Market Trends of Cognitive Data Management Industry
This section covers the major market trends shaping the Cognitive Data Management Market according to our research experts:
IT and Telecommunication Segment to Grow Significantly
- The swiftly growing adoption of big data and cloud computing has caused Cognitive Data Management more accessible and provides reliable results to several end-user industries at large, including the IT and Telecommunication sector, which is anticipated to see enhanced adoption of these solutions during the forecast period.
- With natural language processing (NLP) systems, data mining, and other characters of machine learning technologies, which is applied to discover essential insights from the unstructured data, the IT and Telecommunication sector is anticipated to create a heightened demand for these solutions.
- Furthermore, the volume of big data in data storage centers is on rapid development, and its complexity leads to the selection of cognitive services. It provides the company the accurate information to sharpen and stimulate business decision making. According to Cisco Systems Inc., this volume has touched 124 Exabytes in 2018 and is estimated to make 403 Exabytes by 2021.
- Machine assets are creating a large amount of data having the potential for exceptional business value. Companies are also leveraging cognitive machine learning to bring out predictive maintenance to extricate that value from a lake of data.
- Several IT and telecommunication firms are embracing cognitive services to develop customer engagement, gain a competitive edge, and optimize operations over others. For instance, in late 2018, Du, a telecommunication company in UAE, collaborated with Mircosoft for cognitive services across all of their contemporary touchpoints and digital channels.
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North America is Expected to Hold the Largest Market Share
- North America supposed to occupy the highest market share in the cognitive data management market. Several determinants anticipated adding to the growth of the market across the region. These factors include the expanding investments in cognitive technologies by several players, growing advancements in infrastructure, increasing adoption and government assistance toward Artificial Intelligence (AI), increasing digital transformation, and rising IT budgets.
- Moreover, regulations, changing technology, and client expectations are transforming financial services forcing financial institutions to be extra agile and accessible while keeping tight data privacy and security. It has led to the collaboration of many BFSI companies with IT service and solution providers.
- For instance, in 2019, Bank of America partnered with IBM Corporation to build a cloud for banks that has privacy, security, and bank-specific regulatory agreement built-in. The bank will host the first applications and workloads to support the terms, privacy, and safety expectations of its 66 million banking customers and is anticipated to drive the market.
- Amazon, Google, and Apple, smart wearable gadgets, such as watches and speakers, have established themselves in the North American marketplace. Enhanced integration of smart wearables to IoT devices prompted by the adoption of smart homes in the area is anticipated to drive the demand for Cognitive data management solutions.
- According to research led by Stanford University in collaboration with Avast, North American homes have the most significant density of IoT devices. The study attaches that 66% of households in North America have at least one IoT device, as against the global average of 40%. Besides, 25% of North American houses have more than two devices.
- High density of IoT devices has generated the requirement to handle vast volumes of data while assuring security and integrating multiple devices in the smart home ecosystems. These determinants have been effective in increasing the market and encouraging innovations in cognitive data management solutions offered by the companies.
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