What Is The Scope Of The Global Cognitive Cloud Computing Market?
Cognitive cloud computing refers to the integration of cognitive computing capabilities into cloud computing platforms and services. This computing involves using advanced technologies to enable computers to simulate human thought processes and perform tasks that traditionally require human intelligence. Cognitive cloud computing combines the scalability and flexibility of cloud computing with the intelligence and adaptability of cognitive technologies, enabling organizations to leverage data-driven insights and deliver more intelligent and personalized experiences to users.
Cognitive Cloud Computing Global Market Report 2024 provides data on the global cognitive cloud computing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Cognitive Cloud Computing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Cognitive Cloud Computing Sector?
The cognitive cloud computing market size has grown exponentially in recent years. It will grow from $32.21 billion in 2023 to $42.36 billion in 2024 at a compound annual growth rate (CAGR) of 31.5%. The growth in the historic period can be attributed to adoption of cloud computing infrastructure and services, demand for data analytics and insights across various industries, expansion of hybrid and multi-cloud strategies, and rise of Internet of Things (IoT) devices. The cognitive cloud computing market size is expected to see exponential growth in the next few years. It will grow to $127.99 billion in 2028 at a compound annual growth rate (CAGR) of 31.8%. The growth in the forecast period can be attributed to increasing adoption of AI and machine learning, growing need for advanced cloud computing solutions, proliferation of Internet of Things (IoT) devices, rise of personalized customer experiences, and demand for cost-efficient IT solutions. Major trends in the forecast period include increased adoption of cognitive cloud computing solutions, increasing adopt hybrid and multi-cloud strategies, integration of AI technologies, growing trend towards incorporating cognitive capabilities into edge computing environments, and increasing regulatory requirements.
Which Factors Are Boosting Growth In The Cognitive Cloud Computing Market?
The increasing volume of raw data is expected to drive the growth of the cognitive cloud computing market. With the proliferation of digital devices and IoT technologies, the volume of raw, unstructured data is expanding rapidly across industries. Cognitive cloud computing, leveraging AI algorithms, addresses this challenge by enabling efficient data handling and analysis. For instance, data compiled by the Linux Foundation indicated substantial annual data growth for end-user organizations, underscoring the need for advanced data processing capabilities. This surge in data volume drives demand for cognitive cloud computing solutions, offering organizations actionable insights and decision-making support through automated learning and adaptive features.
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What Key Areas Define The Segmentation Of The Global Cognitive Cloud Computing Market?
The cognitive cloud computing market covered in this report is segmented –
1) By Type: On-Premises Software, Cloud-Based Services
2) By Technology: Natural Language Processing, Machine Learning, Automated Reasoning, Other Technologies
3) By Application: Healthcare, Banking, Financial Services, And Insurance (BFSI), Retail, Government, Information Technology (IT) And Telecommunication, Security, Other Applications
4) By End-User: Large Enterprises, Small And Medium Businesses (SMEs)
How Are Emerging Trends Reshaping The Dynamics Of The Cognitive Cloud Computing Market?
Leading companies in the cognitive cloud computing market are innovating with solutions like generative artificial intelligence (AI) and AI-based cognitive intelligence platforms to stay ahead. A generative AI-based cognitive intelligence platform combines generative AI techniques with cognitive computing to create adaptable solutions. For instance, in March 2024, Mphasis, an India-based IT solutions company, launched DeepInsights Doc AI, a cognitive intelligence platform that uses generative AI to transform document processing. This platform extracts context-specific information from documents and integrates it with IT systems, handling various content types like text, forms, tables, and images.
Which Region Has The Fastest Expansion In The Cognitive Cloud Computing Market?
North America was the largest region in the cognitive cloud computing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive cloud computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
