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Cloud Technology: A Major Factor That Drives The Growth Of Cognitive Analytics Market
Cognitive Analytics Market
Cognitive Analytics Market Size, Growth Rate, And Forecast
The global cognitive analytics market size is expected to grow from $5.19 billion in 2022 to $7.10 billion in 2023 at a compound annual growth rate (CAGR) of 36.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The cognitive analytics market is expected to grow to $24.95 billion in 2027 at a CAGR of 36.9%.
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Cognitive Analytics Market Drivers
The growing usage of cloud technology is expected to propel the growth of the cognitive analytics market going forward. Cloud computing has emerged as a powerful influence in recent years. It handle massive amounts of data while also allowing for global deployment, allowing firms to develop more inventive and dynamic working methods. Internet-connected devices enable people to access servers, storage, data, software, and other resources. Cloud technologies allow cognitive analytics to securely store and share these new and innovative data, applications, and APIs. For instance, In December 2021, according to data published by Eurostat, Cloud technology was trendy in large organizations, as 72% used it in 2021, a 7 % increase over 2020. Cloud computing will be adopted by 53% of medium-sized businesses in 2021, up from 46% in 2020.
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Cognitive Analytics Market Segments
• By Component: Tools, Services
• By Technology Type: Natural Language Processing (NLP), Machine Learning, Automated Reasoning, Technology Snapshot
• By Deployment: On-Premise, Cloud
• By Application: Asset Maintenance, Fraud and Risk Management, Customer Analysis and Personalization, Sales and Marketing Management, Supply Chain Management, Other Application
• By End Users: Banking, Financial Services, and Insurance (BFSI), Telecommunications and IT, Retail and Consumer Goods, Healthcare and Life Sciences, Manufacturing, Government and Defense, Energy and Utilities, Media and Entertainment, Transportation and Logistics, Other Industries
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the cognitive analytics market.
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Cognitive Analytics Market Key Players
Major competitors in the cognitive analytics market are IBM Corporation, Intel Corporation, Microsoft Corporation, SAS Institute, Cisco Systems, IPsoft, Amazon Web Services.
The Business Research Company's "Global Cognitive Analytics Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Cognitive Analytics Market Include:
1. Executive Summary
2. Cognitive Analytics Market Characteristics
3. Cognitive Analytics Market Trends And Strategies
4. Cognitive Analytics Market - Macro Economic Scenario
5. Cognitive Analytics Market Size And Growth
………………
27. Cognitive Analytics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Cognitive Analytics Market
29. Cognitive Analytics Market Future Outlook and Potential Analysis
30. Appendix
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