Cognitive Data Analytics Market to Grow Exponentially as Machine Learning and AI advances
Cognitive Data Analytics Market, By Technology (NLP, Machine Learning, Automated Reasoning) By Deployment (Cloud, On Premise), By End User (SMEs and Large Enterprises) and By Vertical - Forecast 2023
Market Insights
Cognitive analysis is a highly advanced analytical technology with offers business intelligence capabilities for better decision making. It combined cognitive computing technologies with analytics to make the decision making process intelligent. This in itself is a significant driver of the market. Market Research Future in its newest report on the global cognitive analysis market has revealed several important market figures and factors to improve understanding of the global cognitive analysis market.
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Most markets today are data driven, and many end-user industries rely on vast amounts of data for vital business making decisions. With the size of data being produced on a daily basis, it has become imperative for analytical technology to catch up. The advent of artificial intelligence and machine learning have had a huge impact on the cognitive analysis market, and advancements in the same are expected to drive the Cognitive Data Analytics Market. The global Cognitive Data Analytics Market is nascent and has a long way to go, thus relying on research, and technological advancements for future opportunities. These ongoing activities are ensuring the swift progress of the market. Moreover, the adoption of IoT has further driven growth of the Cognitive Data Analytics Market. Cognitive analytics combines large volumes of data and real time decision making which is a huge edge, driving its adoption and demand across the globe. Product launches, innovation in function and massive investments are expected to yield a variety of opportunities for the growth of the market over and beyond the market assessment period.
Market Segmentation
The global Cognitive Data Analytics Market is segmented on the basis of technology, deployment, end-user, vertical, and region. By technology, the market is categorized into automated reasoning, machine learning, natural language processing, and others.
By deployment, the market is divided between on premise, and on-cloud. By end-users, the market is divided between small & medium enterprises, and large enterprises. Large enterprises are more likely to use cognitive analytics for the analysis of the vast amount of data generated and recorded by large organizations. Meanwhile due to cloud services, SMEs can affordably employ cognitive analysis to provide an edge over competition.
By vertical, the market is segmented to include travel & tourism, IT & telecommunication, oil & gas, aerospace & defense, education & retail, BFSI, healthcare, consumer electronics & retail, and, others.
Key Players
Saffron Technology, Enterra Solutions LLC, Vicarious, Google, Inc., IBM Corporation, Nokia Networks, ColdLight Solutions, CognitiveScale, Numenta, Microsoft Corporation are among the notable players that have been studied in MRFR’s report. Technological advancements through R&D activities, and new product launches are key strategies used by market players in the global cognitive analysis market.
Latest Industry News
IBM has expanded its cognitive computing platform with the launch of pretrained AI tools for various industries
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Regional Analysis
Observations of the global Cognitive Data Analytics Market reveal North America to be the most significant regional market segment due to the concentration of significant market players in the region. Moreover, the region is highly supportive of technological advancements and has a high adoption rate for the same. The presence of massive and diverse data in the North America has further increased the demand and use of cognitive analysis for the crucial business making decisions. Meanwhile the Asia Pacific has been found to be growing at the highest CAGR during the assessment period. The region is unique due to various cultural and socio economic factors and has a truly massive population which generates large volumes of data that require analysis for a variety of reasons. Market players from developed western countries are liable to use cognitive analysis for the region to better establish themselves in a unique environment.
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