Cognitive Services Market is expected to grow at a significant CAGR during the forecast period. Cognitive services assist the telecommunications industry in harmonizing their key business tasks by automating support bots and translating text by comprehending natural language. In the end, it aids in the transformation of telecom back offices into intelligent customer service teams.
Furthermore, the volume of big data in data storage centers is rapidly growing, as is its complexity, prompting the development of cognitive services, which provide the company with the correct information to sharpen and expedite business decision-making. Machine assets generate a massive amount of data that has the potential to be extremely valuable to businesses. Organizations are also using cognitive machine learning to perform predictive maintenance to extract value from a large amount of data. Many IT and telecommunications companies are turning to cognitive services to boost client interaction, streamline operations, and gain a competitive advantage. For example, in late 2018, Du, a UAE-based telecommunications operator, partnered with Microsoft to provide cognitive services across all of their existing touchpoints and digital platforms. However, significant costs associated with implementation are hindering the market’s growth during the forecast period.
The key companies operating in the industry are highly inclined towards the adoption of different growth strategies including partnerships and collaborations, mergers and acquisitions, geographical expansion, and new product launches, to remain competitive in the marketplace. For instance, Microsoft launched its Machine Learning methodology for its Cognitive Services Platform in May 2019. This model includes a handwriting recognition API as well as a better speech recognition service for transcribing conversations.
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Market Coverage
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
Segment Covered-
- By Deployment
- By Organization Size
- By End-User Industry
Regions covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape: IBM Corp., Microsoft Corp., and Amazon Web Services, Inc., among others.
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Cognitive Services Market Report by Segment
By Deployment
- Cloud-Based
- On-Premise
By Organization Size
- Small and Medium Enterprise
- Large Enterprise
By End-User Industry
- IT & Telecommunication
- BFSI
- Retail
- Others
Cognitive Services Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East & Africa
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- More than 120 countries are for analysis.
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