

8 Market By Deployment Mode (Page No. - 50)
    8.1 Introduction
    8.2 Cloud
    8.3 On-Premises

9 Cognitive Services Market, By Application (Page No. - 53)
    9.1 Introduction
    9.2 Marketing Analysis
    9.3 Predictive Maintenance
    9.4 Supply Chain Management
    9.5 Quality Management Investigation and Recommendation
    9.6 Safety and Security Management
    9.7 Diagnosis and Treatment System
    9.8 Others

10 Cognitive Services Market, By End-User (Page No. - 60)
     10.1 Introduction
     10.2 Small and Medium-Sized Enterprises
     10.3 Large Enterprises

11 Market By Vertical (Page No. - 63)
     11.1 Introduction
     11.2 Banking, Financial Services, and Insurance
     11.3 Healthcare
     11.4 Retail
     11.5 IT and Telecommunication
     11.6 Government and Education
     11.7 Manufacturing
     11.8 Others

12 Cognitive Services Market, By Region (Page No. - 70)
     12.1 Introduction
     12.2 North America
             12.2.1 United States
             12.2.2 Canada
     12.3 Europe
             12.3.1 United Kingdom
             12.3.2 Germany
             12.3.3 France
             12.3.4 Rest of Europe
     12.4 Asia Pacific
             12.4.1 China
             12.4.2 Japan
             12.4.3 India
             12.4.4 Rest of Asia Pacific
     12.5 Rest of the World
             12.5.1 United Arab Emirates
             12.5.2 Brazil
             12.5.3 Mexico
             12.5.4 Rest of the RoW

13 Competitive Landscape (Page No. - 91)
     13.1 Overview
     13.2 Competitive Scenario
             13.2.1 New Product/Service Launches and Enhancements
             13.2.2 Partnerships, Collaborations, and Agreements
             13.2.3 Mergers and Acquisitions
             13.2.4 Business Expansions

14 Company Profiles (Page No. - 96)
(Business Overview, Services Offered, Recent Developments, SWOT Analysis, MnM View)*
     14.1 Introduction
     14.2 IBM
     14.3 Microsoft
     14.4 Google
     14.5 AWS
     14.6 Baidu
     14.7 Nuance Communications
     14.8 Qualcomm Technologies
     14.9 SAS
     14.10 Apple
     14.11 TCS
     14.12 Nokia
     14.13 Expert System
     14.14 Verbio Technologies
     14.15 Softweb Solutions
     14.16 Folio3 Software
     14.17 Fusion Informatics
     14.18 Inbenta
     14.19 Cognitivescale
     14.20 Ipsoft
     14.21 BMC Software
     14.22 Attivio
     14.23 Megvii
     14.24 Kairos
     14.25 Squirro
     14.26 Clarifai

*Details on Business Overview, Services Offered, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

15 Appendix (Page No. - 141)
     15.1 Insights of Industry Experts
     15.2 Discussion Guide
     15.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.4 Introducing RT: Real-Time Market Intelligence
     15.5 Available Customization
     15.6 Related Reports
     15.7 Author Details


List of Tables (68 Tables)

Table 1 United States Dollar Exchange Rate, 2015–2017
Table 2 Cognitive Services Market Size, By Technology, 2016–2023 (USD Million)
Table 3 Machine Learning and Deep Learning: Market Size By Region, 2016–2023 (USD Million)
Table 4 Natural Language Processing: Market Size By Region, 2016–2023 (USD Million)
Table 5 Cognitive Services Market Size, By Service Type, 2016–2023 (USD Million)
Table 6 Cloud and Web-Based Application Programming Interface: Market Size By Region, 2016–2023 (USD Million)
Table 7 Data Transformation: Market Size By Region, 2016–2023 (USD Million)
Table 8 Knowledge Management: Market Size By Region, 2016–2023 (USD Million)
Table 9 Data Integration and Cognitive Automation: Market Size By Region, 2016–2023 (USD Million)
Table 10 Cognitive Risk Intelligence: Market Size By Region, 2016–2023 (USD Million)
Table 11 Consulting and Advisory: Market Size By Region, 2016–2023 (USD Million)
Table 12 Training and Support: Market Size By Region, 2016–2023 (USD Million)
Table 13 Communication Monitoring: Market Size By Region, 2016–2023 (USD Million)
Table 14 Others: Market Size By Region, 2016–2023 (USD Million)
Table 15 Cognitive Services Market Size, By Deployment Mode, 2016–2023 (USD Million)
Table 16 Cloud: Market Size By Region, 2016–2023 (USD Million)
Table 17 On-Premises: Market Size By Region, 2016–2023 (USD Million)
Table 18 Cognitive Services Market Size, By Application, 2016–2023 (USD Million)
Table 19 Marketing Analysis: Market Size By Region, 2016–2023 (USD Million)
Table 20 Predictive Maintenance: Market Size By Region, 2016–2023 (USD Million)
Table 21 Supply Chain Management: Market Size By Region, 2016–2023 (USD Million)
Table 22 Quality Management Investigation and Recommendation: Market Size By Region, 2016–2023 (USD Million)
Table 23 Safety and Security Management: Market Size By Region, 2016–2023 (USD Million)
Table 24 Diagnosis and Treatment System: Market Size By Region, 2016–2023 (USD Million)
Table 25 Others: Market Size By Region, 2016–2023 (USD Million)
Table 26 Cognitive Services Market Size, By End-User, 2016–2023 (USD Million)
Table 27 Small and Medium-Sized Enterprises: Market Size By Region, 2016–2023 (USD Million)
Table 28 Large Enterprises: Market Size By Region, 2016–2023 (USD Million)
Table 29 Market Size By Vertical, 2016–2023 (USD Million)
Table 30 Banking, Financial Services, and Insurance: Market Size By Region, 2016–2023 (USD Million)
Table 31 Healthcare: Market Size By Region, 2016–2023 (USD Million)
Table 32 Retail: Market Size By Region, 2016–2023 (USD Million)
Table 33 IT and Telecommunication: Market Size By Region, 2016–2023 (USD Million)
Table 34 Government and Education: Market Size By Region, 2016–2023 (USD Million)
Table 35 Manufacturing: Market Size By Region, 2016–2023 (USD Million)
Table 36 Others: Market Size By Region, 2016–2023 (USD Million)
Table 37 Cognitive Services Market Size, By Region, 2016–2023 (USD Million)
Table 38 North America: Market Size By Country, 2016–2023 (USD Million)
Table 39 North America: Market Size By Technology, 2016–2023 (USD Million)
Table 40 North America: Market Size By Service Type, 2016–2023 (USD Million)
Table 41 North America: Market Size By Application, 2016–2023 (USD Million)
Table 42 North America: Market Size By End-User, 2016–2023 (USD Million)
Table 43 North America: Market Size By Deployment Mode, 2016–2023 (USD Million)
Table 44 North America: Market Size By Vertical, 2016–2023 (USD Million)
Table 45 Europe: Cognitive Services Market Size, By Country, 2016–2023 (USD Million)
Table 46 Europe: Market Size By Technology, 2016–2023 (USD Million)
Table 47 Europe: Market Size By Service Type, 2016–2023 (USD Million)
Table 48 Europe: Market Size By Application, 2016–2023 (USD Million)
Table 49 Europe: Market Size By End-User, 2016–2023 (USD Million)
Table 50 Europe: Market Size By Deployment Mode, 2016–2023 (USD Million)
Table 51 Europe: Market Size By Vertical, 2016–2023 (USD Million)
Table 52 Asia Pacific: Cognitive Services Market Size, By Country, 2016–2023 (USD Million)
Table 53 Asia Pacific: Market Size By Technology, 2016–2023 (USD Million)
Table 54 Asia Pacific: Market Size By Service Type, 2016–2023 (USD Million)
Table 55 Asia Pacific: Market Size By Application, 2016–2023 (USD Million)
Table 56 Asia Pacific: Market Size By End-User, 2016–2023 (USD Million)
Table 57 Asia Pacific: Market Size By Deployment Mode, 2016–2023 (USD Million)
Table 58 Asia Pacific: Market Size By Vertical, 2016–2023 (USD Million)
Table 59 Rest of the World: Cognitive Services Market Size, By Country, 2016–2023 (USD Million)
Table 60 Rest of the World: Market Size By Technology, 2016–2023 (USD Million)
Table 61 Rest of the World: Market Size By Service Type, 2016–2023 (USD Million)
Table 62 Rest of the World: Market Size By Application, 2016–2023 (USD Million)
Table 63 Rest of the World: Market Size By End-User, 2016–2023 (USD Million)
Table 64 Rest of the World: Market Size By Deployment Mode, 2016–2023 (USD Million)
Table 65 Rest of the World: Market Size By Vertical, 2016–2023 (USD Million)
Table 66 New Product/Service Launches and Enhancements, 2016–2018
Table 67 Partnerships, Collaborations, and Agreements, 2016–2017
Table 68 Mergers and Acquisitions, 2017


List of Figures (42 Figures)

Figure 1 Global Cognitive Services Market Segmentation
Figure 2 Global Market Research Design
Figure 3 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Market Size Estimation Methodology: Top-Down Approach
Figure 7 Cognitive Services Market: Assumptions
Figure 8 Market Snapshot By Application (2018–2023)
Figure 9 Market Snapshot By Service Type (2018–2023)
Figure 10 Market Snapshot By End-User (2018–2023)
Figure 11 Market Snapshot By Region
Figure 12 The Need for Analyzing the Growing Volumes of Data is Expected to Drive the Cognitive Services Market Growth During the Forecast Period
Figure 13 Banking, Financial Services, and Insurance Vertical is Expected to Hold the Largest Market Size During the Forecast Period
Figure 14 Marketing Analysis Application and North America are Estimated to Hold the Largest Market Shares in the Global Cognitive Services Market in 2018
Figure 15 Asia Pacific is Expected to Be the Best Region for Investments During the Forecast Period
Figure 16 Cognitive Services Market: Drivers, Restraints, Opportunities, and Challenges
Figure 17 Natural Language Processing Technology is Expected to Exhibit A Higher CAGR During the Forecast Period
Figure 18 Consulting and Advisory Services Segment is Expected to Exhibit the Highest CAGR During the Forecast Period
Figure 19 On-Premises Deployment Mode is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 20 Diagnostics and Treatment System Application is Expected to Exhibit the Highest CAGR During the Forecast Period
Figure 21 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 22 IT and Telecommunication Vertical is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 23 North America is Estimated to Account for the Largest Market Size in 2018
Figure 24 Asia Pacific is Expected to Register the Highest CAGR During the Forecast Period
Figure 25 North America: Market Snapshot
Figure 26 Asia Pacific: Market Snapshot
Figure 27 Key Developments By the Major Players in the Cognitive Services Market During 2016–2018
Figure 28 IBM: Company Snapshot
Figure 29 IBM: SWOT Analysis
Figure 30 Microsoft: Company Snapshot
Figure 31 Microsoft: SWOT Analysis
Figure 32 Google: Company Snapshot
Figure 33 Google: SWOT Analysis
Figure 34 AWS: Company Snapshot
Figure 35 AWS: SWOT Analysis
Figure 36 Baidu: Company Snapshot
Figure 37 Nuance Communications: Company Snapshot
Figure 38 Qualcomm Technologies: Company Snapshot
Figure 39 SAS: Company Snapshot
Figure 40 Apple: Company Snapshot
Figure 41 Nokia: Company Snapshot
Figure 42 Expert System: Company Snapshot

MarketsandMarkets expects the global cognitive services market to grow from USD 2.59 Billion in 2018 to USD 15.28 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 42.6% during the forecast period. The market is driven by the need to utilize growing data volumes to enhance business operations and marketing strategy and align business core work with its objectives in the competitive market scenario.

The market has been segmented by technology into machine learning and deep learning, and Natural Language Processing (NLP). The NLP segment is expected to grow at a higher CAGR during the forecast period. Both the technologies play a vital role in the analyzing data effectively and efficiently.

Among service types, the consulting and advisory services segment is expected to grow at a higher CAGR during the forecast period. This is due to the growing need to analyze data while reducing expenses. The services help enterprises save deployment and infrastructure cost required to use cognitive technology.

The cognitive services market is also segmented on the basis of applications. The marketing analysis application segment is expected to have the largest market size during the forecast period. The application helps in analyzing customer behaviors and consumption patterns and suggest ways to avoid setback in performances to enhance customer experience. Cognitive service enables sales and marketing virtual assistants to provide market segmentation and recommendation systems. Its wide application area allows it to generate the highest revenue in the market.

Among end-users, the Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. Cognitive services can help these organizations take advantage of cognitive capabilities without investing much into infrastructure to deploy cognitive solutions. The SMEs have started realizing the benefits offered by cognitive services in analyzing large volumes of data and generating insights to increase their revenues.

On the basis of deployment types, the cloud deployment type is expected to grow at a higher CAGR during the forecast period. Cloud-based cognitive service solutions are significantly gaining traction, due to their cost-effective benefits and global availability.

Cognitive Services Market

North America is expected to have the largest market size in the cognitive services market, while Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period. The North American region has shown increased investments in the market, and several vendors have evolved to cater to the rapidly growing market. A considerable growth is expected in the region during the forecast period. In North America, the cognitive services technology is effectively used for various business applications, such as market analysis, diagnosis and treatment system, safety and security management, and supply chain management.

The cognitive services market faces many challenges; for instance, lack of awareness across industry and lack of knowledge about data.

The major vendors that offer cognitive services across the globe include IBM (US), Microsoft (US), AWS (US), Google (US), SAS (US), Baidu (China), Apple (US), TCS (India), Nuance Communications (US), and Qualcomm (US). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the cognitive services market.

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