Global Cognitive Collaboration Market: Overview
Cognitive collaboration harnesses the benefits of machine learning and artificial intelligence to increase distributed and in-person collaboration experiences. It details a rudimentary shift in how people working together can utilize technology to promote relationships between humans. It also describes how organizational and team goals can be reached and better customer experiences can be generated.
The global cognitive collaboration market is likely to grow rapidly and gain considerable prominence through 2024. Rising need for collaboration and mobility coupled with hassle-free integration of already existing environment are forecasted to trigger growth of the global cognitive collaboration market.
The global cognitive collaboration market is segmented based on six important parameters, which are deployment mode, component, vertical, application area, organization size, and region.
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Global Cognitive Collaboration Market: Notable Developments
One of the recent market developments that characterize the course of the global Cognitive Collaboration market is as mentioned below:
- In January 2018, CognitiveScale introduced Cortex 5, which is a blockchain and artificial intelligence technology-based cloud software. This is likely to assist companies in improving the return on investment and process of implementation related to AI systems. Cortex 5 can be found in both Microsoft Azure cloud environments and Amazon Web Services (AWS). Such technological developments are likely to trigger market growth over assessment tenure.
- In September 2019, Microsoft Corporation added an AI-powered presentation coach to PowerPoint. This is likely to assist the user by enabling them to add feedbacks for the next presentation. Integration of this new feature is likely to augment the use of PowerPoint.
Some well-known organizations in the global cognitive collaboration market comprise the below-mentioned:
- Slack Technologies, Inc.
- Cisco Systems, Inc.
- Intec Systems Limited
- Softweb Solutions Inc.
- Microsoft Corporation
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Global Cognitive Collaboration Market: Key Trends
The following drivers, opportunities, and restraints characterize global cognitive collaboration market over the review period, from 2019 to 2027.
Easy Deployment and More Scalability Functions Boosts Market
The global cognitive collaboration is likely to make use of behavioral preferences and diverse thinking for a work environment that develop well with strategic collaboration. Cognitive collaboration refers to a deliberate practice of applying behavioral and thinking preferences to generate an atmosphere promoting high quality and frequent collaboration. With such a strength-based prototype, everybody in a team is capable of contributing in a much better way. Each of the people is aware of their weaknesses and strengths.
Various educational institutes are experiencing the need to facilitate collaboration and communication among teachers, students, and professors to facilitate hassle-free learning from distant locations. This new tool of collaboration is changing the way the education sector offers tuitions, manages budget, and delivers training. The global cognitive collaboration market is estimated to gather momentum from its rising popularity in the education sector, which makes use of collaboration solutions to facilitate distant learning and streamlining of business processes.
Various organizations are using cloud-based deployment for enabling businesses to operate easily and with more agility. It offers more scalability functions than other on-premise solutions, which has increased its adoption by several companies. Such increased adoption is likely to boost the global cognitive collaboration market.
Global Cognitive Collaboration Market: Geographical Analysis
The global cognitive collaboration market has been divided into the significant regions of North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. Such region-based segments provide a detailed view of the regional markets to help better understanding of the overall market.
North America cognitive collaboration market is forecasted to dominate the market during the tenure of assessment. Increased and rapid adoption of AI-powered solutions and services across many industries is anticipated to favor growth of the market in North America expected to have the largest market size during the forecast period. The North American region is expected to hold the largest market size in the global cognitive collaboration market during the forecast period.The adoption of AI-powered services is expected to grow in the region, owing to the growing demand to analyze large volumes of data to enhance the overall productivity, consumer experience and improve the decision-making process
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The following regional segments are covered comprehensively:
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- Asia Pacific
- Latin America
- The Middle East and Africa
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