What is the Historical Analysis of the Cognitive Analytics Market Size?
The cognitive analytics market has seen considerable growth due to a variety of factors.
• In recent years, there has been a significant expansion in the size of the cognitive analytics market. The market is projected to increase from $9.56 billion in 2024 to $13.01 billion in 2025, with a compound annual growth rate (CAGR) of 36.1%. Several factors have contributed to the market's growth during the historical period, including strategies for reducing costs, retaining and optimizing talent, enhancing operational efficiency, the spread of big data, and the evolution of business intelligence.
What is the Forecasted Market Size and CAGR for the Cognitive Analytics Market in the Coming Years?
The Cognitive Analytics market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of cognitive analytics is projected to witness rapid expansion in the coming few years. It is anticipated to reach $48.24 billion by 2029 with a compound annual growth rate (CAGR) of 38.8%.
Factors contributing to this growth within the projection period include the adoption of cloud-based solutions, emphasis on data privacy and governance, opportunities to save costs, the analytics of talent and workforce, regulatory norms, and the rising demand for predictive analytics. The anticipated key trendsetters for the forecast period encapsulate advancements in AI and ML, sector-specific adoption, real-time decision-making, personalization and customer insights and IoT integration.
What Key Factors and Trends Are Driving The Growth Cognitive Analytics Market?
The increasing application of cloud technology is set to stimulate the cognitive analytics market's expansion. In recent times, cloud computing has arisen as a potent game-changer, dealing with massive data volumes and permitting global deployment. This allows companies to devise more creative and fluid operation techniques. Devices connected to the internet grant people the key to servers, storage, data, software, among others. Cloud-based technologies provide a platform for cognitive analytics to securely store and share these groundbreaking data, applications, and APIs. As an example, a Flexera report in July 2024 highlighted that 94% of businesses are embracing cloud services, showing a substantial lean towards adopting cloud technology for operational effectiveness. Moreover, it is estimated that nearly 53% of mid-size businesses will migrate to cloud computing by 2024, maintaining the pattern seen in past years. It shows organizations' increased dedication to utilize multi-cloud strategies to boost their operations and accommodate shifting business requirements. Thus, the escalating use of cloud technology is fueling the cognitive analytics market's growth.
What Are The Market Segments In The Cognitive Analytics Market?
The 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
Subsegments:
1) By Tools: Software, Platforms
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services
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What Trends Are Shaping The Cognitive Analytics Market?
Leading businesses in the cognitive analytics industry are creating cutting-edge products like automation platforms to cater to broader consumer groups, boost sales, and escalate revenue. Automation platforms are comprehensive software solutions designed to manage and simplify a variety of automated systems within a company. Take for example UiPath, an American firm specializing in robotic process automation, unveiled its 2023.4 platform in May 2023. This innovative platform incorporates AI-enabled components aimed at optimizing automation across diverse business activities. A prominent upgrade is in the field of document understanding, capitalizing on machine learning to increase the precision of document handling, dramatically lessening the necessity for human involvement. This development underscores UiPath's dedication to augmenting operational efficiency using cutting-edge automation technologies.
Who Are the Key Players In The Cognitive Analytics Market?
Major companies operating in the cognitive analytics market include:
• 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
What Are The Regional Insights Into The Cognitive Analytics Market?
North America was the largest region in the cognitive analytics market in 2024. 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.
