Cognitive analytics market is estimated to exhibit high growth potential during the forecast period owing to rapid adoption of technology and increasing adoption of internet of things across several industry verticals. Cognitive analytics performs data mining and helps in predicting the optimized responses. This improves the efficiency of the business process and provides with real time data analysis. Cognitive analytics provides accurate and precise data with full coverage and analytics of supervised and unsupervised data. Major driving factor in the growth of cognitive analytics market is the provision of business intelligence which makes the business processes efficient. It also provides a personalized approach to customer service which ultimately provides better customer relationship management.
Cognitive analytics can be very beneficial and efficient in monitoring and planning business marketing activities. It can help in measuring the collected data and can help predict analytics to design campaigns according to the consumer needs. This can reduce extra costs involved in mass marketing and can help in increasing the revenue by targeting the right audience.
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Cognitive analytics market has been segmented on the basis of technology, deployment, end user and vertical. The vertical segment is further bifurcated into BFSI, healthcare, consumer electronics & retail, education & retail, IT & telecommunication, travel & tourism, aerospace & defense, oil & gas and others. Cognitive analytics provides crowd insights which can be very beneficial in verticals like travel and tourism. It can also allow investors to make accurate decisions about how much to invest into which business by providing accurate insights about a particular industry vertical. Cognitive analytics is proving to be very beneficial in healthcare sector as it can provide doctors with unstructured data which can help them in providing more detailed and accurate diagnostics with latest medical statistics and researches.
The major factors restraining the growth of cognitive analytics market are the lack of awareness about importance of real time data analysis and the higher costs of deployment of cognitive systems. Analysis of data at real time will reduce the response time required in processing the data. So this will prove to be time efficient and also reduce costs of deploying that data and analyzing it later. Government and compliance issues could be other factors that could cause hindrance in the growth of cognitive analytics market.
Market Research Future (MRFR) recognizes the following companies as the key players in the Cognitive Analytics Market – Google, Inc. (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Nokia Networks (Finland), Saffron Technology (U.S.), ColdLight Solutions (U.S.), CognitiveScale (U.S.), Enterra Solutions LLC (U.S.), Numenta (U.S.), Vicarious (U.S.) among others.
The regional analysis of cognitive analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in cognitive analytics market in North America is attributed to technical advancements and increasing need for real time analysis of massive and diversified data in that region.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
Cognitive analytics market can be segmented on the basis of technology, deployment, end user and vertical. The deployment segment is further bifurcated into cloud and on premise deployment models. Out of which, the cloud based deployment model is very popular owing to its efficiency and flexibility about data retrieval. Cloud storage deployment model allows massive storage of data and is very cost efficient in comparison to the on premise deployment model.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
LIST OF TABLES
TABLE 1 COGNITIVE ANALYTICS MARKET, BY TECHNOLOGY
TABLE 2 COGNITIVE ANALYTICS MARKET, BY DEPLOYMENT
TABLE 3 COGNITIVE ANALYTICS MARKET, BY END USER
TABLE 4 COGNITIVE ANALYTICS MARKET, BY VERTICAL
TABLE 5 COGNITIVE ANALYTICS MARKET, BY REGIONS
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LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 COGNITIVE ANALYTICS MARKET, BY TECHNOLOGY (%)
FIGURE 3 COGNITIVE ANALYTICS MARKET, BY DEPLOYMENT (%)
FIGURE 4 COGNITIVE ANALYTICS MARKET, BY END USER (%)
FIGURE 5 COGNITIVE ANALYTICS MARKET, BY VERTICAL (%)
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