Press release
Cognitive Analytics Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | International Business Machines Corporation, Amazon Web Services Inc., Cisco Systems Inc., Cognizant Technology Solutions Ltd.
Cognitive Analytics Market Characteristics
The Business Research Company offers in-depth market insights through Cognitive Analytics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The cognitive analytics market size has grown exponentially in recent years. It will grow from $7.1 billion in 2023 to $9.73 billion in 2024 at a compound annual growth rate (CAGR) of 37.1%. The growth in the historic period can be attributed to cost reduction strategies, talent retention and optimization, operational efficiency, big data proliferation, business intelligence evolution.
The cognitive analytics market size is expected to see exponential growth in the next few years. It will grow to $34.39 billion in 2028 at a compound annual growth rate (CAGR) of 37.1%. The growth in the forecast period can be attributed to cloud-based solutions, data privacy and governance, cost-saving opportunities, talent and workforce analytics, regulatory requirements, predictive analytics demand. Major trends in the forecast period include ai and ml advancements, industry-specific adoption, real-time decision-making, personalization and customer insights, iot integration.
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Market Segmentation:
The cognitive analytics market covered in this report is segmented -
1) By Component: Tools, Services
2) By Technology Type: Natural Language Processing (NLP), Machine Learning, Automated Reasoning, Technology Snapshot
3) By Deployment: On-Premise, Cloud
4) By Application: Asset Maintenance, Fraud and Risk Management, Customer Analysis and Personalization, Sales and Marketing Management, Supply Chain Management, Other Application
5) 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
Major Driver - Cloud Technology's Surge Driving Cognitive Analytics Market Growth
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. Cloud computing will be adopted by 53% of medium-sized businesses in 2021. Furthermore, In March 2022, According to Flexera's 2022 State of the Cloud Report, organizations reported spending more than $12 million yearly in 37% of cases in 2021 and more than $1.2 million on clouds in 80% of cases. Therefore, the growing usage of cloud technology is driving the growth of the cognitive analytics market.
Competitive Landscape:
Major companies operating in the cognitive analytics market report are International Business Machines Corporation, Amazon Web Services Inc., Cisco Systems Inc., Cognizant Technology Solutions Ltd., Hewlett Packard Enterprise Co., Infosys Technologies Private Limited, Intel Corporation, Ipsoft Inc., Microsoft Corporation, Nokia Oyj, Oracle Corp., Persado Uk Ltd., Statistical Analysis Systems, Sinequa Co., Tech Mahindra Pvt. Ltd., Alteryx LLC, Ayasdi Inc., Cognitives Group Ltd., CognitiveScale Inc., Databricks Inc., DataRobot Inc., Expert System Ltd., Google LLC, Indico Data Solutions Inc., Informatica Inc., Kensho Technologies Inc., MicroStrategy Inc., Narrative Science Inc., Numenta Inc., Qlik Tech Inc., RapidMiner Inc., SAP SE, Sisense Ltd., Splunk Inc., Tableau Software Inc., ThoughtSpot Inc., The Information Bus Company
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Top Trend - Innovative Cognitive Automation Platforms Transforming Business Operations
Major companies operating in the cognitive analytics market are developing innovative products such as automation platforms to meet larger customer bases, more sales, and increase revenue. An automation platform is an extensive software solution created to simplify and oversee diverse automated processes within an organization. For instance, in May 2021, Kanverse AI, a US-based hyper-automation company, launched a Cognitive Automation platform. The unique features of Kanverse Cognitive Automation lie in its ability to optimize costs, minimize human errors, mitigate risks, accelerate agility, and turbocharge productivity for enterprises. Integrating AI with Optical Character Recognition (OCR), a Business rule framework, and Automation, this product offers a comprehensive solution that digitizes document processing for enterprises. From ingestion, classification, extraction, and validation to filing, it encompasses the entire process. Utilizing Computer Vision, Natural Language Processing (NLP), Fuzzy Logic, and machine learning (ML) algorithms, improves business processes, rendering them more efficient and seamlessly integrated.
The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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