Cognitive Analytics Market Size (2024 - 2029)

The cognitive analytics market is experiencing significant growth, driven by advancements in predictive analytics and the increasing demand for enhanced workplace performance. This market expansion is fueled by the integration of high-performance computing, machine learning, and advanced artificial intelligence with data analytics, enabling businesses to gain a competitive edge through real-time insights and contextual understanding of vast data sets. The adoption of cognitive analytics is further accelerated by the rise of the internet of things, which facilitates real-time decision-making from large data volumes.

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Market Size of Cognitive Analytics Industry

Cognitive Analytics Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 40.00 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Medium

Major Players

Cognitive Analytics Market Major Players

*Disclaimer: Major Players sorted in no particular order

Cognitive Analytics Market Analysis

The Cognitive Analytics Market was valued at USD 1.98 billion in 2020 and is expected to reach USD 14.95 billion by 2026, at a CAGR of 40% over the forecast period 2021 - 2026. Data Analytics solutions have evolved over the past few years from descriptive to diagnostic to predictive to prescriptive. The next big paradigm shift is the adoption of cognitive analytics which will exploit the massive advancements in high-performance computing by coupling machine learning and advanced artificial intelligence techniques with data analytics approaches.

  • The cognitive analytics market is increasing at a significant pace across the globe, this increase in demand is primarily owing to the constant advancements of predictive analytics and the never-ending need for workplace performance enhancements.
  • A cognitive solution system is able to create a competitive advantage to the business over its competitors, by providing real-time answers with the added ability to search through massive amounts of data and information and making sense of context, and computing the most likely answer.
  • The cognitive analytics solutions present several benefits to various end-users such as opening up of new opportunities to mine untapped data sources, provide highly personalized and customized services, improve service consistency and overall quality, enhance and amplify knowledge sharing among others.
  • The global cognitive analytics market demand is expected to grow rapidly with the rapidly increasing adoption of the internet of things (IoT), which is driving the cognitive analytics market growth to a large extent. Cognitive analytics helps in bridging the gap between large data volumes and the need for decision making in real-time.

Cognitive Analytics Industry Segmentation

Cognitive Analytics solutions apply human-like intelligence to certain task and bring together a number of intelligent technologies, including artificial intelligence algorithms, semantics, deep learning, and machine learning. Applying these techniques, a cognitive application is able to get smarter and more effective over a period of time by learning from its interactions with data and humans.

By Deployment
On-Premise
On-Demand
By Component Type
Tools
Services
By Technology Type
Natural Language Processing (NLP)
Machine Learning
Automated Reasoning
Technology Snapshot
By End-user Industry
BFSI
Manufacturing
IT & telecommunication
Aerospace and Defense
Healthcare
Retail and Consumer Goods
Other End-user Industries
Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
Rest of the World
Latin America
Middle East & Africa
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Cognitive Analytics Market Size Summary

The cognitive analytics market is experiencing rapid growth, driven by advancements in high-performance computing and the integration of machine learning and artificial intelligence with data analytics. This evolution from traditional data analytics to cognitive analytics is enabling businesses to gain a competitive edge by providing real-time insights and the ability to process vast amounts of data contextually. The demand for cognitive analytics is particularly strong due to its ability to enhance workplace performance, personalize services, and improve service quality. The increasing adoption of the Internet of Things (IoT) is further propelling market growth, as cognitive analytics bridges the gap between large data volumes and real-time decision-making needs.

In the healthcare sector, cognitive analytics is becoming increasingly vital due to the need for advanced data assimilation and analytics to address chronic diseases and improve patient engagement. The sector is leveraging data mining, natural language processing, and machine learning to extract valuable insights from unstructured data, driving demand for these solutions. The Asia-Pacific region is expected to see the fastest growth in demand, fueled by a rising geriatric population, increased healthcare expenditure, and investments in the pharmaceutical industry. The market is competitive, with major players like Google LLC, Oracle Corporation, SAS Institute, and IBM Corporation focusing on innovation and strategic partnerships to maintain their market positions.

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Cognitive Analytics Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Rise in Adoption of Cognitive Computing Technology

      2. 1.2.2 Increasing Volume of Unstructured Data

    3. 1.3 Market Restraints

      1. 1.3.1 Complex Analytical Process

    4. 1.4 Industry Attractiveness - Porter's Five Force Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Deployment

      1. 2.1.1 On-Premise

      2. 2.1.2 On-Demand

    2. 2.2 By Component Type

      1. 2.2.1 Tools

      2. 2.2.2 Services

    3. 2.3 By Technology Type

      1. 2.3.1 Natural Language Processing (NLP)

      2. 2.3.2 Machine Learning

      3. 2.3.3 Automated Reasoning

      4. 2.3.4 Technology Snapshot

    4. 2.4 By End-user Industry

      1. 2.4.1 BFSI

      2. 2.4.2 Manufacturing

      3. 2.4.3 IT & telecommunication

      4. 2.4.4 Aerospace and Defense

      5. 2.4.5 Healthcare

      6. 2.4.6 Retail and Consumer Goods

      7. 2.4.7 Other End-user Industries

    5. 2.5 Geography

      1. 2.5.1 North America

        1. 2.5.1.1 United States

        2. 2.5.1.2 Canada

      2. 2.5.2 Europe

        1. 2.5.2.1 United Kingdom

        2. 2.5.2.2 Germany

        3. 2.5.2.3 France

        4. 2.5.2.4 Rest of Europe

      3. 2.5.3 Asia-Pacific

        1. 2.5.3.1 China

        2. 2.5.3.2 Japan

        3. 2.5.3.3 India

        4. 2.5.3.4 Australia

        5. 2.5.3.5 Rest of Asia-Pacific

      4. 2.5.4 Rest of the World

        1. 2.5.4.1 Latin America

        2. 2.5.4.2 Middle East & Africa

Cognitive Analytics Market Size FAQs

The Cognitive Analytics Market is projected to register a CAGR of 40% during the forecast period (2024-2029)

Google LLC, Oracle Corporation, SAS Institute, IBM Corporation and Microsoft Corporation are the major companies operating in the Cognitive Analytics Market.

Cognitive Analytics Market Report Snapshots

Cognitive Analytics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)