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Cognitive Analytics Market

Cognitive Analytics Market : Global Industry Analysis 2016 - 2020 and Opportunity Assessment 2021 - 2031

Market Insights on Cognitive Analytics covering sales outlook, demand forecast & up-to-date key trends

Cognitive Analytics Market Overview

Cognitive analytics simulate the human thought process to learn from the data such as speech to text and text to speech recognition. Cognitive analytics brings together several intelligent technologies such as deep learning, image recognition, machine learning, semantic computing, artificial intelligence, and among others. The cognitive analytics solutions are increasing in adoption for human cognition and self-correcting for continuous learning.

Cognitive analytics solutions allow enterprises to identify critical patterns, enhance business performance, and develop high-quality business predictions. Cognitive analytics is used to advise and execute trading, as well as for advanced risk underwriting and fraud detection.

Several enterprises are offering cognitive analytics solutions for applications such as data warehousing, information management, and big data analytics services to develop data management from unstructured and structured data. These factors are increasing the demand for cognitive analytics solutions.

Increasing Adoption of Cognitive Analytics amid the COVID-19 Pandemic outbreak

The effects of the COVID-19 pandemic are having a significant impact on the technology and IT sector. Companies are facing emerging and strategic risk from operational distributions, the threat of financial distress, misinformation, and long term reputational damage from the COVID-19 pandemic.

Due to the COVID-19 impact, the cognitive analytics solution adoption is increase in organizations, for AI/ML-based business analytics and insights. Cognitive analytics can help organizations enhance resiliency to crisis events by proving location-based risk intelligence and data-driven insights, which is projected to increase by nearly 5-10% by 2021.

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Cognitive Analytics Market: Drivers and Restraints

Increasing Adoption of Cognitive Computing Technology

Cognitive computing has become the foremost important enabler of business transformation in a growing number of industries. Cognitive computing technology is a department of applied science that automates tasks that traditionally require perceptual and cognitive abilities from humans.

In the Automotive & Transportation industry, in era of increasing craze for autonomous vehicles, cognitive computing could make its way deeper into the transportation industry. Cognitive computing can take supervision of traveling requirements direct from booking tickets for flights and hotels to provide personalized recommendations during travel.

Cognitive computing technology can help with airport navigation and also provide translation assistance at foreign destinations. These factors are increasing the demand for cognitive computing, which increases the market growth.

Cognitive Analytics in the Healthcare and Medical Industry

Technological advancements in the healthcare and medical industry have allowed physicians and other healthcare providers to treat their patients and diagnose them efficiently. Cognitive analytics in healthcare combines the functioning of humans and machine where machines and the human brain actually overlap to enhance human decision making for diagnosis and treatments.

The healthcare and medical industry is starting to use cognitive analysis to cater to their patients with the best possible treatments. Cognitive analytics is mainly used for the treatment and detection of critical diseases. Patients and their families will be able to use the system via a cognitive hospital app on virtually home computer or any smartphone.

The advents of cognitive analytics systems are on the rise in the healthcare and wellness industry which is increasing market growth.

Cognitive Analytics Market: Competition Landscape

Some of the prominent players in cognitive analytics market are

  • Amazon Web Services, Inc.
  • IBM Corporation
  • SAS Institute Inc.
  •  Hewlett Packard Enterprise Development LP
  • Numenta
  • Intel Corporation
  • Sinequa
  • Oracle
  • Microsoft
  • Cisco Systems, Inc.
  • Nuance Communications, Inc.
Nikhil Kaitwade
Principal Consultant
LinkedIn
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Cognitive Analytics Market: Regional overview

Based on the region, the cognitive analytics market has been segmented into North America, Latin America, East Asia, Europe, South Asia & Pacific, and Middle East & Africa. North America is holding the largest market share due to high presence of cognitive computing analytics solution providers in this region.

In Europe and South Asia & Pacific regions, organizations are adopting cognitive analytics for digital transformation of business functions, which is expected to grow at the highest growth rate during the forecast period.

The cognitive analytics market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with cognitive analytics market attractiveness as per segment.

The cognitive analytics market report also maps the qualitative impact of various market factors on cognitive analytics market segments and geographies.

The report covers exhaustive analysis on

  • Cognitive Analytics Market Segments
  • Cognitive Analytics Market Dynamics
  • Cognitive Analytics Market Size
  • Supply & Demand Analysis
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Impact of COVID-19 on market growth
  • Value Chain Analysis
  • Cognitive Analytics Market Drivers and Restraints
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Regional analysis includes

  • North America (U.S., Canada)
  • Latin America (Mexico, Brazil, Rest of Latin America)
  • Europe (Germany, Italy, U.K, Spain, France, BENELUX, Russia & Rest of Europe)
  • East Asia (China, Japan, & South Korea)
  • South Asia & Pacific (India, ASEAN, Australia & New Zealand, Rest of South Asia)
  • Middle East and Africa (GCC Countries, Turkey, South Africa, Rest of MEA)

Cognitive Analytics Market: Segmentation

The Cognitive Analytics market has been segmented on the basis of Technology, Application, Industry and Region.

Technology:

  • Machine Learning
  • Natural Language Processing
  • Others

Application:

  • Fraud and risk management
  • Customer analysis and personalization
  • Supply chain management
  • Others

Industry:

  • Healthcare
  • IT & Telecommunication
  • BFSI
  • Transportation and logistics
  • Other
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Nikhil Kaitwade
Principal Consultant
LinkedIn
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Cognitive Analytics Market