Cognitive Analytics Global Market Report 2024

The global cognitive analytics market has grown exponentially in recent years. It will grow from $7.1 billion in 2023 to $9.73 billion in 2024 at a compound annual growth rate (CAGR) of 37.1%. The growth in the historic period can be attributed to strategies aimed at cost reduction, talent retention and optimization, operational efficiency initiatives, the proliferation of big data, and the evolution of business intelligence.

The global cognitive analytics market is expected to see exponential growth in the next few years. It will grow to $34.39 billion in 2028 at a compound annual growth rate (CAGR) of 37.1%. The growth in the forecast period can be attributed to the adoption of cloud-based solutions, increased focus on data privacy and governance, opportunities for cost savings, growing demand for talent and workforce analytics, compliance with regulatory requirements, and a rising demand for predictive analytics. Major trends in the forecast period include advancements in artificial intelligence (AI) and machine learning (ML), industry-specific adoption of cognitive analytics, real-time decision-making capabilities, personalized customer insights, and integration with the Internet of Things (IoT).

The increasing adoption of cloud technology is anticipated to drive the growth of the cognitive analytics market. Cloud computing has gained significant traction in recent years due to its ability to handle vast amounts of data and facilitate global deployment, enabling organizations to develop innovative and dynamic working methods. The prevalence of internet-connected devices further allows seamless access to servers, storage, data, software, and other resources. Notably, large organizations exhibited a high adoption rate of cloud technology, with 72% utilizing it in 2021, according to data published by Eurostat in December 2021. The growing usage of cloud technology is a pivotal factor fueling the expansion of the cognitive analytics market, as evident in the increasing investment reported by organizations.

The burgeoning healthcare industry is poised to contribute to the growth of the cognitive analytics market. The healthcare sector, encompassing a diverse range of organizations, professionals, products, and services dedicated to health maintenance and improvement, is undergoing digital transformation. The integration of cognitive analytics into healthcare processes enhances overall efficiency, patient care, and decision-making. A notable trend is reflected in the projected growth of national health spending, which is anticipated to increase by 5.1% annually between 2021 and 2030, reaching nearly $6.8 trillion, according to the 2021-2030 National Health Expenditure (NHE) report by the Centers for Medicare & Medicaid Services. This trajectory underscores the increasing significance of cognitive analytics in healthcare, contributing to the sector's digital evolution.

Key players in the cognitive analytics market are focusing on innovation, developing products such as automation platforms to expand their customer base and boost revenue. Automation platforms, comprehensive software solutions designed to streamline and manage diverse automated processes within organizations, exemplify this trend. For instance, Kanverse AI, a US-based hyper-automation company, introduced a Cognitive Automation platform in May 2021. Distinguished by its ability to optimize costs, minimize errors, mitigate risks, and enhance productivity for enterprises, this platform integrates AI with Optical Character Recognition (OCR), a Business rule framework, and Automation. By digitizing document processing from ingestion to filing, the platform leverages Computer Vision, Natural Language Processing (NLP), Fuzzy Logic, and machine learning (ML) algorithms to enhance business processes.

Major companies in the cognitive analytics market are investing in advanced technologies like composite AI solutions. Composite AI involves seamlessly integrating multiple AI technologies and techniques to create a more robust system. Tata Consultancy Services (TCS), an India-based information technology company, launched a 5G-enabled cognitive plant operations adviser in March 2023. This composite AI solution, integrated with the Microsoft Project Bonsai low-code AI platform, enables industries such as manufacturing, oil and gas, consumer packaged goods, and pharmaceuticals to revolutionize production processes. The solution enhances intelligence, agility, and resilience in plant operations, contributing to waste reduction, increased equipment uptime, and safety improvements. The development of advanced technologies like composite AI solutions reflects a strategic focus on meeting larger customer bases, driving sales, and increasing revenue in the cognitive analytics market.

In January 2022, ei3, a US-based provider of connected AI solutions for machine builders and manufacturers, successfully acquired Cognitive Solutions and Innovation AG (COGSI AG) for an undisclosed sum. This strategic acquisition is highly synergistic for ei3, offering an opportunity to enhance its Industrial Internet of Things (IIoT) product portfolio with cutting-edge data analytics capabilities. COGSI AG, a Switzerland-based company renowned for its expertise in advanced artificial intelligence solutions and cognitive analytics intelligence, brings valuable technological assets and intellectual capital to further strengthen ei3's position in the connected AI solutions market for both machine builders and manufacturers. The undisclosed transaction underscores the significance of expanding capabilities in the AI and IIoT domains within the manufacturing landscape.

Major companies operating in the cognitive analytics market report are 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., and The Information Bus Company

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. The countries covered in the cognitive analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main components of cognitive analytics are tools and services. The tools component is used to aggregate data from various corporate systems into a repository. These tools encompass specific categories of application software designed to gather information from diverse business systems and consolidate it into a repository, such as a data warehouse, facilitating examination and analysis. The technologies involved include natural language processing (NLP), machine learning, automated reasoning, and technology snapshots, which can be deployed on-premise and in the cloud. Cognitive analytics finds application in asset maintenance, fraud and risk management, customer analysis and personalization, sales and marketing management, supply chain management, and other areas. It is utilized across various industries such as 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, and more.

This report provides cognitive analytics market statistics, including cognitive analytics industry global market size, regional shares, competitors with a cognitive analytics market share, detailed cognitive analytics market segments, market trends and opportunities, and any further data you may need to thrive in the cognitive analytics industry. This cognitive analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cognitive analytics market includes revenues earned by entities by providing text analytics, voice recognition and analytics, image and visual analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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