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Cognitive Search Tools Market Trends, Strategies, Size, Share And Analysis 2024-2033
Cognitive Search Tools Market Trends
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According to The Business Research Company's, The cognitive search tools market size has grown strongly in recent years. It will grow from $4.10 billion in 2023 to $4.34 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to increasing disposable incomes, increasing reliance on digital devices, increasing internet usage, custom and pre-built skills, and support for multiple data formats.
The cognitive search tools market size is expected to see strong growth in the next few years. It will grow to $5.52 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to explosion of data, shift towards real-time data processing, enhancements in visual representations, human-computer interaction (HCI) and crowdsourcing. Major trends in the forecast period include user-centric design and ux improvements, blockchain for data integrity, integration of knowledge graphs, ethical ai practices and robust api ecosystems.
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Market Drivers and Trends:
The increasing adoption of artificial intelligence (AI) is expected to propel the growth of the cognitive search tools market going forward. Artificial intelligence (AI) refers to the simulation of human intelligence processes by machines, especially computer systems. The adoption of artificial intelligence (AI) is due to its enhanced efficiency, improved decision-making, automated repetitive tasks, and valuable insights from large data sets, ultimately leading to cost savings and innovation across various industries. AI significantly enhances cognitive search tools' functionality and user experience by enabling them better to understand language, context, and user behavior. This leads to more accurate, personalized, and relevant search results, making information retrieval faster and more intuitive across various domains. For instance, in June 2024, according to Slack's new global Workforce Index published by Salesforce UK Limited, a US-based software company, AI usage in UK workplaces has risen by 66% in September 2023 and by 18% since the beginning of 2024. Therefore, the increasing adoption of artificial intelligence (AI) is driving the growth of the cognitive search tools market.
Major companies operating in the cognitive search tools market are focusing on developing advanced solutions, such as azure cognitive search, to enhance search capabilities across various industries. Azure Cognitive Search refers to a cloud-based search service from Microsoft that allows developers to build rich search experiences into applications. For instance, in July 2023, Microsoft Corporation, a US-based technology company, launched a public preview of vector search in Azure cognitive search, which enables developers to store, index, and deliver search applications over vector representations of organizational data, known as embeddings. It offers unique features such as vector representations for semantic understanding, hybrid retrieval combining vector and keyword searches, and seamless integration with Azure services, making it a powerful tool for applications ranging from personalized responses to fraud detection.
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Major Key Players of the Market:
Microsoft Corporation, Amazon Web Services Inc. (AWS), HCL Technologies Ltd., ServiceNow Inc., OpenText Corporation, Micro Focus International plc, Elastic N.V., Verint Systems Inc., QlikTech International AB, Yext Inc., Algolia Inc., Grazitti Interactive Inc., Coveo Solutions Inc., Lucidworks Inc., Glean Inc., Sinequa Inc., SearchUnify Inc., Mindbreeze GmbH, Squirro AG, Datavid Inc., Kyndi Inc., SearchBlox Software Inc., Accuris
Cognitive Search Tools Market 2024 Key Insights:
• The cognitive search tools market size is expected to see strong growth in the next few years. It will grow to $5.52 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Increasing Adoption Of Artificial Intelligence (AI) Is Driving The Growth Of The Cognitive Search Tools Market.
• Advancements In Cognitive Search Tools Enhanced Market Growth
• North America was the largest region in the cognitive search tools market in 2023
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