Press release
2025-2034 Cognitive Analytics Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Cognitive Analytics
What Is the Expected CAGR for the Cognitive Analytics Market Through 2025?
The scale of the cognitive analytics market has experienced exponential expansion in the past few years. The market is projected to surge from a size of $9.56 billion in 2024 to $13.01 billion in 2025, reflecting a compound annual growth rate (CAGR) of 36.1%. The significant growth during the historic period is credited to strategies aimed at reducing cost, retaining and optimizing talent, enhancing operational efficiency, the widespread of big data, and the evolution of business intelligence.
What's the Projected Size of the Global Cognitive Analytics Market by 2029?
The market size of cognitive analytics is predicted to undergo an explosive growth in the coming times, culminating at a value of $48.24 billion by 2029, expanding at a compound annual growth rate (CAGR) of 38.8%. The surge in size during the forecasted period can be traced back to factors such as the adoption of cloud-based solutions, commitments to data privacy and governance, prospects of cost savings, focus on talent and workforce analytics, compliance with regulatory necessities, and the escalating demand for predictive analytics. The anticipated trends during the prediction period are improvements in AI and ML, adoption customized to specific industries, decisions made in real time, focus on personalization and insights into customers, and the integration of IoT.
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Top Growth Drivers in the Cognitive Analytics Industry: What's Accelerating the Market?
The increasing adoption of cloud technology is forecasted to drive the expansion of the cognitive analytics market. In recent times, cloud computing has become a significant driver, managing vast data volumes and enabling global implementation, thus empowering businesses to create more innovative and flexible operational strategies. It makes servers, storage, data, software, and other resources accessible via internet-connected devices. Through cloud technologies, cognitive analytics can securely store and distribute these novel data, applications, and APIs. For example, a Flexera report from July 2024 states that 94% of businesses utilize cloud services, suggesting a pronounced shift towards embracing cloud technology for operational effectiveness. Further, it is estimated that around 53% of mid-sized businesses will embrace cloud computing by 2024, maintaining the trend seen in prior years. This demonstrates an escalating commitment amongst enterprises to utilize multi-cloud strategies to improve their processes and meet changing business requirements. Therefore, the increasing utilization of cloud technology is fueling the cognitive analytics market's expansion.
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What Trends Will Shape the Cognitive Analytics Market Through 2029 and Beyond?
Major firms in the cognitive analytics field are formulating novel products like automation platforms aiming to expand their customer base, enhance sales, and grow their earnings. An automation platform is a comprehensive software solution designed to ease and manage numerous automated procedures within a company. For instance, UiPath, an American company providing robotic process automation, unveiled its 2023.4 platform in May 2023. This cutting-edge platform incorporates AI-driven characteristics crafted to streamline automation amid various business operations. A major improvement is in document comprehension, where machine learning is utilized to enhance document processing accuracy, significantly diminishing the necessity for human intervention. This improvement is a testament to UiPath's dedication towards improving operational efficacy through state-of-the-art automation technologies.
What Are the Main Segments in the Cognitive Analytics Market?
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
Subsegments:
1) By Tools: Software, Platforms
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services
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Which Top Companies are Driving Growth in the Cognitive Analytics Market?
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
Which Regions Will Dominate the Cognitive Analytics Market Through 2029?
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.
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