Press release
Cognitive Analytics Market Share Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share Share
Cognitive Analytics Market Share
The increasing application of cloud technology is set to stimulate the cognitive analytics market's expansion. In recent times, cloud computing has arisen as a potent game-changer, dealing with massive data volumes and permitting global deployment. This allows companies to devise more creative and fluid operation techniques. Devices connected to the internet grant people the key to servers, storage, data, software, among others. Cloud-based technologies provide a platform for cognitive analytics to securely store and share these groundbreaking data, applications, and APIs. As an example, a Flexera report in July 2024 highlighted that 94% of businesses are embracing cloud services, showing a substantial lean towards adopting cloud technology for operational effectiveness. Moreover, it is estimated that nearly 53% of mid-size businesses will migrate to cloud computing by 2024, maintaining the pattern seen in past years. It shows organizations' increased dedication to utilize multi-cloud strategies to boost their operations and accommodate shifting business requirements. Thus, the escalating use of cloud technology is fueling the cognitive analytics market's growth.
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How will the growth rate of the cognitive analytics market shape industry trends by 2034?
In recent years, there has been a significant expansion in the size of the cognitive analytics market. The market is projected to increase from $9.56 billion in 2024 to $13.01 billion in 2025, with a compound annual growth rate (CAGR) of 36.1%. Several factors have contributed to the market's growth during the historical period, including strategies for reducing costs, retaining and optimizing talent, enhancing operational efficiency, the spread of big data, and the evolution of business intelligence.
The market size of cognitive analytics is projected to witness rapid expansion in the coming few years. It is anticipated to reach $48.24 billion by 2029 with a compound annual growth rate (CAGR) of 38.8%. Factors contributing to this growth within the projection period include the adoption of cloud-based solutions, emphasis on data privacy and governance, opportunities to save costs, the analytics of talent and workforce, regulatory norms, and the rising demand for predictive analytics. The anticipated key trendsetters for the forecast period encapsulate advancements in AI and ML, sector-specific adoption, real-time decision-making, personalization and customer insights and IoT integration.
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What trends are poised to drive the future success of the cognitive analytics market?
Leading businesses in the cognitive analytics industry are creating cutting-edge products like automation platforms to cater to broader consumer groups, boost sales, and escalate revenue. Automation platforms are comprehensive software solutions designed to manage and simplify a variety of automated systems within a company. Take for example UiPath, an American firm specializing in robotic process automation, unveiled its 2023.4 platform in May 2023. This innovative platform incorporates AI-enabled components aimed at optimizing automation across diverse business activities. A prominent upgrade is in the field of document understanding, capitalizing on machine learning to increase the precision of document handling, dramatically lessening the necessity for human involvement. This development underscores UiPath's dedication to augmenting operational efficiency using cutting-edge automation technologies.
Which primary segments of the cognitive analytics market are driving growth and industry transformations?
The cognitive analytics market size has grown exponentially in recent years. It will grow from $9.56 billion in 2024 to $13.01 billion in 2025 at a compound annual growth rate (CAGR) of 36.1%. 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.
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Which geographical regions are pioneering growth in the cognitive analytics market?
North America was the largest region in the cognitive analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the cognitive analytics market landscape?
Major companies operating in the cognitive analytics market 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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What Is Covered In The Cognitive Analytics Global Market Report?
• Market Size Forecast: Examine the cognitive analytics market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the cognitive analytics market for a structured understanding.
• Key Players Overview: Analyze major players in the cognitive analytics market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cognitive analytics market.
• Segment Contributions: Evaluate how different segments drive overall growth in the cognitive analytics market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cognitive analytics market.
• Industry Challenges: Identify potential risks and obstacles affecting the cognitive analytics market.
• Competitive Landscape: Review strategic developments in the cognitive analytics market, including expansions, agreements, and new product launches.
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