Cognitive Data Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Cognitive Data Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Cognitive Data Management Market is expected to grow at a CAGR of 21.7% over the forecast period 2021 to 2026. An acceleration in the usage of IoT-based devices, an escalation in the volume of complex data, and the growth of advanced technology such as AI have led to the enhanced adoption of cognitive data management across the globe. A recent survey by Infosys Limited found that AI and Cognitive Data Management are part of a real-world technology wave that shows tangible business results. According to the study, 86% of organizations have “middle” or “late-stage” AI deployments, and view it as a critical technology for future business initiatives. Nearly 75% also stated that AI is already helping to transform the way their organizations do business.

Key Highlights

• The accelerated adoption of automation and cloud technologies across companies and businesses resulted in colossal data generation and cloud data traffic. Hence, it stoked the growth of data management software, which in turn has boosted the demand for the cognitive data management market. And over 90% of firms using the cloud as part of their businesses stated that the amount of internet traffic has been growing exponentially.
• According to Cisco Report, global IP traffic will reach an annual run rate of 2.3 zettabytes in 2020, up from an annual run rate of 870.3 exabytes in 2015. Furthermore, the IP traffic will grow 3-fold from 2015 to 2020, a compound annual growth rate of 22% due to the enhanced adoption of cloud technologies across the businesses.
• Progress in IoT based devices is also increasing the amount of digital data, emphasizing the need for Cognitive Data Management. According to Cisco, IoT is supposed to generate about 507.5 zettabytes (1 zettabyte = 1 trillion gigabytes) of data by 2019. Managing, screen through, and interpreting data is supposed to pose a massive challenge for organizations. Cognitive Data Analysis will be essential if IoT initiatives are anticipated to provide insights to drive higher productivity and revenues.
• The cloud deployment type providing a broad range of functionalities, such as pay-per-use model, ease inaccessibility, and multi-user support, is estimated to witness a significant market share in the global cognitive data management market. Owing to the benefits cloud deployment offers, it is witnessing accelerated progress in its adoption. According to Forbes, the need for cloud computing is anticipated to grow to USD 160 billion by 2020, achieving a growth rate of 19%.
• The BFSI vertical is estimated to exhibit a significant adoption of cognitive technologies. The financial institutions around the globe have been deploying such technologies to increase their predictive capabilities, improve the revenue forecast, and support their business planning & budgeting in particular. Also, it enables them to address risk and fraud management more efficiently.
• Besides, thriving data security apprehensions is a key restraint for the market. For instance, according to Thomson Reuters Corporation, the number of data breaches in the U.S. increased from 157 million in 2005 to 1.47 billion in 2019, while the number of exposed records jumped from around 67 million to 164.7 million during the same time frame.
• During the COVID-19 pandemic, the healthcare industry vertical is under enormous pressure to improve and provide PPE, prophylactic, ventilators, and anti-viral drugs globally. Healthcare organizations are utilizing advanced technologies, such as AI, analytics, and machine learning, to interpret the complex data around COVID-19 to monitor and reduce the impact of the virus.

Key Market TrendsIT and Telecommunication Segment to Grow Significantly

• The swiftly growing adoption of big data and cloud computing has caused Cognitive Data Management more accessible and provides reliable results to several end-user industries at large, including the IT and Telecommunication sector, which is anticipated to see enhanced adoption of these solutions during the forecast period.
• With natural language processing (NLP) systems, data mining, and other characters of machine learning technologies, which is applied to discover essential insights from the unstructured data, the IT and Telecommunication sector is anticipated to create a heightened demand for these solutions.
• Furthermore, the volume of big data in data storage centers is on rapid development, and its complexity leads to the selection of cognitive services. It provides the company the accurate information to sharpen and stimulate business decision making. According to Cisco Systems Inc., this volume has touched 124 Exabytes in 2018 and is estimated to make 403 Exabytes by 2021.
• Machine assets are creating a large amount of data having the potential for exceptional business value. Companies are also leveraging cognitive machine learning to bring out predictive maintenance to extricate that value from a lake of data.
• Several IT and telecommunication firms are embracing cognitive services to develop customer engagement, gain a competitive edge, and optimize operations over others. For instance, in late 2018, Du, a telecommunication company in UAE, collaborated with Mircosoft for cognitive services across all of their contemporary touchpoints and digital channels.

North America is Expected to Hold the Largest Market Share

• North America supposed to occupy the highest market share in the cognitive data management market. Several determinants anticipated adding to the growth of the market across the region. These factors include the expanding investments in cognitive technologies by several players, growing advancements in infrastructure, increasing adoption and government assistance toward Artificial Intelligence (AI), increasing digital transformation, and rising IT budgets.
• Moreover, regulations, changing technology, and client expectations are transforming financial services forcing financial institutions to be extra agile and accessible while keeping tight data privacy and security. It has led to the collaboration of many BFSI companies with IT service and solution providers.
• For instance, in 2019, Bank of America partnered with IBM Corporation to build a cloud for banks that has privacy, security, and bank-specific regulatory agreement built-in. The bank will host the first applications and workloads to support the terms, privacy, and safety expectations of its 66 million banking customers and is anticipated to drive the market.
• Amazon, Google, and Apple, smart wearable gadgets, such as watches and speakers, have established themselves in the North American marketplace. Enhanced integration of smart wearables to IoT devices prompted by the adoption of smart homes in the area is anticipated to drive the demand for Cognitive data management solutions.
• According to research led by Stanford University in collaboration with Avast, North American homes have the most significant density of IoT devices. The study attaches that 66% of households in North America have at least one IoT device, as against the global average of 40%. Besides, 25% of North American houses have more than two devices.
• High density of IoT devices has generated the requirement to handle vast volumes of data while assuring security and integrating multiple devices in the smart home ecosystems. These determinants have been effective in increasing the market and encouraging innovations in cognitive data management solutions offered by the companies.

Competitive Landscape

The global Cognitive Data Management Market is highly fragmented and consists of several major players. These important players have used numerous strategies such as new product launches, agreements, joint ventures, partnerships, acquisitions, expansions, and others to expand their footprints. These players are using cognitive technologies to have better control over their data management platforms.

• May 2020 - AT&T and Salesforce announced a multi-year strategic agreement to deliver entirely new connected experiences for AT&T’s millions of customers. AT&T will deploy Salesforce Customer 360 to create a single view of every customer across every touchpoint - whether it happens in person at a storefront, over the phone, in a business setting, or on any AT&T digital property.
• March 2020 - Informatica brings serverless compute to Data Integration Cloud. The highlight of the spring release is the introduction of serverless computing. The new release also adds more services that are aided with machine learning, and the use of graph computing to help organizations build a single view of customer master data.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Salesforce.com, Inc.
IBM Corporation
SAP SE
SAS Institute Inc.
Informatica
Microsoft Corporation
Cognizant
Oracle Corporation
Hewlett Packard Enterprise Development LP
Infosys Limited
Datum Inc.
Wipro Limited
Veritas Technologies LLC
SnapLogic Inc.
Reltio Inc.
Immuta, Inc.
Attivio Inc.

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