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Cognitive Analytics Market Forecast To Reach $14.95 Billion by 2027

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Cognitive Analytics Market Forecast To Reach $14.95 Billion by 2027

May 04
10:26 2022
Cognitive Analytics Market Forecast To Reach $14.95 Billion by 2027
Cognitive Analytics Market | IndustryARC
The Growing Usage of Cloud Technology Among Small and Medium-sized Businesses Opens Up a Wide Variety of Potential for the Global Cognitive Analytics Market.

Cognitive Analytics Market size is analyzed to grow at a CAGR of 40% during the forecast 2022-2027 to reach $14.95 billion by 2027. Cognitive analytics is a data-driven method that employs intelligent technology to collect, extract, manage, and control data and data sources. It lets firms and corporations use data acquired from numerous data sources to make decisions and gain business intelligence. Companies use cognitive analytics tools and services to gain access to larger and more diverse data sets. When managed effectively with cognitive analytics technologies, these data sets can deliver meaningful human-like insights to any business user, even if he or she is not technically sophisticated. Cognitive analytics applies human-like intelligence to specific activities and combines a variety of clever technologies such as semantics, artificial intelligence algorithms, deep learning, and machine learning. A cognitive application can get smarter and more effective over time by learning from its interactions with data and humans using such strategies. It combines artificial intelligence and data analytics to allow analytic systems to think like humans. By Technology Cognitive Analytics Market is segmented into NLP, Machine Learning, Automated Reasoning, Others. The market’s primary growth drivers include increased acceptance of cognitive computing technology, data proliferation, and the introduction of sophisticated analytics methodologies, all of which are boosting demand for effective cognitive analytics solutions.

Cognitive Analytics Market Segment Analysis – By Application

Cognitive analytics has a wide range of applications, including asset management, fraud and risk management, customer analysis and personalization, sales and marketing management, supply chain management, and others (network management and workforce management). During the projected period, the fraud and risk management application is expected to increase at the fastest CAGR. The cognitive analytics market is predicted to expand in the fraud and risk management application, as it assists firms in analyzing and clarifying ambiguous and unclear data, as well as identifying known and undiscovered risk indicators. Companies in both the public and commercial sectors use vast amounts of data both internally and externally. As a result, they see the necessity to employ a risk management strategy that is proactive rather than reactive. Cognitive systems can uncover deep concealed anomalies and patterns that are nearly hard to detect using traditional approaches by combining data processing capacity with learning skills. Credit card companies are one of the most popular targets for cyber attackers. They’re alluring targets, with trillions of dollars moving through their systems. As a result, the United States alone had over 270,000 reports of credit card theft in 2019, more than doubling the number in 2017. American Express issues 114 million credit cards in 106 countries, with customers spending $1.2 trillion every year on products and services. So there are a lot of transactions and decisions to make. For more than a decade, the company has been working on AI fraud management, and it is ready to unveil its tenth key model for monitoring and lowering fraud risk.

Cognitive Analytics Market Segment Analysis – By Industry

By End-Use Industry, Cognitive Analytics Market has been segmented into BFSI, Manufacturing, IT & telecommunications, Aerospace and Defence, Healthcare, Retail, and Other Industries. The Healthcare segment is expected to grow at a faster CAGR during the forecast period. The fast adoption of big data and cloud computing has made cognitive analytics more accessible and accurate to a wide range of end-user industries, including the healthcare sector, which is likely to see greater acceptance of these solutions during the projection period. With the rise in the prevalence of chronic diseases, technological advancements in the healthcare industry, as well as an increase in clinical tests, there is an increased demand for data assimilation and advanced data analytics solutions to identify disease patterns and identify new drugs for treatment. The healthcare sector is predicted to boost demand for data mining, natural language processing (NLP) systems, and other components of machine learning technologies that are used to extract valuable insights from unstructured data. Furthermore, cognitive analytics has improved patient involvement and access to services. Furthermore, researchers are harnessing the power of cognitive solutions to make clinical trials more complete and useful, opening up a plethora of interesting opportunities in the healthcare industry.

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Cognitive Analytics Market Share Segment Analysis – Geography

By Geography, Cognitive Analytics Market has been segmented under North America, Europe, APAC, South America, and RoW. APAC is estimated to grow at the highest CAGR during the forecast period. The Asia-Pacific region is expected to experience the fastest growth in demand during the forecast period, owing primarily to the region’s growing geriatric population, rising healthcare expenditure, increasing private and public investments in the healthcare sector to meet the rising population’s unmet medical needs, and expanding pharmaceutical industry. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the number of persons aged 65 and up in Asian countries is predicted to nearly double in the next two decades, reaching 20.5 % in 2050, which is one of the factors pushing the market. Furthermore, the market is predicted to grow due to factors such as globalisation, rapid economic development, digitization, foreign direct investments, and rising usage of high-end technology across major APAC countries. Due to factors such as rapid economic development, globalisation, foreign direct investments, digitization, and increased adoption of high-end technology across major APAC countries, this area is predicted to be the fastest expanding region in the cognitive analytics market.

Cognitive Analytics Market Drivers

The rise in adoption of IoT devices is expected to drive market growth:

The adoption of internet of things (IoT) devices is expanding all the time, and the number of sensors embedded in these devices is projected to generate vast amounts of data over time. Organizations can predict future data gathered by sensors since they have the capacity to communicate vast amounts of data through a network. The massive amount of data produced and communicated by sensing devices can provide a wealth of information, but it is frequently regarded as the next big data challenge for enterprises. Sensor data analytics is a rising field of endeavor that is predicted to expand usage of cognitive analytical tools in the next years to address this challenge. The growing usage of cloud technology among small and medium-sized businesses opens up a wide variety of potential for the global Cognitive Analytics Market. The need for cognitive systems is increasing in large enterprises, and it is likely to expand in SMBs as a result of cloud-based services. As the cost of adopting cognitive computing in the business is reduced via cloud-based deployment, the total demand for cloud-based services rises. IBM Watson, a market leader in cognitive computing, intends to launch a cloud-based service called Watson Analytics in the next years, which will increase cloud-based cognitive computing adoption. In industrialized countries, cognitive computing is gaining traction. This competent aspect of cloud-based services is expected to serve as growth potential in the global cognitive computing market size.

Increase in big data analytics, advancements in machine-to-machine technologies, and an increase in demand for a better customer experience will drive market growth:

Big data technologies have recognized the boundaries between batch and real-time processing, which has increased the adoption of business cognitive computing by enabling organizations to deploy data and processes where they exist, based on data governance, financial, and data gravity requirements. As cognitive computing addresses the different types and scales of data, the need for multi-temperature data management, also known as data tiering, is projected to grow. This makes it easier to comply with government laws requiring the storage of real-time data on quicker, more accessible media, with cooler data graded to more inexpensive storage. This is projected to increase the adoption of cognitive computing platforms among real-time streaming analytics enterprises, driving market growth in the coming years. Several factors influence the worldwide cognitive computing industry, including advancements in enabling technology, an increase in the volume of huge complicated data, and changes in computer platforms. These characteristics have a substantial favorable impact on the market.

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Cognitive Analytics Market Challenges

Lack of trust in technology and complex analytical methods is expected to hamper market growth

The time spent developing scenario-based applications through cognitive computing is one of the most significant obstacles of cognitive analytics. Cognitive analytics has a lengthy development cycle. Furthermore, cognitive analytics cannot be used across multiple industrial segments because it demands strong development teams and a significant amount of time to produce a solution, limiting the growth of the Cognitive Analytics Market. Also impeding the development of the Cognitive Analytics Market is a lack of awareness and skilled workers to apply the solution. Furthermore, legal and compliance mandates, as well as the increasing acceptance of social media platforms in a variety of business tasks, present potential for market expansion during the projection period.

Cognitive Analytics Industry Outlook

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Cognitive Analytics market. In 2021, the market of Cognitive Analytics Market share has been fragmented by several companies. Cognitive Analytics top 10 companies include

Amazon Web Services

Google

IBM

Intel

Microsoft

Oracle

SAS Institute

HPE

Nuance Communications

IPsoft

Recent Developments

In February 2020, ValueLabs LLP, a global provider of technology services, announced the debut of a new service line called “Cognitive Operations.” ValueLabs introduces Cognitive Ops as a new service line.

In 2020, IBM Watson, a leader in the cognitive computing sector, intends to launch a cloud-based Watson Analytics service in the next years, which will increase cloud-based cognitive computing adoption.

In June 2019, At the company’s Analytics Summit, Oracle presented a new, customer-centric vision for Oracle Analytics. Oracle Analytics is positioned to bridge the gap between data, analytics, and applications, while also meeting the demands of business users, analysts, and IT.

Key Takeaways

The fraud and risk management segment in the cognitive analytics market is expected to grow at the fastest rate. The cognitive analytics market is predicted to expand in the fraud and risk management application, as it assists firms in analyzing and clarifying ambiguous and unclear data, as well as identifying known and undiscovered risk indicators.

Asia-Pacific region is expected to experience the fastest growth in demand during the forecast period, owing primarily to the region’s growing geriatric population, rising healthcare expenditure, increasing private and public investments in the healthcare sector to meet the rising population’s unmet medical needs, and expanding pharmaceutical industry.

The growing usage of cloud technology among small and medium-sized businesses opens up a wide variety of potential for the global Cognitive Analytics Market. The need for cognitive systems is increasing in large enterprises, and it is likely to expand in SMBs as a result of cloud-based services. As the cost of adopting cognitive computing in the business is reduced via cloud-based deployment, the total demand for cloud-based services rises.

Big data technologies have recognized the boundaries between batch and real-time processing, which has increased the adoption of business cognitive computing by enabling organizations to deploy data and processes where they exist, based on data governance, financial, and data gravity requirements.

Relevant Report

Cognitive Computing Market

https://www.industryarc.com/Research/Cognitive-Computing-Market-Research-502153

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