New York, USA, Nov. 16, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the global cognitive cloud computing market is projected to garner $ 108,788.7 million in revenue and rise at a CAGR of 31.3% during the analysis period from 2020-2027.
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Covid-19 Impact on the Cognitive Cloud Computing Market
With the rise of the Covid-19 pandemic several industries have been ransacked, however, the cognitive cloud computing market has had a positive impact during the pandemic. This is mainly due to the surging importance of the natural language processing (NLP) technique in healthcare and pharmaceutical organizations to support healthcare professionals and scientists in many perspectives. Moreover, with the help of NLP technology, the automated processes helped physicians to monitor the bulk of patients in finding the symptoms of viruses. These factors have broadly powered the growth of the cognitive cloud computing market during the crisis.
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As per our analysts, due to the inclination of many entrepreneurs towards modernizing their businesses with the adaptation of technology, the market is expected to arise during the estimated timeframe. The utilization of computerized techniques that use scientific disciplines to optimize signal processing and artificial intelligence to help lack in critical situations are the major factors expected to bolster the growth of the market throughout the forecast time period. Besides, the growing implementation of cognitive cloud computing models in OTT platforms to deliver high-quality video-based content with low latency is further expected to uplift the growth of the cognitive cloud computing market over the analysis period. Further, the increasing adoption of emerging technologies is further expected to cause huge growth opportunities for the market over the estimated timeframe. However, the elevated implementation cost of the cognitive cloud computing platforms which restricts the adoption in small and medium-sized enterprises may hinder the growth of the market during the analysis period.
Segments of the Cognitive Cloud Computing Market
The report has divided the market into segments based on technology, enterprise size, industry vertical, and region.
Technology: Natural Language Processing (NLP) Technology Sub-Segment to be Most Lucrative
The natural language processing technology sub-segment is projected to grow significantly over the analysis period. This is mainly due to the broader utilization of NLP with cognitive computing technologies in almost all sizes of business because with this technology humans can directly communicate with computers in real-time. Moreover, the surging capabilities of NLP with cognitive computing technologies such as topic modeling & discovery, content extraction, text to speech and vice versa, are some major factors expected to augment the growth of the cognitive cloud computing market sub-segment during the forecast. period.
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Enterprise Size: Large Enterprises Sub-Segment to be Most Profitable
The large enterprises sub-segment is expected to garner a revenue of $ 73,711.1 million over the timeframe analysis. This is mainly due to the extensive usage of cognitive computing techniques in large enterprises to support employees to deal with complex decision-making. Moreover, the growing adoption of cognitive and cloud computing services by SMEs to transform into modern enterprises is expected to foster the growth of the cognitive cloud computing market’s sub-segment during the estimated period.
Industry Vertical: Healthcare Sub-Segment to Have Largest Market Share
The healthcare sub-segment is projected to dominate the market during the forecast period. This is major because the growing utilization of cognitive computing technologies in the healthcare sector aid healthcare professionals to treat diseases in an improvised manner. Furthermore, the increasing implementation of cognitive cloud computing technologies in banks and financial institutions to provide high-quality security systems is further expected to fortify the growth of the market sub-segment over the estimated timeframe.
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Region: North American Region Expected to Have Vast Growth Opportunities
The North American region is predicted to continue steady growth throughout the timeframe analysis. This is mainly because of the presence of technically progressive economies such as Canada and the US in this region who are considered to be the largest hub for the latest upcoming technologies. Moreover, the huge adoption of new technologies by local industries of this region to modernize and revolutionize their business activities are the major factors expected to fuel the regional growth of the cognitive cloud computing market over the forecast period.
Key Players of the Cognitive Cloud Computing Market
1. Nuance Communications, Inc.
9. Hewlett Packard Enterprise Development LP
These players are widely working on the development of new business strategies such as partnerships and collaborations, mergers and acquisitions, and many others.
For instance, in October 2021, Atos, a leading French Multinational IT service and consulting company, has done an agreement with DataSentics, a renowned Czech Republic-based data science company, especially known for the development of AI and ML business products. The aim of this acquisition was to strengthen the positions in Big Data and Computer Vision Market by expanding the AI or ML capabilities.
Further, the report also presents various important aspects such as product portfolio, the financial performance of the key players, latest strategic developments, and SWOT analysis. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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