The Cognitive Data Management Market is segmented by component, business function, deployment type, organization size, vertical, and region. MarketsandMarkets forecasts the global cognitive data management market 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. Cognitive data management primarily implies the amalgamation of different data management tools integrated with cognitive computing platforms (AI and ML feature-based) to augment their operational capabilities. Preemptive and proactive services play a vital role in managing operational scenarios, which have resulted in the transitional shift toward technology developments that are in line with data management.
The major factors expected to drive the growth of the cognitive data management market are the rising use of Internet of Things (IoT)-based devices, thereby upshifting the amount of digital data, growing adoption of the cognitive computing technology and advanced analytics, increasing volume of complex data, and rising need to streamline business operations. Among solutions, the data governance and quality segment is expected to grow at the highest CAGR during the forecast period, as organizations need to strictly adhere to data-related policies and compliances.
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Under services, the integration segment is expected to grow at the highest CAGR during the forecast period. There is a huge demand for these type of services, as every enterprise has a different infrastructure that needs integration services to deploy cognitive data management solutions.
Among organization size, the large enterprises segment is expected to have the larger market share during the forecast period, due to the increasing volume of complex data among large enterprises and investments in IT infrastructure.
In regions, Europe is expected to experience strong growth in the coming years. The increasing inconsistent data generated across organizations in different countries is expected to have led to the rising adoption of cognitive data management solutions in this region. Enterprises in Europe face data-related challenges in meeting the demands of global businesses and simultaneously handling regulatory requirements. New technologies and business models are being rapidly introduced in the European market due to dynamic business needs.
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The traditional and emerging market players 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). These players have adopted various strategies, such as partnerships, collaborations, agreements, acquisitions, and new product launches, to achieve growth in the global cognitive data management market.
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