Cognitive Analytics Market Size to Reach USD 27.7 billion, at a 32.40% CAGR By 2030 - Market Research Future (MRFR)

Growing Adoption of IoT Devices to Boost Cognitive Analytics Market Growth

New York, USA, May 31, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Cognitive Analytics Market Information By Technology, By Deployment, And By End User – Market Forecast Till 2030”, the Cognitive Analytics Market could thrive at a rate of 32.40% between 2022 and 2030. The market size will be reaching around USD 27.7 Billion by the end of the year 2030.

Market Analysis:

The global cognitive analytics market will touch USD 27.7 billion at a 32.40% CAGR by 2030, as per the recent Market Research Future report.

Key Players:

Eminent industry players profiled in the global cognitive analytics market report include,

  • Google, Inc. (U.S.)
  • IBM Corporation (U.S.)
  • Microsoft Corporation (U.S.)
  • Nokia Networks (Finland)
  • Saffron Technology (U.S.)
  • ColdLight Solutions (U.S.)
  • CognitiveScale (U.S.)
  • Enterra Solutions LLC (U.S.)
  • Numenta (U.S.)
  • Vicarious (U.S.)

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Scope of the Report - Cognitive Analytics Market:

Report Metrics Details
Market Size by 2030 USD 27.7 Billion
CAGR during 2022-2030 32.40%
Base Year 2021
Forecast 2022-2030
Key Market Opportunities  The major growth in cognitive analytics market in North America is attributed to technical advancements and increasing need for real time analysis of massive and diversified data in that region.
Key Market Dynamics It comprises of different business analytical strategies which helps in providing hidden insights about the diverse data that is already being stored.

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Growing Adoption of IoT Devices to Boost Market Growth 

As internet of things devices gain popularity, it is anticipated that the numerous sensors built into them will produce enormous amounts of data over time. Future data gathered by sensors with the ability to communicate vast amounts of data through networks can be predicted by organizations. Although the enormous amount of data generated and communicated by sensing devices might offer a wealth of information, it is frequently thought of as the next big data issue for enterprises. The discipline of sensor data analytics is expanding and is likely to enhance use of the cognitive analytical tools within the next years as a means of addressing that problem.


Increasing Use in Healthcare Sector to offer Robust Opportunities 

The healthcare industry, which is anticipated to see increased adoption of cognitive analytics solutions during the forecast period, is one end-user industry that has benefited from the rapidly growing adoption of big data and cloud computing as it has made cognitive analytics more accessible and provides accurate results. Technology advances in the healthcare sector and an increase in clinical trials, combined with the burden of chronic diseases, have created a significant demand for data assimilation & advanced data analytics solutions in order to understand the various patterns of the disease and identify new drugs for treatment.

Restraints and Challenges:

Complex Analytical Methods to act as Market Restraints 

The complex analytical methods, constant and growing cyber security threats, dearth of skilled professionals, data privacy issues, and significant upfront costs may act as market restraints over the forecast period.

Market Segmentation: 

The global cognitive analytics market is bifurcated based on technology, vertical, end use, and deployment.

  • By technology, natural language processing and machine learning will lead the market in the forecast period.
  • By deployment, cloud will domineer the market over the forecast period.
  • By end use, large enterprises will spearhead the market over the forecast period.
  • By vertical, IT & telecommunication will have the lions share in the market in the forecast period.

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COVID-19 Analysis:

Massive amounts of data on COVID-19 cases, economic patterns, healthcare, and consumer behavior have been generated as a result of the epidemic. As a result, there is an increase in need for cognitive analytics tools to examine and draw conclusions from this data. The usage of cognitive analytics has risen due to the demand for remote work & digital solutions. Organizations now understand how critical it is to use data & AI-driven insights in order to uncover new business possibilities, improve operations, and navigate through crises. Leading the COVID-19 reaction has been the healthcare sector. Analysis of patient data, pattern recognition, illness prognosis, and protocol optimization have all benefited greatly from the use of cognitive analytics. The necessity of data-driven decision-making particularly in healthcare and the life sciences has been further underscored by the epidemic. On the contrary, supply chain disruptions, economic uncertainty and volatility, and challenges with regards to privacy concerns, data quality, and ethical considerations also impacted the cognitive analytics market growth.

Regional Analysis:

North America to Remain Forerunner in Cognitive Analytics Market 

The North American area now holds the largest market share, and because of its developed IT infrastructure and superior technology, it is predicted to continue to dominate. The growth of the market in this area is greatly influenced by the economy of North America. In 2021, the market for cognitive analytics was dominated by the North American continent. This is because of the US's well-established Silicon Valley-based IT sector. The fact that big analytics companies like IBM, Oracle, Google Inc., and others are present in the United States is another factor contributing to this region's greatest market growth. In the market for cognitive analytics in 2021, the retail sector is also anticipated to be dominated by the United States.

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APAC to Have Admirable Growth in Cognitive Analytics Market:

Due to the area's growing population, governmental investments, expanding private healthcare sector, and rising private investments, the APAC region is anticipated to see the market's quickest expansion during the projected period. The use of cutting-edge technology, globalization, foreign investments, and rapid economic expansion are anticipated to fuel the growth of the market in this area. With regards to share the Asia-Pacific area came in second to the North American region. This is connected to the fact that China is a global leader in AI technology research. The Asia-Pacific region will experience the fastest demand growth during the forecast period, primarily as a result of the region's expanding pharmaceutical industry, rising geriatric population, rising healthcare spending, and growing public and private investments within the healthcare domain to address the unmet medical needs of the growing population.

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