Global Cognitive Analytics market share 2024, Forecast To 2033
1 Mar, 2024
The cognitive analytics market has experienced exponential growth, escalating from$7.1 billion in 2023 to$9.73 billion in 2024, showcasing a remarkable compound annual growth rate (CAGR) of 37.1%. The historic growth is attributed to cost reduction strategies, talent optimization and retention, operational efficiency improvements, the proliferation of big data, and the evolution of business intelligence. Forecasts anticipate continued exponential growth, with the market expected to reach$34.39 billion by 2028, boasting a compound annual growth rate (CAGR) of 37.1%. This growth is fueled by cloud-based solutions, considerations for data privacy and governance, cost-saving opportunities, talent and workforce analytics, and regulatory requirements. Major trends in the forecast period encompass advancements in AI and ML, industry-specific adoption, real-time decision-making, personalization and customer insights, and integration of IoT.
Global Cognitive Analytics Market Key Driver
The cognitive analytics market is experiencing growth driven by the widespread adoption of cloud technology. Cloud computing enables the storage and analysis of vast amounts of data, fostering innovative and dynamic working methods globally. Organizations leverage cloud technologies to securely store and share data, applications, and APIs, empowering cognitive analytics capabilities. Eurostat's December 2021 data revealed significant adoption of cloud technology by large organizations, with further projections for medium-sized businesses in 2021. Additionally, Flexera's 2022 State of the Cloud Report highlighted substantial investments in cloud computing by organizations. Hence, the increasing usage of cloud technology is fueling the cognitive analytics market, reflecting anticipated market sizes for 2023, 2024, and 2028.
Get A Free Sample Of The Global Cognitive Analytics Market ReportGlobal Cognitive Analytics Market Segments
The global cognitive analytics market covered in this report is segmented –
1) By Component: Tools, Services
2) By Technology Type: Natural Language Processing (NLP), Machine Learning, Automated Reasoning, Technology Snapshot
3) By Deployment: On-Premise, Cloud
4) By Application: Asset Maintenance, Fraud and Risk Management, Customer Analysis and Personalization, Sales and Marketing Management, Supply Chain Management, Other Application
5) By End Users: Banking, Financial Services, and Insurance (BFSI), Telecommunications and IT, Retail and Consumer Goods, Healthcare and Life Sciences, Manufacturing, Government and Defense, Energy and Utilities, Media and Entertainment, Transportation and Logistics, Other Industries
By Geography: The regions covered in the cognitive analytics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the cognitive analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Cognitive Analytics Industry Players
International Business Machines Corporation, Amazon Web Services Inc., Cisco Systems Inc., Cognizant Technology Solutions Ltd., Hewlett Packard Enterprise Co., Infosys Technologies Private Limited, Intel Corporation, Ipsoft Inc., Microsoft Corporation, Nokia Oyj, Oracle Corp., Persado Uk Ltd., Statistical Analysis Systems, Sinequa Co., Tech Mahindra Pvt. Ltd., Alteryx LLC, Ayasdi Inc., Cognitives Group Ltd., CognitiveScale Inc., Databricks Inc., DataRobot Inc., Expert System Ltd., Google LLC, Indico Data Solutions Inc., Informatica Inc., Kensho Technologies Inc., MicroStrategy Inc., Narrative Science Inc., Numenta Inc., Qlik Tech Inc., RapidMiner Inc., SAP SE, Sisense Ltd., Splunk Inc., Tableau Software Inc., ThoughtSpot Inc., The Information Bus Company
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Cognitive Analytics Market Overview
Cognitive analytics refers to an analytical strategy used to identify business possibilities, assess new trends, streamline procedures, lower risk, adjust to changing circumstances, and address urgent process-related problems immediately. The primary purpose of cognitive analytics is to provide an intelligent technology analysis that incorporates a variety of analytic methods to examine massive data sets and provide unstructured data structures.
Cognitive Analytics Global Market Report 2023 provides data on the global cognitive analytics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cognitive analytics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.