LONDON, Oct. 05, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the cognitive assessment and training market, increased adoption of e-learning is expected to propel the growth of the cognitive assessment and training market during the forecast period. The delivery of learning and training through digital resources such as computers is known as eLearning. Assessment is an important aspect of the online classroom. A cognitive assessment offers a profile of an individual's academic abilities and challenges, as it provides a managed snapshot of their performance, thus helping to track progress in e-learning. There has been a significant increase in the adoption of e-learning, which in turn has increased the demand for cognitive testing. According to the e-learning statistics 2020 published by EdApp, a company that creates micro-learning-based learning management systems, the global e-learning industry grew by 200% at a value of $250 billion in 2020. Moreover, the e-learning market is projected to reach over $300 billion by 2025. Therefore, increased adoption of e-learning drives the growth of the cognitive assessment and training market.
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The global cognitive assessment and training market size is expected to grow from $4.26 billion in 2021 to $5.74 billion in 2022 at a compound annual growth rate (CAGR) of 34.8%. The change in the cognitive assessment and training market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The cognitive assessment and training market share is expected to reach $15.66 billion in 2026 at a CAGR of 28.5%.
Key players focusing on developing mobile applications and software equipped with the latest technologies such as artificial intelligence and the Internet of Things are shaping the cognitive assessment and training market. The companies are focusing on technological innovations and new product launches for better and enhanced results and product offerings to the market. For instance, in November 2019, Royal Philips, a health technology company, launched its first clinical product- IntelliSpace Cognition to assist cognitive assessment in the USA. IntelliSpace Cognition uses artificial intelligence (AI) and Philips' cloud-based health suite digital platform to provide healthcare practitioners a valuable tool for evaluating cognitive disability. Also, in 2019, UK based Cambridge Cognition launch of an improved electronic clinical outcomes assessment (eCOA) platform, which includes complex forms, alerting, interview recording and playback and can be rapidly configured for each new clinical trial, reducing turn-around from contract agreement to study deployment.
Major players in the cognitive assessment and training market are Cambridge Cognition, Cogstate, Pearson, CogniFit, Lumosity, Posit Science Corp., Bracket Global, Neurocog Trials Inc., Total Brain, Medavante Inc., Signant Health, ProPhase LLC, CNS Vital Signs, LearningRX, Listen and Learn Centre, Philips, MedAvante-ProPhase, VeraSci, Oxford Learning, MeritTrac, Berke, Neurotrack, GL Assessment, Savonix, Winterlight Labs, Aural Analytics, Unmind and Altoida Inc.
The global cognitive assessment and training market analysis is segmented by component into solutions, services; by organization size into small and medium-sized enterprises (SMEs), large enterprises; by vertical into healthcare and life sciences, education, corporate, others; by application into clinical trials, learning, research, others.
North America was the largest region in the global cognitive assessment and training market in 2021. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the global cognitive assessment and training industry outlook are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Cognitive Assessment And Training Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide cognitive assessment and training market overviews, cognitive assessment and training market analyze and forecast market size and growth for the whole market, cognitive assessment and training market segments and geographies, cognitive assessment and training market trends, cognitive assessment and training market drivers, cognitive assessment and training market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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