According
to the new market research report "Cognitive Data Management
Market by Component (Solutions (Data Integration & Migration,
Data Governance & Quality) Services), Deployment Type, Enterprise Size,
Business Function, Vertical, and Region - Global Forecast to 2023",
published by MarketsandMarkets™, The cognitive
data management market size is expected to grow from USD 569.9 million in 2018
to USD 1,473.9 million by 2023, at a Compound Annual Growth Rate (CAGR) of
20.9% during the forecast period.
The
rising use of IoT-based devices, resulting in upshifting the amount of digital
data, followed by growing adoption of the cognitive computing technology and
advanced analytics are expected to drive the growth of the cognitive data
management market.
Among solutions, the data governance and quality segment is
expected to grow at the highest CAGR during the forecast period
The data
governance and quality segment is expected to grow at the highest CAGR during
the forecast period. This growth rate is mainly due to to the rising number of
compliances with regard to the enterprise data. Furthermore, the
cohesiveness between different business entities improves the overall efficiency
and effectiveness of organizations as a whole.
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in-depth TOC on "Cognitive
Data Management Market "
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In verticals, the manufacturing vertical is expected to grow
rapidly during the forecast period
The
manufacturing vertical is expected to grow at the highest CAGR during the
forecast period, as industries are transforming greatly toward smart
automation, resulting in the generation of a large amount of digital data. This
factor is expected to have increased the adoption of data management tools
among manufacturers. The variety and volume of data would considerably
increase, due to the evolution of digital and smart technologies across the
manufacturing vertical.
Under regions, North America is expected to have the largest
market size duringthe forecast period.
North
America is expected to hold the largest market share in the cognitive data
management market. There are various factors expected to contribute to the
growth of the cognitive data management market across the region. These factors
include the growing investments in cognitive technologies by various players
and government support toward the adoption of Artificial Intelligence (AI),
increasing advancements in infrastructure, rising digital transformation, and
increasing IT budgets.
The
key players in the cognitive data management market include Attivio (US),
CognitiveScale (US), Cognizant (US), DATUM (US), Expert System (Italy), HPE
(US), IBM (US), Immuta (US), Informatica (US), Infosys (India), Kingland
Systems (US), Microsoft (US), Oracle (US), Pingar (New Zealand), Reltio
(US), Saksoft (India), Salesforce (US), SAP (Germany), SAS (US),
SnapLogic (US), SparkCognition (US), StrongBox Data Solutions (Canada), Talend
(US), Veritas (US), and Wipro (India).
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