New York, USA, Jan. 11, 2021 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the cognitive cloud computing market is expected to cross the $108,788.7 million mark by 2027, from a significant market size of $11,530.0 million in 2019, with a healthy CAGR of 31.3%. This report elaborates about the present condition of the market and includes features like growth aspects, market dynamics, hurdles and challenges, restraints, and plausible opportunities in the forecast period. The report also highlights market figures; thus making it simple and beneficial for the novel market players to comprehend the overall market situation.
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Benefits associated with cognitive cloud computing such as synthesizing data from natural language processing, data mining, and pattern recognition is the driving factor for the market. Moreover, usage of cognitive cloud computing by various end-users and role of artificial intelligence in cognitive cloud computing is predicted to promote the market further. Apart from this, OTT sectors prefer cognitive cloud computing for delivering high quality video content is also anticipated to increase the market growth. These all factors are fueling the market growth in the forecast period.
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However, high costs involved in incorporating cognitive cloud computing is hindering the market growth in the forecast period. On the other hand, various interactive platforms like Chatbots and innovative tools will create opportunities for the market.
Impact of the Covid-19 Crisis on Cognitive Cloud Computing Market
The Covid-19 pandemic has affected the market in a positive way as natural language processing (NLP) technique is gaining significance in the pharmaceutical and healthcare sectors during the pandemic. This NLP technique is supporting all scientists and healthcare professionals for carrying out their duties in the Covid-19 outbreak.
Furthermore, the NLP technique helps clinicians to monitor patient population by picking up virus symptoms at real-time basis. Beyond this, this technique is considered as useful in treating diseases, thus enhancing the demand of NLP in the healthcare sector. All these aspects are creating growth and development of the market during the Covid-19 crises.
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The report divides the market into segments based on technology, enterprise size, industry vertical and regional analysis.
Natural Language Processing Technology Sub-Segment to Garner Significant Growth Rate
This sub-segment is predicted to harbor considerable growth rate of 32.2% in the estimated timeframe. The feature of NLP technology to interact with humans at real time basis and adoption of NLP by various industry verticals is predicted to drive the market in forecast period. Furthermore, additional abilities such as content extraction, text-to-speech, and content categorization will further boost the market. All these factors are fueling the market growth.
Large Enterprises Sub-Segment to be the Most Lucrative
The large enterprise sub-segment is anticipated to reach $73,711.1 million by 2027, from a healthy market size of $8,069.0 million in 2019. The major reason driving the market is utilization of cognitive computing techniques by large enterprises for employees who are dealing with complicated descion making processes.
Healthcare Sub-Segment to Generate Maximum Growth Rate
The healthcare sub-segment is predicted to grow with a notable CAGR of 32.5% in the analyzed timeframe. The use of cognitive computing techniques for aiding healthcare practitioners in treating diseases is considered as the main factor for propelling the market growth.
North American region is anticipated to dominate the market in the estimated timeframe, mainly due to significant revenue of $3,849.9 million in the previous years. Well development economies of the U.S.A, and Canada is opening doors to many technologies. These technologies are widely accepted by businesses for modernizing their activities. These factors are driving the market in the estimated forecast period.
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Key Players and Business Strategies
• Nuance Communications, Inc.
• Hewlett Packard Enterprise Development LP
These prominent businesses are opting for several strategies that include partnerships and collaborations, acquisitions, and expansion of businesses to achieve a competitive edge in the cognitive cloud computing industry worldwide.
The report consists of various facets of all the vital players that are operative in the market such as financial performance, product portfolio, present strategic moves, major developments and SWOT. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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