Press release
Driving Cognitive Search Tools Market Growth in 2025: The Role of Increasing Adoption Of Artificial Intelligence (AI) Is Driving The Growth Of The Cognitive Search Tools Market.
Cognitive Search Tools Market
Cognitive Search Tools Market Size Growth Forecast: What to Expect by 2025?
The market size for cognitive search tools has witnessed significant expansion in the recent past. The market is set to grow from a valuation of $4.34 billion in 2024 to $4.61 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.2%. The historic growth is a result of factors such as rising disposable incomes, growing reliance on digital devices, high internet adoption rates, the use of custom and pre-built skills, and availability of support for various data formats.
How Will the Cognitive Search Tools Market Size Evolve and Grow by 2029?
The market for cognitive search tools is projected to experience robust expansion in the upcoming years. It is predicted to reach $5.85 billion by 2029, with a compound annual growth rate (CAGR) of 6.1%. This growth during the forecast period can be credited to the data explosion, a shift to real-time data processing, improvements in visual representations, human-computer interaction (HCI) and crowdsourcing. The forecast period is also expected to see major trends such as user-focused design and enhancements in user experience, integration of blockchain technology for data integrity, the inclusion of knowledge graphs, ethical AI practices and the development of a strong API ecosystem.
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What Drivers Are Propelling the Growth of Cognitive Search Tools Market Forward?
The cognitive search tools market stands to benefit from a surge in growth, largely fueled by the increasing implementation of artificial intelligence (AI). AI, which is the replication of human intelligence by machines, especially computer systems, is being embraced due to its abilities to enhance efficiency, improve decisions making, automate repetitive tasks, and provide valuable insights from vast data sets. This ultimately induces cost savings and innovation in various sectors. The functionality and user experience offered by cognitive search tools are significantly improved by AI, enabling them to better grasp language, context, and user behaviour. This results in much more precise, personalized, and relevant search outcomes, expediting information retrieval and making it more instinctive across a variety of fields. For instance, a new global Workforce Index released by Salesforce UK Limited, a US-based software company, in June 2024 indicates that AI use in UK workplaces escalated by 66% in September 2023 and 18% at the onset of 2024. Hence, the continued uptake of artificial intelligence (AI) is a key driver in the expanding cognitive search tools market.
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Which Emerging Trends Are Transforming the Cognitive Search Tools Market in 2025?
Key players in the cognitive search tools industry are putting efforts into creating sophisticated solutions like azure cognitive search to strengthen search capabilities across several sectors. Azure Cognitive Search is a cloud-powered service by Microsoft, geared towards aiding developers in incorporating robust search experiences into their applications. For example, in July 2023, Microsoft Corporation, a tech company from the US, unveiled a public preview of vector search in Azure cognitive search. This feature accommodates developers to store, index, and manage search applications on top of vector illustrations of organizational data, often referred to as embeddings. It brings unique aspects such as vector representations for semantic comprehension, hybrid retrieval that blends vector and keyword searches, and smooth amalgamation with Azure services to the table. This makes it an influential tool in applications, from customized responses to fraud detection.
What Are the Key Segments in the Cognitive Search Tools Market?
The cognitive search toolsmarket covered in this report is segmented -
1) By Product Or Type: Natural Language Processing, Image Processing, Speech Recognition, Machine Learning
2) By Deployment: Cloud, On-Premise
3) By Application: Information Technology (IT), Law, Marketing, Customer Service, Airports And Ports, Bank, Telecom
4) By End-User: Large Enterprises, Small And Medium Enterprises
Subsegments:
1) By Natural Language Processing: Text Analysis, Sentiment Analysis, Text Summarization, Named Entity Recognition, Language Translation
2) By Image Processing: Image Recognition, Image Segmentation, Optical Character Recognition (OCR), Image Enhancement
3) By Speech Recognition: Automatic Speech Recognition (ASR), Voice Biometrics, Speech-To-Text Conversion, Voice Command Recognition
4) By Machine Learning: Supervised Learning, Unsupervised Learning, Reinforcement Learning, Deep Learning
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Who Are the Key Players Shaping the Cognitive Search Tools Market's Competitive Landscape?
Major companies operating in the cognitive search tools marker are 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
What Geographic Markets Are Powering Growth in the Cognitive Search Tools Market?
North America was the largest region in the cognitive search tools market in 2024. The regions covered in the cognitive search tools marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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