Market Size of Cognitive Analytics Industry
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*Disclaimer: Major Players sorted in no particular order |
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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 |
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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.
Cognitive Analytics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rise in Adoption of Cognitive Computing Technology
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1.2.2 Increasing Volume of Unstructured Data
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1.3 Market Restraints
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1.3.1 Complex Analytical Process
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1.4 Industry Attractiveness - Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Deployment
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2.1.1 On-Premise
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2.1.2 On-Demand
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2.2 By Component Type
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2.2.1 Tools
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2.2.2 Services
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2.3 By Technology Type
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2.3.1 Natural Language Processing (NLP)
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2.3.2 Machine Learning
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2.3.3 Automated Reasoning
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2.3.4 Technology Snapshot
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2.4 By End-user Industry
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2.4.1 BFSI
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2.4.2 Manufacturing
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2.4.3 IT & telecommunication
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2.4.4 Aerospace and Defense
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2.4.5 Healthcare
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2.4.6 Retail and Consumer Goods
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2.4.7 Other End-user Industries
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2.5 Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.2 Europe
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2.5.2.1 United Kingdom
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2.5.2.2 Germany
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2.5.2.3 France
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2.5.2.4 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 China
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2.5.3.2 Japan
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2.5.3.3 India
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2.5.3.4 Australia
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2.5.3.5 Rest of Asia-Pacific
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2.5.4 Rest of the World
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2.5.4.1 Latin America
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2.5.4.2 Middle East & Africa
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Cognitive Analytics Market Size FAQs
What is the current Cognitive Analytics Market size?
The Cognitive Analytics Market is projected to register a CAGR of 40% during the forecast period (2024-2029)
Who are the key players in Cognitive Analytics Market?
Google LLC, Oracle Corporation, SAS Institute, IBM Corporation and Microsoft Corporation are the major companies operating in the Cognitive Analytics Market.