According
to the new market research "Cognitive Analytics Market
by Application (Fraud and Risk Management, Customer Analysis and
Personalization, and Sales and Marketing Management), Component, Deployment
Model, Organization Size, Industry, and Region - Global Forecast to 2022", published by MarketsandMarkets™,
The
cognitive analytics market is expected to grow from USD 1.84 Billion in 2017 to
USD 10.95 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 42.9%
during the forecast period.
The
major forces driving the growth of the cognitive analytics market are the rise
in the adoption of the cognitive computing technology, increasing volumes of
complex data, and the introduction of advanced analytics techniques. The
cognitive analytics market is growing rapidly because cognitive analytics can
manage large volumes of data that might be structured, unstructured, or
semi-structured. Companies deploy cognitive analytics tools and services to get
hold of data sets with higher volumes and varieties. These data sets, when
managed properly using cognitive analytics tools, can provide actionable
human-like insights to any business user, even if he/she is not tech-savvy.
Browse and
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Analytics Market"
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Fraud and risk
management application is expected to grow at the highest CAGR during the
forecast period.
Cognitive analytics tools and services are used for
various applications, which include customer analysis and personalization,
sales and marketing management, fraud and risk management, asset maintenance,
supply chain management, and others (network management and workforce
management). The fraud and risk management application is expected to witness
the highest CAGR during the forecast period because it helps companies analyze
and clarify often ambiguous and uncertain data, and find the known and unknown
risk indicators. By combining the data processing ability with learning
capabilities, cognitive systems can detect deep hidden anomalies and patterns,
which are almost impossible to detect with the traditional approaches.
Healthcare and life
sciences industry is estimated to have the largest market size in 2017.
By industry, the cognitive analytics market is
segmented into Banking, Financial Services, and Insurance (BFSI); healthcare
and life sciences; retail and consumer goods; telecommunications and IT;
government and defense; manufacturing; energy and utilities; media and
entertainment; and others (real estate, travel and hospitality, and academia).
Out of these industries, the adoption of cognitive analytics is expected to be
the largest in the healthcare and life sciences industry, as cognitive
analytics enables organizations in this industry to accelerate the scientific
discoveries, transform clinical trials, and improve the execution and
engagement for better care management.
North America is
expected to dominate the cognitive analytics market during the forecast period.
North America is estimated to have the largest share
of the cognitive analytics market in 2017, due to technological advancements
and the early adoption of analytical solutions in this region. The market size
in Asia Pacific (APAC) is expected to grow at the highest CAGR from 2017 to
2022. The primary driving forces for this growth are the growing volumes of
business data and the increasing need for competitive insights across industry
verticals in the APAC countries, especially in India, China, and Japan.
The report also
encompasses the different strategies, such as mergers and acquisitions,
partnerships and collaborations, and product developments, adopted by the major
market players to increase their shares in the market. Some of the major
technology vendors include IBM (US), Amazon Web Services (US), Google (US),
Microsoft (US), Oracle (US), SAS Institute (US), Intel (US), Cisco Systems
(US), HPE (US), Nuance Communications (US), IPsoft (US), Narrative Science
(US), Nokia (Finland), Sinequa (France), and Persado (US).
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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/cognitive-analytics-market.asp
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/cognitive-analytics-market.asp
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