Global Cognitive Analytics Market - Segmented by Deployment (On - Premise, On - Demand), Organization Size (Small and Medium - Sized Enterprises, Large Enterprises), Component (Tools, Services), Technology (Natural Language Processing, Machine Learning, Automated Reasoning), Application (Fraud and risk management, Customer analysis and personalization, Video Surveillance and Cyber Security management), End Users and Region - Growth, Trends and Forecast (2018 - 2023)
Cognitive Analytics Market is expected to grow at a CAGR of over 40% during the forecast period (2018 - 2023). The market for Cognitive Analytics market is increasing at significant momentum across the world, thanks to the constant advancements of predictive analytics and workplace performance enhancements. The global cognitive analytics market demand is expected to grow with the increasing adoption of internet of things (IOT), which are driving the cognitive analytics market growth to the large extent. Cognitive analytics helps in bridging the gap between large data volumes and need for decision making in real time.
Growing Demand for Cognitive Analytics in Health care
The accelerated rise of Big Data and cloud computing, has made cognitive analytics more accessible and accurate results to various end-use industries at large, including the healthcare sector which has the highest growth demand. As the increase in the burden of chronic diseases, advancements in technology in the healthcare industry and increasing clinical tests have generated the significant need for data assimilation and advanced data analytics to know the different patterns of the disease and find out the new drug. Together with data mining, natural language processing (NLP) systems, and other aspects of machine learning technologies, which is used to find out the valuable insights from the unstructured data. On the other hand, cognitive analytics has enhanced patient engagement and improved access to services. Researchers are leveraging the potential of cognitive solutions to make clinical trials more comprehensive and useful, unlocking abundant exciting prospects in the healthcare industry.
Global Cognitive Analytics in Healthcare Market - Regional Outlook
North America is estimated to have the largest share of the Cognitive Analytics Market due to technological advancements and the early adoption of analytical solutions in this region. The APAC region is projected to have the fastest growth in demand, during the forecast period (2018-2023), owing to rising geriatric population, increasing healthcare expenditure, growing public and private investments in the healthcare sector to counter the unmet medical needs, and growing pharmaceutical industry in the region. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), people aged 65 years and above in Asian countries is expected to increase by nearly two and half times in the next decades to reach 20.5% in 2050. Since the elderly generally need help in meeting their medication needs, including keeping track of their visits to the doctor, exercise reminders, medication timings, and dietary recommendations, there is ample scope for the healthcare cognitive analytics market to flourish in the region which will provide valuable insights from the complex data.
Companies in the healthcare cognitive analytics market are also increasingly getting involved in research and development (R&D) to provide better healthcare solutions. For instance, in August 2016, IBM Watson aided in the detection of a rare form of leukemia in a patient in Japan.
Key developments in Cognitive Analytics Market
April 2018 - IBM partnership with Media Math this partnership is pairing the cognitive abilities of Watson with Media Math’s full capabilities could allow marketers to create millions of customizable ads that reach a consumer on the right device, at the right moment with the right message.
March 2018 - KPMG International announced new cognitive solutions under their expanded strategic alliance with IBM to offer businesses global offerings that apply IBM Watson artificial intelligence (AI) technologies with KPMG advisory and tax services
May 2017 - Microsoft expands its Cognitive Services collection of intelligent APIs. Microsoft Cognitive Services enables developers to augment the next generation of applications with the ability understand and interpret the unstructured data by using natural methods of communication which includes cognitive analytics and cognitive computing.
Major Players: ORACLE CORPORATION, SAS INSTITUTE, IBM CORPORATION, AMAZON (AMAZON WEB SERVICES), MICROSOFT CORPORATIONS, CISCO SYSTEMS, SINEQUA, NARRATIVE SCIENCE, NUANCE COMMUNICATIONS, INC., PERSADO INC., HEWLETT PACKARD ENTERPRISE CORPORATION, and IPSOFT INC., amongst others.
Reasons to Purchase Cognitive Analytics Market Report
Provides latest insights into global cognitive analytics market.
Gives a detailed analysis of key competitors in the global cognitive analytics market.
Forecasts the market value by assessing the impact of the market drivers and constraints.
Three months analyst support, along with the Market Estimate Sheet (in excel).
Regional Analysis of the market.
Identify the latest developments, market shares, and strategies employed by the major market players.
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