Unlocking Cognitive Potential: An In-depth Analysis of the Cognitive Assessment and Training Market

The cognitive assessment and training market size has grown exponentially in recent years. It will grow from $4.85 billion in 2023 to $6.05 billion in 2024 at a compound annual growth rate (CAGR) of 24.8%. The growth in the historic period can be attributed to rapid growth in aging population, an increase in investments, increased healthcare expenditure and digitization.

The cognitive assessment and training market size is expected to see exponential growth in the next few years. It will grow to $13.73 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. The growth in the forecast period can be attributed to a rise in healthcare expenditure, an increase in demand for brain training from next generation population and increasing investments. Major trends in the forecast period include focusing on new artificial intelligence, focusing on developing mobile apps, focusing on merger and acquisitions and focusing on neuropsychological testing and assessment techniques.

Market Overview -
Cognitive assessment and training refer to the mental process of learning and comprehending things through senses and experience. An individual's psychological processes and rate of information processing are formally evaluated in cognitive learning.

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Rising Demand For Cognitive Assessment And Training Driven By Increased Adoption Of E-Learning
Increased adoption of e-learning is expected to propel the growth of the cognitive assessment and training market during the forecast period. The delivery of learning and training through digital resources such as computers is known as eLearning. Assessment is an important aspect of the online classroom. A cognitive assessment offers a profile of an individual's academic abilities and challenges, as it provides a managed snapshot of their performance, thus helping to track progress in e-learning. There has been a significant increase in the adoption of e-learning, which in turn has increased the demand for cognitive testing. According to the e-learning statistics 2020 published by EdApp, a company that creates micro-learning-based learning management systems, the e-learning market is projected to reach over $300 billion by 2025. Therefore, increased adoption of e-learning drives the growth of the cognitive assessment and training market.

Competitive Landscape -
Major companies operating in the cognitive assessment and training market report are Pearson plc, Quest Diagnostics, Koninklijke Philips N.V, Cogstate Ltd, CogniFit Ltd, Cambridge Cognition Ltd, MeritTrac Services Pvt Ltd, WIRB-Copernicus Group, Signant Health, BrainCheck, MAX Solutions, Looxid Labs, Newbase, VETASSESS, MRWED, TALi Health, Sensus Cognition, Gradians.com, APTitude, QuodeIT, Kareermatrix, Mytat, CALCI, Vprep, Medavante-Prophase Inc., pymetrics, Inc., Lumos Labs, Inc., ACE Applied Cognitive Engineering Ltd., Arrowsmith Program, BrainWare Learning Company, Total Brain, VeraSci, Berke, Neurotrack, Lumosity, Brain9D

Innovative Mobile Applications And Software Drive Growth In Cognitive Assessment And Training Market
Key players focusing on developing mobile applications and software equipped with the latest technologies such as artificial intelligence and the Internet of Things are shaping the cognitive assessment and training market. The companies are focusing on technological innovations and new product launches for better and enhanced results and product offerings to the market. For instance, in October 2022, S2 Cognition, a US-based sports company, launched a Mobile Testing Lab for athletes. The Mobile Testing Lab offers cognitive assessments to event venues hosting large groups of athletes for tournaments and camps.

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Key Segments -

The cognitive assessment and training market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Organization Size: Small And Medium-sized Enterprises (SMEs), Large Enterprises
3) By Vertical: Healthcare And Life Sciences, Education, Corporate, Other Verticals
4) By Application: Clinical Trials, Learning, Research, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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