Cognitive 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
Overview
Cognitive analytics is an emerging technology, which is witnessing a rapid uptake. Market Research Future (MRFR) forecast that the global cognitive analytics market will witness an above-average growth over the next several years. A number of technology companies with diversified businesses provide cognitive analytic services. Enterprises use cognitive analytics for gaining mission-critical insights such as consumer behaviour and marketing insights. Such insights help is creating a robust growth strategy and troubleshoot exiting issues.
The ever-increasing volume of data, which requires efficient processing and real-time analysis is a prime drive of the market. For businesses, real-time analysis of the data can help optimise business processes. The IoT boom and increased penetration of internet are some of the factors that are linked with the endless piling of unstructured data. Cognitive analytics is an effective tool though which large volumes of data are dissected for obtaining information that can help in making inform-decision in real time.
Advances in artificial intelligence, natural language processing, machine learning and cognitive computing has helped making cognitive analytics a prudent analytical tool. It is capable of simulating human thought to identify preferences and forecast behaviour. Such factors are driving the popularity of cognitive analytics across various industry verticals. Business can leverage the gathered analytical insights to identify long term and short-term trends. In addition, cognitive analytics also helps business to derive hidden information from divers set of data. Such competences allow businesses to better prepare for incoming inferences. The future is expected to be extremely bright for cognitive analytics as the technology evolves further.
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Segmental Analysis
MRFR’s report includes a comprehensive segmental analysis of the market, which is based on technology, deployment, end user and vertical.
On the basis of technology, the market has been segmented into Natural Language Processing (NLP), Machine Learning, Automated Reasoning and Others. Segments such as machine learning and natural language processing is expected to remain highly attractive during the projection period.
On the basis of deployment, the market has been segmented into On Premise and Cloud. On the basis of end user, the market has been segmented into SMEs and Large Enterprises. On the basis of vertical, the market has been segmented into BFSI, Healthcare, Consumer Electronics & Retail, Education & Retail, IT & Telecommunication, Travel & Tourism, Aerospace & Defense, Oil & Gas and others.
Regional Analysis
MRFR’s report covers the market across North America, Europe, the Middle East & Africa (MEA), Latin America and Asia Pacific (APAC). North America has emerged as the standout market for cognitive analytics. Countries such as the U.S. and Canada are technological advanced and present significant growth opportunities to market players. In addition, the growing need for real time analysis of large cluster of data in various sectors in the region is influencing the adoption of cognitive analytical solutions. North America is likely to retain its leading position over 2023. Meanwhile, lucrative opportunities are expected to come up in APAC in the forthcoming years, making it an important destination for market players.
Competition Analysis
Some of notable companies operating in the global market for cognitive analytics include IBM Corporation (U.S.), Nokia Networks (Finland), ColdLight Solutions (U.S.), Enterra Solutions LLC (U.S.), Vicarious (U.S.), Google, Inc. (U.S.), Saffron Technology (U.S.), Numenta (U.S.), Microsoft Corporation (U.S.) and CognitiveScale (U.S.) Many of these market players are actively focusing on product innovation and introduction of novel products in order to improve product portfolio. Merger and acquisition activities are expected to remain a key industry trend during the forecast period. Such strategies are being implemented by market players to boost their market footprint.
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Cognitive 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 2023OverviewCognitive analytics is an emerging technology, which is witnessing a rapid uptake.
Market Research Future (MRFR) forecast that the global cognitive analytics market will witness an above-average growth over the next several years.
A number of technology companies with diversified businesses provide cognitive analytic services.
Enterprises use cognitive analytics for gaining mission-critical insights such as consumer behaviour and marketing insights.
Such insights help is creating a robust growth strategy and troubleshoot exiting issues.The ever-increasing volume of data, which requires efficient processing and real-time analysis is a prime drive of the market.
It is capable of simulating human thought to identify preferences and forecast behaviour.
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