Cognitive services enhance the computing experience of users with systems that can hear, understand, speak, and even reason. These services employ Application Programming Interfaces (APIs) and Software Development Kits (SDKs) to provide support to developers for making intelligent applications. The services use machine learning APIs, along with Natural Language Processing (NLP), to add intelligent features to the applications. Cognitive services are mainly classified into vision, speech, search, language, and knowledge APIs. The need to align core work with business objectives and growing data volume are expected to drive the growth of the cognitive services market.
MarketsandMarkets expects the 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 rising demand for intelligent Application Programming Interfaces (APIs) to build smarter applications is enhancing the use of cognitive services across industries. The major enterprise cognitive service vendors include Microsoft (US), IBM (US), SAS (US), AWS (US), Google (US), Baidu (China), Apple (US), TCS (India), Nuance Communications (US), and Qualcomm (US). The market players have adopted the strategies of new product launches, product enhancements, acquisitions, collaborations, and partnerships to offer feature-rich products, solutions, and services to their customers and penetrate deeper into un-catered regions.
Microsoft is a US-based multinational company and an IT giant. The company focuses on delivering a wide range of APIs to solve various business challenges. The company has designed these APIs with machine learning capabilities, which can help clients add intelligent capabilities to their applications. In May 2018, Microsoft updated its cognitive services portfolio with the addition of several innovative features. The company also announced the availability of new services, such as Unified Speech Service and Bing Visual Search through its cognitive services portfolio. In addition,, the company expanded its Cognitive Services Labs of Innovative Technologies. In May 2017, Microsoft partnered with Gupshup, which is a leading bot platform. With this partnership, Gupshup has made Microsoft’s cognitive services accessible on InterBot, which is a bot-to-bot communication channel. This partnership would help developers to quickly and easily add intelligent capabilities to build bots for Microsoft Teams, Cortana, and Skype.
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IBM is a multinational company, an established Information Technology (IT) player, and a globally renowned vendor offering dedicated software, hardware, and related services. In March 2018, IBM announced it has enhanced its speech recognition product to recognize spoken words, which are very close to human parity. In January 2017, IBM partnered with Panasonic Automotive Systems to introduce the Panasonic Cognitive Infotainment (PCI) platform that is designed to provide cognitive vehicle solutions. This platform uses the natural language processing technology to answer questions related to eCommerce purchases and safer driving.
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
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