Cognitive Cloud Computing Market, COVID-19 Effect:
The COVID-19 emergency is expected to have positive effect on the global cognitive cloud computing market growth in 2020. The COVID-19 outbreak is perhaps the utmost healthcare challenge of the past century globally. In such situations, natural language processing (NLP), deep learning and big data techniques have played a significant role in the drug discovery as well as detection and monitoring of virus effected patients. NLP technique enables the researchers and scientists to access information from various sources such as scientific publications, previous clinical trial records, internal sources, and others to find most effective way for treating the virus-affected patients. Also, NLP technique with cognitive computing has a potential role in finding the risk factors involved in the COVID-19 spread and hotspots based on infection rate. These aspects are projected to have a positive impact on the global market growth in the emergency period.
According to global cognitive cloud computing market analysis by Research Dive, the global market is anticipated to reach $108,788.7 million till 2027 at a 31.3% CAGR, rising from $11,530.0 million by 2019.
Cognitive Cloud Computing Market, Overview:
Rising demand for cognitive cloud computing technologies from various businesses such as financial institutions, healthcare and retail to modernize their organization activities through most innovative technologies such as machine learning, natural language processing and others is estimated to boost the growth of the market in the forecast timeframe. Also, cognitive computing models playing a major role in the investigation of large volumes of organization data in real time and suggest advanced solutions for business growth is further estimated to boost the growth of the market in the prediction time. In addition, rapid growth in the implementation of cognitive cloud computing tools in news industry because of applications such as image & speech recognition, in-depth text understanding, detection of expression and emotion and many other abilities is further anticipated to surge the market growth in the review time. In addition, rising incorporation of AI in cognitive cloud computing technologies to provide enhanced solutions for business growth is anticipated to generate huge prospects for the growth of the market in the near future. However, huge installation and maintenance cost for the cognitive cloud computing models is expected to be a major restraint for the growth of the market.
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Cognitive Cloud Computing Market, Segmentation Analysis:
The machine learning (ML) technology is predicted to witness a significant growth and is estimated to rise at a healthy CAGR of 30.3% during the analysis period. Increasing demand for ML with cognitive computing technologies in computer program development is predicted to bolster the market growth in the forecast period. This growth is mainly owing to ML with cognitive cloud computing tools offering computers with the capability to continuing learning to build innovative models to meet customer demands by analyzing the correlations between the consumer demand and requirements. This aspect is predicted to grow demand for ML technologies and propel the growth of the market in the forecast years.
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Large enterprises sub-category was the highest revenue contributor of the global cognitive cloud computing market in the past decades and is expected to continue its rise at a healthy rate of 30.7% CAGR during the estimated time. Wide utilization of cognitive cloud computing technologies in the large enterprises to improve customer experience by implementing innovative cloud computing abilities to their business activities is estimated to impel market growth during the estimated timeframe. Moreover, SMEs sub-segment is estimated to grow at a rapid pace with a 32.4% CAGR and is estimated to generate a revenue of $35,077.7 million till 2027. Government initiatives to support SMEs to adopt innovative technologies like chatbots to ensure improved user services for gaining customers interest is estimated impel the market growth in the forecast time.
In the past decades, healthcare industry accounted for majority of the cognitive cloud computing market share, which was about 19.1% and is anticipated to rise at a highest rate of 32.5% CAGR during the forecast time. Cognitive computing platforms offering better treatment to patients are playing a significant role in better diagnosis for quicker recovery of patients, which is predicted to accelerate the growth of the market in the analysis time. Retail industry vertical is expected to witness a notable growth and is anticipated to grow at a CAGR of 32.1% in the analysis time. Rising adoption of cognitive cloud computing technologies by retail companies to revolutionize their organizational operations is estimated to accelerate the market growth in the analysis period.
North America was a significant revenue contributor of the global cognitive cloud computing market in 2019 and is estimated to retain its growth at a CAGR of 30.0% during the forecast years. This dominance is owing to early adoption of cognitive cloud computing technologies by the industry verticals because of technological advancements like IoT and 5G services that have encouraged many companies to adopt cognitive cloud computing in the North America. Furthermore, Asia-Pacific cognitive cloud computing market will experience a remarkable growth during the forecast period and is estimated to account for $31,548.7 million by 2027, at a CAGR of 32.5%. Government initiative to support modernization of infrastructure towards adoption of cognitive computing technologies especially in developing economies such as India and China to provide enhanced solutions for the business growth is predicted to propel the market growth in the Asia-Pacific.
Cognitive Cloud Computing Market, Significant Market Players:
- Nuance Communications, Inc.
- Hewlett Packard Enterprise Development LP
These players are continuously concentrating on product advancements and new technology introduction by investing into R&D activities to reach major position in the global market.
Porter’s Five Forces Analysis for Cognitive Cloud Computing Market:
- Bargaining Power of Suppliers: Cognitive cloud computing market involves high number of large-scale providers and increasing requirement of cognitive computing services is delivering high price war between dealers. The bargaining power of suppliers is HIGH.
- Bargaining Power of Consumers: The market has huge concentration of customers, growing demand for cognitive cloud computing services because of less availability of substitutes and key participants offering enhanced services. The bargaining power of the consumer is MODERATE.
- Threat of New Entrants: Growing demand for cognitive cloud computing services along with presence of prominent players in the global market are delivering high danger for new contestants into the market. The threat of new entrants is HIGH.
- Threat of Substitutes: Cognitive cloud computing market contains minimal number of alternatives, and thus there is low risk of alternatives. The threat of substitutes is LOW.
- Competitive Rivalry in the Market: The market contains prominent players and these participants are focusing on novel product launches, acquisitions and partnerships to gain high market share in the overall industry. This factor is resulting in HIGH competitive rivalry in the market.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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