Cognitive Analytics Market Size, Forecast, Growth, Trends 2024-2033

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.

Market Overview -
Cognitive analytics refers to an analytical strategy used to identify business possibilities, assess new trends, streamline procedures, lower risk, adjust to changing circumstances, and address urgent process-related problems immediately. The primary purpose of cognitive analytics is to provide an intelligent technology analysis that incorporates a variety of analytic methods to examine massive data sets and provide unstructured data structures.

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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

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.

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Key Segments -

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

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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