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The global cognitive services market size reached a value of approximately USD 16.63 billion in 2023. The market is expected to grow at a CAGR of 40.9% between 2024 and 2032, reaching a value of USD 363.91 billion by 2032.
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Cognitive services use APIs, algorithms, and software to enhance the capabilities of artificial intelligence (AI), solve AI-related problems, and help data scientists and developers in accessing artificial intelligence easily. They enable the building of solutions that have the capability of seeing, hearing, understanding, speaking, and even making decisions, and can be incorporated into a wide range of industries and applications.
Based on deployment, the market is bifurcated into cloud and on-premises. On the basis of technology, the market is divided into machine and deep learning and natural language processing. By enterprise size, the market is categorised into small and medium enterprises, and large enterprises. On the basis of end user, the market is segmented into BFSI, IT and telecommunication, retail, and healthcare, among others. Based on region, the market is segregated into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global cognitive services market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
IT and telecommunication is expected to hold a large share of the market for cognitive services based on end user over the forecast period. IT companies commonly deploy software and hardware solutions supporting cognitive services and develop advanced machine learning algorithms used for analysing massive volumes of data to gain important insights. Furthermore, IT and telecommunication, with the help of cognitive services, are able to optimise operations, gain competitive edge, improve customer engagement, and develop network infrastructure.
Regionally, North America accounts for a sizable share of the market for cognitive services due to significant investments in technology in the region and increasing adoption rate of cloud-based services. IoT enabled technologies and smart devices are gaining popularity across the region and people are adapting machine learning and natural language processing technologies at a faster rate, increasing the demand for cognitive services.
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Microsoft Corporation, founded in 1975 with headquarters in Washington, United States, is a multinational technology company that offers leading software products including Internet Explorer, the Windows line of operating systems, Edge web browsers, and Microsoft Office suite, among others.
Google LLC is a technology company which was established in 1998 and has its headquarters in California, United States. They focus on search engine technology, computer software, consumer electronics, online advertising, cloud computing, quantum computing, and artificial intelligence.
Amazon Web Services, Inc was started in 2006 is based out of Washington in the United States. It is an IT service management company that provides its consumers with reliable, highly scalable object storage, and secure and durable services.
Other market players include Nokia Corporation, IBM Corporation, Attivio, Inc, SAS Institute Inc, Enterra Solutions, LLC, Infosys Limited, and Cisco Systems, Inc., among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Deployment |
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Breakup by Technology |
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Breakup by Enterprise Size |
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Breakup by End User |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Cognitive Service Market Analysis
8.1 Key Industry Highlights
8.2 Global Cognitive Service Historical Market (2018-2023)
8.3 Global Cognitive Service Market Forecast (2024-2032)
8.4 Global Cognitive Service Market by Deployment
8.4.1 Cloud
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 On-Premises
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Cognitive Service Market by Technology
8.5.1 Machine and Deep Learning
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Natural Language Processing
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Cognitive Service Market by Enterprise Size
8.6.1 Small and Medium Enterprises
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Large Enterprises
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Cognitive Service Market by End User
8.7.1 BFSI
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 IT and Telecommunication
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Retail
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Healthcare
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Others
8.8 Global Cognitive Service Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Cognitive Service Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Cognitive Service Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Cognitive Service Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Cognitive Service Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Cognitive Service Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Microsoft Corporation
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Google LLC
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Amazon Web Services, Inc
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Nokia Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 IBM Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Attivio, Inc
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 SAS Institute Inc
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Enterra Solutions, LLC
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Infosys Limited
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Cisco Systems, Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Cognitive Service Market: Key Industry Highlights, 2018 and 2032
2. Global Cognitive Service Historical Market: Breakup by Deployment (USD Million), 2018-2023
3. Global Cognitive Service Market Forecast: Breakup by Deployment (USD Million), 2024-2032
4. Global Cognitive Service Historical Market: Breakup by Technology (USD Million), 2018-2023
5. Global Cognitive Service Market Forecast: Breakup by Technology (USD Million), 2024-2032
6. Global Cognitive Service Historical Market: Breakup by Enterprise Size (USD Million), 2018-2023
7. Global Cognitive Service Market Forecast: Breakup by Enterprise Size (USD Million), 2024-2032
8. Global Cognitive Service Historical Market: Breakup by End User (USD Million), 2018-2023
9. Global Cognitive Service Market Forecast: Breakup by End User (USD Million), 2024-2032
10. Global Cognitive Service Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Cognitive Service Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Cognitive Service Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Cognitive Service Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Cognitive Service Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Cognitive Service Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Cognitive Service Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Cognitive Service Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Cognitive Service Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Cognitive Service Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Cognitive Service Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Cognitive Service Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global Cognitive Service Market Structure
The global market for cognitive services reached a value of around USD 16.63 billion in 2023.
The market is expected to grow at a CAGR of 40.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 363.91 billion by 2032.
Increasing demand for natural language processing, and growing concern over data privacy and security are the major market drivers.
The key trends of the market are increasing demand for prevention of network attacks, rising adoption by businesses to reach their goals, and growing demand from various verticals owing to advantages of cognitive services.
The primary technologies of cognitive services are machine and deep learning and natural language processing.
The major enterprise sizes for cognitive services are small and medium enterprises, and large enterprises.
The key players in the cognitive services market are Microsoft Corporation, Google LLC, Amazon Web Services, Inc, Nokia Corporation, IBM Corporation, Attivio, Inc, SAS Institute Inc, Enterra Solutions, LLC, Infosys Limited, and Cisco Systems, Inc., among others.
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