New York, USA, Oct. 25, 2022 (GLOBE NEWSWIRE) — According to the recently released Research Dive report, the global cognitive cloud computing market should raise $108,788.7 million by 2027 and ride in a stable 31.3% CAGR in the Calendar 2020-2027. This comprehensive report by Research Dive presents a brief overview of the current framework of the Cognitive Cloud Computing market, including its priority characteristics such as growth drivers, growth opportunities, restraints and barriers during the forecast period 2020 -2027. The report also contains all the crucial market figures to help new entrants easily understand the market.
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Cognitive Cloud Computing Market Dynamics
Drivers: Over the years, enterprises have gradually shifted towards modernizing their systems, which is expected to be the main growth driver for the cognitive cloud computing market over the forecast period. Moreover, the increasing adoption of cognitive cloud computing technologies in various industries such as BFSI, retail, etc. is expected to push the market growth rate higher in the analysis period.
Opportunities: The growing adoption of emerging technologies is expected to provide ample growth opportunities to the market over the forecast period. Additionally, increasing adoption of cognitive cloud computing technology in the healthcare sector is expected to augment the market growth rate.
Constraints: However, according to market analysts, high implementation costs may become a drag on the cognitive cloud computing market growth.
Impact of Covid-19 on the Cognitive Cloud Computing Market
The novel coronavirus had wreaked havoc around the world. Lockdowns put in place to curb the virus have affected various industries and their production cycles. The cognitive cloud computing market, however, faced a positive impact from the pandemic. The growth of this market during the pandemic period is mainly attributed to the growing importance of natural language processing (NLP) technique in the healthcare sector and pharmaceutical companies, as NLP helps clinicians manage and monitor the patient population more effectively.
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Cognitive Cloud Computing Market Segments
The ResearchDive report has fragmented the cognitive cloud computing market into different segments such as technology, company size, vertical, and region.
Technology: the natural language processing sub-segment will be the most dominant
By technology, the natural language processing sub-segment was the most dominant in 2019 and is expected to continue to do so during the forecast period. The wide use of NLP along with cognitive computing technologies in almost all industries is expected to drive the growth of this sub-segment over the forecast period.
Company size: the SME sub-segment will flourish immensely
Based on enterprise size, the SMB sub-segment of the cognitive cloud computing market is expected to be highly profitable and generate $35,077.7 million in revenue by 2027. Rising demand for cognitive cloud computing services by SMEs for modernizing their systems and infrastructure is expected to drive the growth of this sub-segment over the forecast period.
Vertical sector: the BFSI sub-segment will be very lucrative
By vertical, BFSI sub-segment is expected to be highly lucrative and generate $19,486.4 million in revenue by 2027. Rising implementation of cognitive cloud computing technologies in banks and financial institutions to identify financial fraud is expected to drive the growth of this sub-segment over the forecast period.
Region: the North America region market must be the most profitable
According to a regional analysis, the cognitive cloud computing market in the North America region is expected to grow tremendously over the analysis period. The presence of technically progressive economies such as the United States and Canada is expected to be the major market driver during the forecast period.
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Key Cognitive Cloud Computing Market Players
Some prominent players in the cognitive cloud computing market are
- Nuance Communications, Inc.
- Hewlett Packard Enterprise Development LP
- IBM, among others.
These players introduce and come up with new technological advancements and innovations to gain market leadership. – Buy the full report
For instance, in December 2021, Brillio, a leading developer of digital technology services, announced the acquisition of Cedrus Digital, a leading cloud consulting firm. The acquisition by Brillio aims to develop cognitive automation capabilities and transformational service capabilities in the healthcare sector.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of key players, and SWOT analysis.
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