Pune, India, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The global cognitive analytics market size was valued at USD 3.01 billion in 2022 and is projected to reach USD 29.46 billion by 2030, exhibiting a CAGR of 33.3% over the study period. Fortune Business Insights, in its report titled, Cognitive Analytics Market Forecast, 2023-2030.
Cognitive analytics technology helps organizations enhance their business model operations by analyzing large sets of images and information. The market value is set to rise with growing adoption of analytical tools and upsurge in digitalization.
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Key Industry Development:
- Tata Consultancy Services strategically collaborated with Google LLC Cloud to provide generative AI and cognitive-powered services to customers. It caters to industry specific applications that focus on pushing business value in the real-world.
Key Takeaways
- Focus on Hyper-personalization to Boost Market Growth
- Growing SME Investments in Digital Tools to Drive Market Growth
- Cloud-Based Segment to Grow as Real-time Data Analysis Fuels Demand for Cloud-Based Solutions
- Large Enterprises Segment to Lead as Ease of Business Management Fuel Product Demand
Discover the Leading Players Featured in the Report:
“Companies leading the Cognitive Analytics Market share are Trend Micro Incorporated. (Japan), Palo Alto Networks (U.S.), VMware, Inc. (U.S.), SentinelOne (U.S.), Microsoft (U.S.), Musarubra US LLC (Trellix) (U.S.), Lacework (U.S.), Orca Security (U.S.), Sysdig (U.S.), Check Point Software Technologies Ltd. (Israel), Cisco Systems, Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 33.3% |
| 2030 Value Projection | USD 29.46 billion |
| Base Year | 2022 |
| Cognitive Analytics Market Size in 2022 | USD 3.01 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Deployment, Enterprise Type, Application, End-user and Geography |
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Drivers and Restraints:
Increasing Digital Tool Investments by SMEs to Impel Industry Expansion
One of the key factors driving cognitive analytics market growth is the upsurge in investments in analytics tools by small and medium enterprises. These investments are being made for better decision making.
However, concerns associated with security breach and data theft may hamper industry expansion to a considerable extent.
SEGMENTATION
By Deployment
- Cloud
- On-premises
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises
By Application
- Customer Management
- Fraud Detection & Security
- Supply Chain Management
- Sales & Marketing management
By End-user
- BFSI
- IT & Telecom
- Government
- Retail
- Healthcare
- Education
By Region
- North America
- South America
- Europe
Regional Insights:
North America to Record the Largest Share Due to Growing Product Deployment
North America is slated to hold the largest cognitive analytics market share over the analysis period. This can be attributed to the escalating adoption of the product owing to rising fraud practices and security concerns in the region.
Asia Pacific is anticipated to grow at a substantial rate during the estimated period. The expansion can be credited to the rising investments in analytics tools and digital solutions in China, South Korea, and India, among others.
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Competitive Landscape:
Major Companies Deploy Various Strategies to Strengthen Industry Footing
Leading industry players in the cognitive analytics market are formulating and deploying numerous strategies to strengthen their market presence. Some of these strategies comprised merger agreements, acquisitions, partnerships, and the launch of new products.
FAQ’s
How large is the Cognitive Analytics Market?
Cognitive Analytics Market size was USD 3.01 billion in 2022.
How fast is the Cognitive Analytics Market growing?
The Cognitive Analytics Market will exhibit a CAGR of 33.3% during the forecast period, 2023-2030.
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