NEW YORK, Oct. 25, 2022 (GLOBE NEWSWIRE) — According to the newly released Research Dive report, the global cognitive cloud computing market is expected that earn $108,788.7 million by 2027 and get up in a stable CAGR of 31.3% in which Period 2020-2027. This comprehensive research dive report provides a brief outlook on the current framework of the Cognitive Cloud Computing market including its priority features like growth drivers, growth opportunities, restraints and barriers during the forecast period from 2020 to 2027. The report also includes all the key market figures to To help newcomers to understand the market easily.
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Cognitive Cloud Computing Market Dynamics
Driver: Over the years, there has been a gradual shift of businesses towards modernizing their systems, which is projected to be the key growth driver of the cognitive cloud computing market over the forecast period. Furthermore, the increasing adoption of cognitive cloud computing technologies in various industries like BFSI, retail, etc. is expected to skyrocket the growth rate of the market over the analysis period.
occasions: The increasing adoption of new technologies is expected to bring numerous growth opportunities to the market during the forecast period. Furthermore, the increasing adoption of cognitive cloud computing technology in the healthcare sector is expected to increase the growth rate of the market
Limitations: However, according to market analysts, high implementation costs could restrain the growth of the cognitive cloud computing market.
Impact of Covid-19 on the Cognitive Cloud Computing Market
The novel corona virus had wreaked havoc around the world. The lockdowns put in place to contain the virus have affected various industries and their production cycles. However, the cognitive cloud computing market has faced positive effects from the pandemic. The growth of this market during the pandemic is mainly attributed to the growing importance of natural language processing (NLP) technology in healthcare and pharmaceutical companies as NLP helps physicians to manage and monitor the patient population more efficiently.
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Segments of the Cognitive Cloud Computing Market
ResearchDive report has fragmented the Cognitive Cloud Computing Market into various segments such as technology, company size, industry sector and region.
Technology: Natural language processing sub-segment as the most dominant
Technically, the natural language processing sub-segment was the most dominant in 2019 and is expected to continue on this path during the forecast period. The wide adoption of NLP with cognitive computing technologies across almost all industries is expected to drive the growth of this sub-segment over the forecast period.
Company size: SME sub-segment will flourish immensely
By company size, the SMB sub-segment of the cognitive cloud computing market is expected to be highly profitable, generating $35,077.7 million in revenue by 2027. SMBs are expected to increasingly adopt cognitive cloud computing services to modernize their systems and infrastructures, fueling the growth of this sub-segment over the forecast period.
Industry vertical: BFSI sub-segment will be highly lucrative
The BFSI sub-segment by industry is expected to be very lucrative, generating $19,486.4 million in revenue by 2027. Increasing implementation of cognitive cloud computing technologies in banks and financial institutions for financial fraud detection is expected to spur the growth of the sub-segment over the forecast period.
Region: The market in the North America region is the most profitable
Through regional analysis, the cognitive cloud computing market is forecast to grow immensely in the North America region over the analysis period. The presence of technically advanced economies like USA and Canada is expected to be the main driver of the market during the forecast period.
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Prominent Cognitive Cloud Computing Market Players
Some prominent players in the cognitive cloud computing market are
- Nuance Communications, Inc.
- SparkCognition
- number
- Cisco
- Microsoft
- JUICE
- cognitive scale
- Hewlett Packard Enterprise Development LP
- EXPERT.AI
- Among others IBM.
These players introduce and develop new technological advances and innovations to gain prominence in the market. – Buy the full report
For example, in December 2021, Brilliant, a leading developer of digital technology services, announced the acquisition of Cedrus Digital, a leading cloud consulting firm. Brillio’s acquisition aims to develop cognitive automation capabilities and transformational service delivery capabilities in healthcare.
Finally, this comprehensive report also summarizes many crucial facets of the global market including the product portfolio, latest strategic developments, key players financial performance and SWOT analysis.
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