According
to the new market research report "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",
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
in-depth TOC on "Cognitive Analytics Market"
70
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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