Cognitive Analytics Market: Global Industry Analysis and Forecast (2021-2027) by Deployment, Component, Technology, End-User, and Region

The Cognitive Analytics Market size was valued at US$ 1.9 Billion in 2020 and the global Cognitive Analytics revenue is expected to grow at 12.5% through 2021 to 2027, reaching nearly US$ 4.33 Billion.

Cognitive Analytics Market Overview:

Cognitive analytics or cognitive computing are technologies that work on the principles of artificial intelligence. These include speech recognition, machine learning, Natural Language Processing (NLPs), etc. In general, the term cognitive analytics refers to the computer software that can simulate the behavior of a human brain. Cognitive analytics is generally used in the processing of large databases and unstructured data sets. That’s why it has a huge scope in industries that deal with large user databases like the BFSI industry, manufacturing, and automation industry in the forecast period (2021-2027). Cognitive analytics is further useful in Speech recognition, Face detection, Risk assessment, Fraud detection, etc. Cognitive Analytics Market To know about the Research Methodology :- Request Free Sample Report In this report cognitive analytics market's growth reasons, as well as the market's many segments, are discussed. Data has been given by market participants, regions, and specific requirements. This market study includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the cognitive analytics market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global cognitive analytics market condition.

Cognitive Analytics Market Dynamics:

A major driver in the cognitive analytics market is the rise in AI and integrated cloud platforms by different industries. For example, the use of AI in the retail market is changing how businesses keep track of their operations, change their business strategies, optimize their products which results in the efficiency of the overall sales numbers of these organizations. Predictive merchandising using cognitive analytics is expected to be a major driving factor of the cognitive analytics market in the forecast period (2021-2027). A major restraint in the cognitive analytics market growth is the continuous and rising levels of cyber security threats all over the world. Healthcare and financial institutions deal with large amounts of user data daily. These industries analyze and organize large volumes of consumer data regularly. This data is always vulnerable to cyber-attacks. This trend is projected to hamper the overall market growth in the aforementioned forecast period. The key opportunity in cognitive analytics is that more and more SMEs are turning to AI solutions for the handling of their companies’ databases due to the ease of use and increased overall efficiency. 37% of total companies surveyed in a Gartner survey use AI for their business applications. This number is expected to increase in the same forecast period resulting in the boost of the overall market growth.

Cognitive Analytics Market Segment Analysis:

By Deployment, the cloud segment dominated the cognitive analytics market in the year 2020 with over 60% of the total market share. This high share is attributed to cloud deployment being more cost-effective as compared to on-premises deployment. An on-premise application implementation requires skilled personnel along with high initial spending. Cloud implementation does not remove the cost factor but it reduces it exponentially. Furthermore, cloud managers regularly monitor the software and perform vulnerability assessment tests. Cloud deployment also offers more scalability and flexibility as compared to on-premises deployment. Cloud services also offer data encryption, less downtime along with pay-as-you-go services. These factors are expected to contribute to the cloud segment growth in the forecast period (2021-2027). By End-User, IT and Telecom segment dominated the cognitive analytics market in the year 2020. This can be correlated with communication service providers (CSPs) choosing predictive and cognitive operational modes for their business operations. This results in lowered expenditures and enhances customer satisfaction. Companies utilizing cognitive RPA (Robotic Process Automation), Natural Language Processing (NLPs) methods for their database operations are expected to drive the growth of this segment in the aforementioned forecast period. The BFSI (Banking, Financial, and Insurance) sector is expected to witness the highest CAGR of 10.1% in the same forecast period. This is because banks are designing interactive computer systems which use AI for information collection and these systems empower businesses to generate new revenue streams. Another driver in BFSI segment growth is the use of NLPs in the development of semantic rules for information processing and OCR (Optical Character Recognition) scan of KYC documents. The manufacturing segment is expected to witness substantial growth in the same forecast period. This can be attributed to cognitive manufacturing applications which use advanced analytics and data mining techniques to reach overall equipment effectiveness. Asset Performance Improvement, Quality Improvement, Resources Optimization, Supply Chain Management are other driving factors of this segment in the global cognitive analytics market. Cognitive Analytics Market 1

Cognitive Analytics Market Regional Insights:

The North American region dominated the Cognitive Analytics market in 2020. This is due to the well-established tech industry in the US. i.e. the Silicon Valley. Another reason for the highest market growth of this region is the presence of major analytics players in the United States like Oracle, IBM, Google Inc., etc. The United States is also expected to dominate the retail segment in the cognitive analytics market in the year 2020. The Asia Pacific region followed the North American region in terms of share in the same year. This can be correlated with China being one of the leading researchers in AI technologies in the world. Singapore stood first in terms of AI intelligence readiness with the highest score of 9.186. (The index included 194 countries and territories.).The other countries that topped the index include the UK, Germany, US, Finland, Sweden, and Canada. China recently announced its goal to become a principal world center for AI innovation by 2030’. Therefore it seems that even though the US is leading the cognitive analytics market presently; china might win over the cognitive analytics race by the year 2027. The objective of the report is to present a comprehensive analysis of the Cognitive Analytics market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Cognitive Analytics market dynamics, structure by analyzing the market segments and projecting the Cognitive Analytics market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Cognitive Analytics market make the report investor’s guide.

Cognitive Analytics Market Scope: Inquire before buying

Global Cognitive Analytics Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 1.9 Billion.
Forecast Period 2021 to 2027 CAGR: 12.5 % Market Size in 2027: US $ 4.33 Billion.
Segments Covered: by Deployment • On-Premises • Cloud
by Component • Tools • Services
by Technology • Natural Language Processing (NLP) • Machine Learning • Automated Reasoning
by End-User • BFSI • Manufacturing • IT & telecommunication • Aerospace and Defense • Retail and Consumer Goods • Other

Cognitive Analytics Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Cognitive Analytics Market Key Players

• IBM • Infosys • Happiest Minds • Rapidvalue • Cognizant • Einfochips • Prodapt Solutions • Tech Mahindra • Google LLC • Oracle Corporation • SAS Institute • Microsoft Corporation • IPsoft • Narrative Science • Cisco Systems • Nokia

FAQs:

1. Which is the potential market for Cognitive Analytics in terms of the region? Ans. it seems that even though the US is leading the cognitive analytics market presently; china might win over the cognitive analytics race by the year 2027. 2. What are the opportunities for new Market entrants? Ans. The key opportunity in cognitive analytics is that more and more SMEs are turning to AI solutions for the handling of their companies’ databases due to the ease of use and increased overall efficiency. 3. What is expected to drive the growth of the Cognitive Analytics Market in the forecast period? Ans. A major driver in the cognitive analytics market is the rise in AI and integrated cloud platforms by different industries. 4. What is the projected market size & growth rate of the Cognitive Analytics Market? Ans. The cognitive Analytics Market size was valued at US$ 1.9 Billion in 2020 and the global Cognitive Analytics revenue is expected to grow at 12.5% through 2021 to 2027, reaching nearly US$ 4.33 Billion. 5. What segments are covered in the Cognitive Analytics Market report? Ans. The segments covered are Deployment, Component, Technology, End-User, and Region.
1. Global Cognitive Analytics Market: Research Methodology 2. Global Cognitive Analytics Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Cognitive Analytics Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Cognitive Analytics Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Cognitive Analytics Market Segmentation 4.1 Global Cognitive Analytics Market, by Component (2020-2027) • Tools • Services 4.2 Global Cognitive Analytics Market, by Technology (2020-2027) • Natural Language Processing (NLP) • Machine Learning • Automated Reasoning 4.3 Global Cognitive Analytics Market, by Deployment (2020-2027) • On-Premises • Cloud 4.4 Global Cognitive Analytics Market, by End-user (2020-2027) • BFSI • Manufacturing • IT & telecommunication • Aerospace and Defense • Retail and Consumer Goods • Other 5. North America Cognitive Analytics Market(2020-2027) 5.1 Global Cognitive Analytics Market, by Component (2020-2027) • Tools • Services 5.2 Global Cognitive Analytics Market, by Technology (2020-2027) • Natural Language Processing (NLP) • Machine Learning • Automated Reasoning 5.3 Global Cognitive Analytics Market, by Deployment (2020-2027) • On-Premises • Cloud 5.4 Global Cognitive Analytics Market, by End-user (2020-2027) • BFSI • Manufacturing • IT & telecommunication • Aerospace and Defense • Retail and Consumer Goods • Other 5.5 North America Cognitive Analytics Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Cognitive Analytics Market (2020-2027) 6.1. Asia Pacific Cognitive Analytics Market, by Component (2020-2027) 6.2. Asia Pacific Cognitive Analytics Market, by Technology (2020-2027) 6.3. Asia Pacific Cognitive Analytics Market, by Deployment (2020-2027) 6.4. Asia Pacific Cognitive Analytics Market, by End-user (2020-2027) 6.5. Asia Pacific Cognitive Analytics Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Cognitive Analytics Market (2020-2027) 7.1 Middle East and Africa Cognitive Analytics Market, by Component (2020-2027) 7.2. Middle East and Africa Cognitive Analytics Market, by Technology (2020-2027) 7.3. Middle East and Africa Cognitive Analytics Market, by Deployment (2020-2027) 7.4. Middle East and Africa Cognitive Analytics Market, by End-user (2020-2027) 7.5. Middle East and Africa Cognitive Analytics Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Cognitive Analytics Market (2020-2027) 8.1. Latin America Cognitive Analytics Market, by Component (2020-2027) 8.2. Latin America Cognitive Analytics Market, by Technology (2020-2027) 8.3. Latin America Cognitive Analytics Market, by Deployment (2020-2027) 8.4. Latin America Cognitive Analytics Market, by End-user (2020-2027) 8.5. Latin America Cognitive Analytics Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European Cognitive Analytics Market (2020-2027) 9.1. European Cognitive Analytics Market, by Component (2020-2027) 9.2. European Cognitive Analytics Market, by Technology (2020-2027) 9.3. European Cognitive Analytics Market, by Deployment (2020-2027) 9.4. European Cognitive Analytics Market, by End-user (2020-2027) 9.5. European Cognitive Analytics Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1 IBM 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Infosys 10.3 Happiest Minds 10.4 Rapidvalue 10.5 Cognizant 10.6 Einfochips 10.7 Prodapt Solutions 10.8 Techmahindra 10.9 Google LLC 10.10 Oracle Corporation 10.11 SAS Institute 10.12 Microsoft Corporation 10.13 IPsoft 10.14 Narrative Science 10.15 Cisco Systems 10.16 Nokia

About This Report

Report ID 6496
Category Information Technology & Telecommunication
Published Date Dec 2019
Updated Date Dec 2021
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