Cognitive Collaboration Market
“The Business Research Company recently released a comprehensive report on the Global Cognitive Collaboration Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The cognitive collaboration market size has grown rapidly in recent years. It will grow from $13.86 billion in 2023 to $16.5 billion in 2024 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to growing complexity of work, rise of remote work, data explosion, user experience enhancement, integration of unified communications.
The cognitive collaboration market size is expected to see rapid growth in the next few years. It will grow to $33.24 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%. The growth in the forecast period can be attributed to evolution of natural language processing (nlp), increased emphasis on employee well-being, enhanced security measures, adoption of edge computing, hybrid work models. Major trends in the forecast period include continuous innovation in ai, augmented reality (ar) and virtual reality (vr) integration, integration of ai and collaboration tools, context-aware collaboration, predictive analytics for decision-making.
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Market Drivers and Trends:
The increasing adoption of cloud-based solutions is expected to propel the growth of the cognitive collaboration market going forward. Cloud-based solutions refer to services, applications, or resources hosted, accessed, and managed remotely over the Internet, eliminating the need for local infrastructure. The increased adoption of cloud-based solutions enhances cognitive collaboration by enabling real-time data sharing, improved accessibility, and seamless integration of AI-powered tools across geographically dispersed teams. The use of cloud-based solutions encourages more efficient and insightful decision-making processes. For instance, in April 2023, according to Gartner Inc., a US-based consulting firm, it is anticipated that global end-user spending on public cloud services would increase by 21.7% in 2023 to reach $597.3 billion, up from $491 billion in 2022. Therefore, the increasing adoption of cloud-based solutions is driving the growth of the cognitive collaboration market.
Major companies operating in the cognitive collaboration market are focused on introducing new generative AI systems, such as cognitive paths, to gain a competitive edge. Cognitive AI is used in cognitive collaboration, which helps managers become proficient users of AI, unlocking its full potential for their businesses. For instance, in June 2023, Mphasis, an Indian information technology service company, launched Mphasis.ai. It concentrated on maximizing business outcomes by utilizing artificial intelligence (AI) to transform enterprises across the globe. The business unit easily incorporates AI capabilities into current technological environments, enabling enterprises to increase operational efficiency and customer intimacy while reducing disturbance. It offers services that drive business outcomes, tailored experiences, and a revolutionary force that revolutionizes the way businesses run, among other advantages to enterprise clients.
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Major Key Players of the Market:
Google LLC, Microsoft Corporation, The International Business Machines Corporation, Deloitte Touche Tohmatsu Limited, Cisco Systems Inc., Oracle Corporation, Nokia Oyj, Zoom Video Communications Inc., Atlassian Inc., Avaya Inc., Tata Communications Limited, RingCentral Inc., Nuance Communications Inc., 8×8 Inc., Lucid Software Inc., Aurea Software Inc., RealtimeBoard Inc., IGLOO Inc., Domo Inc., Wrike Inc., Lansweeper NV, Evernote Corporation, Resemble Systems India Private Limited, Bluescape Resources Company LLC, Mattermost Inc., Loop AI Labs Inc., Notion Labs Inc., Softweb Solutions Inc., Beezy Inc., KonoLabs Inc.
Cognitive Collaboration Market 2024 Key Insights:
• The Cognitive Collaboration Market is expected to grow to$33.24 billion in 2028 at a compound annual growth rate (CAGR) of 19.1%.
• Cognitive Collaboration Market Surges With The Rise Of Cloud-Based Solutions
• Increasing Focus On Introducing New Generative AI Systems To Gain A Competitive Edge In The Market
• North America was the largest region in the cognitive collaboration market in 2023.
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This release was published on openPR.
