Cognitive Cloud Market Scenario:
In this rapidly changing world of technology, cognitive cloud market is projected to show major growth prospects during the forecast period. Major factor driving the cognitive cloud market is the increasing adoption of internet of things and growing data generation which needs real time analysis. Analyzing consumer behaviors with cognitive analytics helps in tracing the behavior patterns of customer and can enable target advertising. This will eventually help in driving the cognitive cloud market. Cognitive cloud is nothing but the next evolution of cloud computing with new learning systems that help in development of cognitive applications.
The global Cognitive Cloud Market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. As compared to other regions, the cognitive cloud market in North America is expected to witness significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of cognitive cloud market. This is owing to the presence of large number of established key players like IBM Corporation and upcoming companies in cognitive cloud like CognitiveScale in that region. In addition to this, the region also has a well-established infrastructure which allows higher penetration of devices and ultimately provides better connectivity. This is expected to be a major factor for the growth of cognitive cloud market. Growing adoption of internet of things in retail and healthcare sector is another major factor driving the growth of cognitive cloud market in the region. Increasing adoption by small and medium businesses could be a major factor driving the growth of cognitive cloud market in the region.
The global cognitive cloud market is expected to grow at approx. USD 3.42 Billion by 2023, at 16% of CAGR between 2017 and 2023.
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Major Key Players:
- Google, Inc. (U.S.)
- IBM Corporation (U.S.)
- Microsoft Corporation (U.S.)
- Spark Cognition, Inc. (U.S.)
- CognitiveScale (U.S.)
- Enterra Solutions LLC (U.S.)
- Numenta (U.S.)
- Vicarious (U.S.)
- Saffron Technology (U.S.)
- ColdLight Solutions (U.S.)
Cognitive Cloud Market Segmentation:
The cognitive cloud market has been segmented on the basis of technology, service, end user and vertical. The end user segment is further bifurcated into small and medium businesses and large enterprises.
Cognitive cloud is increasingly being adopted by many small and large enterprises today owing to its efficiency in providing real time analysis of massive and diversified data. Cognitive cloud helps in building of cognitive applications which help these organizations in proper data interpretation and is also helping in driving the return on investment factor.
The regional analysis of cognitive cloud market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period.
The major growth in cognitive cloud market in North America is attributed to technical advancements and increasing need for real time analysis of massive and diversified data in that region.
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