Cognitive Analytics Market: Global Industry Analysis And Forecast (2023-2029)

Global Cognitive Analytics Market size was valued at US$ 2.40 Billion in 2022 and the Cognitive Analytics revenue is expected to grow at 12.5% through 2023 to 2029, reaching nearly US$ 5.48 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 (2021-2029). Cognitive analytics is further useful in Speech recognition, Face detection, Risk assessment, Fraud detection, etc.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 (2023-2029).

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 2022 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 (2023-2029).

By End-User, IT and Telecom segment dominated the cognitive analytics market in the year 2022. 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.
Regional Insights:
The North American region dominated the Cognitive Analytics market in 2022. 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 2022.

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 2029.

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.
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Global Cognitive Analytics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 2.40 Billion.


Forecast Period 2023 to 2029 CAGR:
12.5 %
Market Size in 2029:
US $ 5.48 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 (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina and Rest of South America)
Cognitive Analytics Market Key Players are:
1. IBM
2. Infosys
3. Happiest Minds
4. Rapidvalue
5. Cognizant
6. Einfochips
7. Prodapt Solutions
8. Tech Mahindra
9. Google LLC
10.Oracle Corporation
11.SAS Institute
12.Microsoft Corporation
13.IPsoft
14.Narrative Science
15.Cisco Systems
16.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 2029.

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$ 2.40 Billion in 2022 and the global Cognitive Analytics revenue is expected to grow at 12.5% through 2023 to 2029, reaching nearly US$ 5.48 Billion.

5. What segments are covered in the Cognitive Analytics Market report?
Ans. The segments covered are Deployment, Component, Technology, End-User, and Region.