According to Future Market Insights, the market for cognitive analytics is estimated to be valued at USD 2.32 billion in 2023 and will reach USD 7.9 billion in 2033. The market is expected to grow at a CAGR of 13% during the forecast period.
Market demand for connected devices in workplaces and industrial settings will generate vast amounts of data, driving the market demand for cognitive analytics. Over the next decade, supply chain management is expected to grow at a CAGR of 11.8% during the forecast period.
As IoT continues to develop and there is an increasing emphasis on enabling clinical testing in the healthcare industry, and the need for data analytics solutions to identify the different patterns of diseases and develop new drugs for treatment, the market for cognitive analytics will continue to grow in the market.
| Data Points | Key Statistics |
|---|---|
| Estimated Base Year Value (2022) | USD 2.1 billion |
| Expected Market Value (2023) | USD 2.32 billion |
| Anticipated Forecast Value (2033) | USD 7.9 billion |
| Projected Growth Rate (2023 to 2033) | 13% CAGR |
Among the factors supporting market growth are:
Cognitive Analytics combines semantics, deep learning, AI algorithms, and machine learning to achieve human-like intelligence in certain tasks. Using such methods, a cognitive application can learn from its interactions with data and with people over time, becoming smarter and more useful.
Businesses are gaining a competitive edge by implementing a cognitive system, which can provide instant responses. With this technology, companies can mine previously untapped data sources, offer highly personalized services, enhance service quality and consistency, and share knowledge within their organization more effectively.
A variety of approaches are being used to utilize cognitive analytics in various regions. Several industries, including healthcare, retail, and finance, are using cognitive analytics to analyze customer data, identify trends, and make decisions.
The use of cognitive analytics is becoming more popular across Europe, with companies utilizing it to improve customer service, create personalized marketing campaigns, and identify fraud and security threats. Several smart cities are being developed in Asia using cognitive analytics to improve public safety, monitor public health, and develop smart infrastructure.
By using predictive modeling techniques that involve cognitive analytics, businesses will be able to make more accurate predictions about consumer behavior, product demand, and industry trends in the future. Using this method, companies can increase profitability and optimize their operations. Thus, cognitive analytics will experience high growth in the market.
As fraudulent activity increases in the BFSI and insurance sectors, cognitive analytics will further enhance market growth. The use of cognitive analytics in financial data can provide a means for identifying patterns that indicate fraud behaviors.
In addition to analyzing supply chain data, cognitive analytics can be employed to optimize operations and improve efficiency. The organization can better predict future product demand, identify supply chain bottlenecks, and manage inventory in the future.
Cognitive analytics will grow significantly in the coming years, with a broad scope for its usage. Cognitive analytics is expected to make a major contribution to areas such as natural language processing, IoT, automation, robotics, cybersecurity, and more.
Businesses and organizations will benefit from cognitive analytics as technology advances and as its applications become more sophisticated, improving their operations and achieving better results.
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Cognitive analytics simulate the human thought process to learn from the data such as speech-to-text and text-to-speech recognition. Cognitive analytics brings together several intelligent technologies such as deep learning, image recognition, machine learning, semantic computing, artificial intelligence, and among others. Cognitive analytics solutions are increasing in adoption for human cognition and self-correcting for continuous learning.
Cognitive analytics solutions allow enterprises to identify critical patterns, enhance business performance, and develop high-quality business predictions. Cognitive analytics is used to advise and execute trading, as well as for advanced risk underwriting and fraud detection.
Several enterprises are offering cognitive analytics solutions for applications such as data warehousing, information management, and big data analytics services to develop data management from unstructured and structured data. These factors are increasing the demand for cognitive analytics solutions.
Cognitive computing has become the foremost important enabler of business transformation in a growing number of industries. Cognitive computing technology is a department of applied science that automates tasks that traditionally require perceptual and cognitive abilities from humans.
In the Automotive & Transportation industry, in the era of an increasing craze for autonomous vehicles, cognitive computing could make its way deeper into the transportation industry. Cognitive computing can take supervision of traveling requirements direct from booking tickets for flights and hotels to providing personalized recommendations during travel.
Cognitive computing technology can help with airport navigation and also provide translation assistance at foreign destinations. These factors are increasing the demand for cognitive computing, which increases market growth.
Technological advancements in the healthcare and medical industry have allowed physicians and other healthcare providers to treat their patients and diagnose them efficiently. Cognitive analytics in healthcare combines the functioning of humans and machines where machines and the human brain actually overlap to enhance human decision-making for diagnosis and treatments.
The healthcare and medical industry is starting to use cognitive analysis to cater to its patients with the best possible treatments. Cognitive analytics is mainly used for the treatment and detection of critical diseases. Patients and their families will be able to use the system via a cognitive hospital app on virtual home computers or any smartphone.
The advents of cognitive analytics systems are on the rise in the healthcare and wellness industry which is increasing market growth.
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Some of the prominent players in the cognitive analytics market are
Based on the region, the cognitive analytics market has been segmented into North America, Latin America, East Asia, Europe, South Asia & Pacific, and Middle East & Africa. North America is holding the largest market share due to the high presence of cognitive computing analytics solution providers in this region.
In Europe and South Asia & Pacific regions, organizations are adopting cognitive analytics for the digital transformation of business functions, which is expected to grow at the highest growth rate during the forecast period.
The cognitive analytics market report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with cognitive analytics market attractiveness as per segment.
The cognitive analytics market report also maps the qualitative impact of various market factors on cognitive analytics market segments and geographies.
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The Cognitive Analytics market has been segmented on the basis of Technology, Application, Industry, and Region.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Technology 6.2. Application 6.3. Industry 7. Global Market Analysis and Forecast, By Technology 7.1. Machine Learning 7.2. Natural Language Processing 7.3. Others 8. Global Market Analysis and Forecast, By Application 8.1. Fraud and risk management 8.2. Customer analysis and personalization 8.3. Supply chain management 8.4. Others 9. Global Market Analysis and Forecast, By Industry 9.1. Healthcare 9.2. IT & Telecommunication 9.3. BFSI 9.4. Transportation and logistics 9.5. Other 10. Global Market Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. East Asia 10.5. South Asia 10.6. Middle East & Africa 11. North America Sales Analysis and Forecast, by Key Segments and Countries 12. Latin America Sales Analysis and Forecast, by Key Segments and Countries 13. Europe Sales Analysis and Forecast, by Key Segments and Countries 14. East Asia Sales Analysis and Forecast, by Key Segments and Countries 15. South Asia Sales Analysis and Forecast, by Key Segments and Countries 16. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 17. Sales Forecast by Technology, Application, and Industry for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Amazon Web Services, Inc. 19.2. IBM Corporation 19.3. SAS Institute Inc. 19.4. Hewlett Packard Enterprise Development LP 19.5. Numenta 19.6. Intel Corporation 19.7. Sinequa 19.8. Oracle 19.9. Microsoft 19.10. Cisco Systems, Inc. 19.11. Nuance Communications, Inc.
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Cognitive Analytics Market
