Global cognitive analytics market is anticipated to reach over US $48 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
According to the report, growing demand for real time analysis of complex data, and surging need for actionable business insights have complimented the use of cognitive analytics solutions. Increasing trend of IoT, BYOD, and AI (artificial intelligence) supports the adoption of cognitive analytics. Meanwhile, swelling demand from industries like transportation, healthcare, and BFSI have accelerated growth in cognitive analytics market over recent years.
Increasing investments by vendors for undertaking technological advancements as well as growing adoption of cloud technologies is anticipated to boost cognitive analytics industry growth. Moreover, escalating demand from emerging nations, and increasing adoption by small and medium-sized businesses is expected to bolster market size over coming years. Report cites that in 2017, large enterprises segment dominated the global cognitive analytics market in terms of revenue.
As per a regional perspective, North America is anticipated to be the leading contributor to global cognitive analytics market revenue over the forecast period. In 2017, the region accounted for the highest market revenue. Increasing demand from the healthcare and government sectors, and growing trend of IoT will positively impact industry growth in the region.
Whereas rising use of cloud-based technologies, and rapid technological advancements are anticipated to foster regional market size. Surging demand from BFSI and defense sectors would also expand North America cognitive analytics market reach.
Asia-Pacific is expected to garner highest CAGR during the forecast period. According to the report, growing demand from emerging economies such as India, China, and Japan will drive the regional industry share.
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Leading firms operating in cognitive analytics market include IBM Corp., Cisco Systems Inc., Nuance Communications, SAS Institute, Microsoft Corp., Amazon Web Services, Oracle Corp., Google LLC, Intel Corp., and Narrative Science. The company profiles of top players are summarized in the report alongside their business overview, product benchmarking, financials, and recent developments.
Companies operating in the market are actively launching new products and collaborating with other market leaders to develop products that can effectively fulfill end-user demands and requirements.
The report offers a brief overview of cognitive analytics market with respect to Porter’s five forces, industry trends, market forces, ecosystem analysis, competitive ranking analysis, and PEST analysis. It provides an extensive quantitative and qualitative analysis of potential industry trends and growth prospects between 2018-2026.