Market Size of Cognitive Analytics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 40.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cognitive Analytics Market Analysis
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.
- 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.
