Cognitive Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Cognitive Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Cognitive Analytics Market was valued at USD 1.98 billion in 2020 and is expected to reach USD 14.95 billion by 2026, at a CAGR of 40% over the forecast period 2021 - 2026. Data Analytics solutions have evolved over the past few years from descriptive to diagnostic to predictive to prescriptive. The next big paradigm shift is the adoption of cognitive analytics which will exploit the massive advancements in high-performance computing by coupling machine learning and advanced artificial intelligence techniques with data analytics approaches.

Key Highlights

• The cognitive analytics market is increasing at a significant pace across the globe, this increase in demand is primarily owing to the constant advancements of predictive analytics and the never-ending need for workplace performance enhancements.
• A cognitive solution system is able to create a competitive advantage to the business over its competitors, by providing real-time answers with the added ability to search through massive amounts of data and information and making sense of context, and computing the most likely answer.
• The cognitive analytics solutions present several benefits to various end-users such as opening up of new opportunities to mine untapped data sources, provide highly personalized and customized services, improve service consistency and overall quality, enhance and amplify knowledge sharing among others.
• The global cognitive analytics market demand is expected to grow rapidly with the rapidly increasing adoption of the internet of things (IoT), which is driving the cognitive analytics market growth to a large extent. Cognitive analytics helps in bridging the gap between large data volumes and the need for decision making in real-time.

Key Market TrendsHealthcare Segment to Witness High Growth

• The rapidly increasing adoption of big data and cloud computing has made cognitive analytics more accessible and give accurate results to various end-user industries at large, including the healthcare sector which is expected to witness increased adoption of these solutions during the forecast period.
• With the increase in the burden of chronic diseases, the advancements in technology in the healthcare industry and increasing clinical tests have generated a significant need for data assimilation and advanced data analytics solutions to know the different patterns of the disease and find out the new drug for treatment.
• With data mining, natural language processing (NLP) systems, and other aspects of machine learning technologies, which is used to find out the valuable insights from the unstructured data, the healthcare sector is expected to create increased demand for these solutions. Also, cognitive analytics has enhanced patient engagement and improved access to services.
• Furthermore, researchers are leveraging the potential of cognitive solutions to make clinical trials more comprehensive and useful, unlocking abundant exciting prospects in the healthcare industry.

Asia-Pacific is Expected to Witness Significant Growth

• The Asia-pacific region is expected to witness the fastest growth in demand, during the forecast period, primarily owing to the rising geriatric population, increasing healthcare expenditure, growing private and public investments in the healthcare sector to counter the unmet medical needs of the rising population, and growing pharmaceutical industry in the region.
• According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), people aged 65 years and above in the Asian countries are expected to witness an increase by nearly two and half times in the next decades to reach 20.5% in 2050, which is one of reason driving the market.
• Moreover, owing to factors such as globalization, rapid economic developments, digitalization, foreign direct investments, and increased adoption of high-end technologies across major APAC countries, the market is expected to witness bosst in demand

Competitive Landscape

The cognitive analytics market is highly competitive owing to the presence of many small and large players in the market providing services in domestic as well in the international market. The market appears to be moderately concentrated moving towards the fragmented stage with the major players adopting strategies like product and service innovation and mergers and acquisition to expand their reach and stay ahead of the competition. Some of the major players in the market are Google LLC, Oracle Corporation, SAS Institute, IBM Corporation among others.

• June 2019 - Oracle announced a new, customer-centric vision for Oracle Analytics at the company’s Analytics Summit. Oracle Analytics is positioned to marry data, analytics, and applications, and address the needs of business users, analysts and IT.
• April 2018 - IBM entered into a partnership with Media Math. The partnership is pairing the cognitive abilities of Watson with Media Math’s full capabilities which will allow marketers to create millions of customizable ads that reach a consumer on the right device, at the right moment with the right message

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Google LLC
Oracle Corporation
SAS Institute
IBM Corporation
Amazon Web Services
Microsoft Corporation
Cisco Systems Inc.
Narrative Science
Nuance Communications, Inc.
Sinequa

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