Cognitive Analytics Market
PUBLISHED: 2024 ID: SMRC25288
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Cognitive Analytics Market

Cognitive Analytics Market Forecasts to 2030 - Global Analysis By Component (Services and Tools), Deployment, Organization Size, Technology, Application, End User and By Geography

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4.9 (43 reviews)
Published: 2024 ID: SMRC25288

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Cognitive Analytics Market is accounted for $3.9 billion in 2023 and is expected to reach $32.7 billion by 2030 growing at a CAGR of 35.3% during the forecast period. Cognitive analytics involves the application of advanced technologies such as artificial intelligence, machine learning, and natural language processing to analyze and interpret complex data sets. This multidimensional approach enables systems to mimic human thought processes, extracting valuable insights from vast amounts of information. By uncovering patterns, trends, and correlations, cognitive analytics empowers organizations to make data-driven decisions, enhance problem-solving capabilities, and optimize processes across various industries, ultimately fostering innovation and improving overall business performance.

According to Flexera’s 2022 State of the Cloud Report, organizations reported spending more than USD 12 million yearly in 37% of cases in 2021 and more than USD 1.2 million on clouds in 80% of cases.

Market Dynamics: 

Driver: 

Rising demand for real-time insights

The market is witnessing a surge in demand for real-time insights as organizations recognize the critical importance of timely data-driven decision-making. This heightened need stems from the dynamic business landscape, where rapid changes and evolving trends necessitate instant and accurate analysis. Companies are increasingly adopting cognitive analytics solutions to gain actionable intelligence in real-time, enabling them to respond swiftly to market shifts and emerging opportunities, thereby enhancing overall operational efficiency and competitiveness.

Restraint:

Data privacy and security concerns

The collection, processing, and storage of personal and business data present potential risks, including unauthorized access, data breaches, and misuse. As cognitive analytics systems become more sophisticated, ensuring robust encryption, authentication protocols, and compliance with data protection regulations is imperative. Organizations must prioritize transparent privacy policies, implement stringent access controls, and regularly audit their systems to safeguard against potential vulnerabilities. Data privacy and security concerns are the factors restraining the growth of the market,

Opportunity:

Rising adoption of IoT devices and big data analytics

The market is experiencing a surge in adoption propelled by the widespread integration of Internet of Things (IoT) devices and the utilization of big data analytics. This synergy allows organizations to harness vast amounts of data generated by IoT devices, enabling sophisticated analysis and insights. The seamless integration of these technologies empowers businesses to make data-driven decisions, enhance operational efficiency, and gain a competitive edge in dynamic market landscape.

Threat:

Lack of skilled professionals

The demand for experts proficient in data science, machine learning, and artificial intelligence outpaces the current availability of qualified individuals. This scarcity limits the effective implementation of cognitive analytics solutions, impeding organizations from harnessing the full benefits of advanced data insights. Bridging this skills gap is crucial for businesses aiming to leverage cognitive analytics to enhance decision-making and gain a competitive edge. Hence, this is the major aspect hindering the growth of the market.

Covid-19 Impact: 

The COVID-19 pandemic significantly impacted the Cognitive Analytics market as organizations sought advanced data-driven solutions to navigate unprecedented challenges. The demand for real-time insights surged, driving increased adoption of cognitive analytics to enhance decision-making processes and business resilience. Remote work dynamics also accelerated the need for AI-driven analytics, fostering innovation and growth within the market. The pandemic underscored the importance of cognitive analytics in adapting to dynamic circumstances, influencing a paradigm shift in data analysis strategies across industries.

The natural language processing segment is expected to be the largest during the forecast period

The natural language processing segment is expected to be the largest during the forecast period owing to the increasing demand for advanced language understanding and communication capabilities. Organizations are leveraging technologies to extract valuable insights from unstructured data, enhance decision-making processes, and improve customer experiences. This market expansion is propelled by the rising adoption of AI-driven solutions across various industries, showcasing the pivotal role in unlocking the potential of cognitive analytics for comprehensive data analysis and interpretation.

The transportation and logistics segment is expected to have the highest CAGR during the forecast period

The transportation and logistics segment is expected to have the highest CAGR during the forecast period. Cognitive analytics streamline supply chain operations, optimizing routes, inventory management, and demand forecasting. Machine learning algorithms enhance efficiency, reduce costs, and improve overall logistics performance. With the ability to analyze vast datasets, organizations gain valuable insights, enabling them to make informed decisions, enhance customer satisfaction, and adapt quickly to dynamic market demands within the transportation and logistics sector.

Region with largest share:

North America is projected to hold the largest market share during the forecast period due to increasing adoption of advanced analytics solutions across various industries. With a focus on leveraging artificial intelligence and machine learning technologies, businesses in the region are gaining valuable insights from vast datasets. The demand for real-time decision-making tools and predictive analytics is propelling market expansion. 

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period. Organizations are adopting cognitive analytics solutions to derive meaningful patterns and predictions from vast datasets, enhancing decision-making processes. Factors such as technological advancements, rising awareness of analytics benefits, and the proliferation of digital transformation initiatives contribute to the region's expanding cognitive analytics market.

Key players in the market

Some of the key players in Cognitive Analytics market include SAS Institute, Hewlett Packard Enterprise Company, Google LLC, Amazon Web Services, Microsoft Corporation, Intel, Cisco Systems, Nokia, Oracle Corporation, Narrative Science, IBM Corporation, Accenture PLC, Nuance Communications, Inc., Numenta, Inc., Enterra Solutions LLC, SparkCognition Inc., Tata Consultancy Services and Ericsson.

Key Developments:

In September 2023, Ericsson launched advanced troubleshooting capabilities with an extension of Ericsson Expert Analytics. The solution implements AI, machine learning, and analytics tools to identify root-cause of issues.

In May 2023, Tata Consultancy Services strategically collaborated with Google LLC Cloud to provide generative AI and cognitive-powered services to customers. It caters to industry specific applications that focus on pushing business value in the real-world.

In March 2023, Tata Consultancy Services launched 5G-powered cognitive plant operations adviser to support industries such as oil and gas, manufacturing, retail, and others with advanced analytics and artificial intelligence. It would help clients in building prescriptive and predictive capabilities.  

Components Covered:
• Services
• Tools

Deployments Covered:
• Cloud
• On-Premise 

Organization Sizes Covered:
• Large enterprises
• Small and Medium-sized Enterprises (SMEs)

Technologies Covered:
• Natural Language Processing
• Machine Learning
• Automated Reasoning
• Other Technologies

Applications Covered:
• Supply Chain Management
• Asset Maintenance
• Fraud And Risk Management
• Customer Analysis And Personalization
• Sales And Marketing Management
• Other Applications

End Users Covered:
• Media And Entertainment
• Transportation And Logistics
• Telecommunications And IT
• Retail And Consumer Goods
• Healthcare And Life Sciences
• Manufacturing
• Government And Defense
• Energy And Utilities
• Banking, Financial Services, and Insurance (BFSI)
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary       
         
2 Preface        
 2.1 Abstract       
 2.2 Stake Holders      
 2.3 Research Scope      
 2.4 Research Methodology     
  2.4.1 Data Mining     
  2.4.2 Data Analysis     
  2.4.3 Data Validation     
  2.4.4 Research Approach     
 2.5 Research Sources      
  2.5.1 Primary Research Sources    
  2.5.2 Secondary Research Sources    
  2.5.3 Assumptions     
         
3 Market Trend Analysis      
 3.1 Introduction      
 3.2 Drivers       
 3.3 Restraints      
 3.4 Opportunities      
 3.5 Threats       
 3.6 Technology Analysis     
 3.7 Application Analysis     
 3.8 End User Analysis      
 3.9 Emerging Markets      
 3.10 Impact of Covid-19      
         
4 Porters Five Force Analysis      
 4.1 Bargaining power of suppliers     
 4.2 Bargaining power of buyers     
 4.3 Threat of substitutes     
 4.4 Threat of new entrants     
 4.5 Competitive rivalry      
         
5 Global Cognitive Analytics Market, By Component    
 5.1 Introduction      
 5.2 Services       
  5.2.1 Professional Services    
   5.2.1.1 Support and Maintenance   
   5.2.1.2 Consulting Services    
   5.2.1.3 Deployment and Integration   
  5.2.2 Managed Services     
 5.3 Tools       
         
6 Global Cognitive Analytics Market, By Deployment    
 6.1 Introduction      
 6.2 Cloud       
 6.3 On-Premise       
         
7 Global Cognitive Analytics Market, By Organization Size   
 7.1 Introduction      
 7.2 Large enterprises      
 7.3 Small and Medium-sized Enterprises (SMEs)   
         
8 Global Cognitive Analytics Market, By Technology    
 8.1 Introduction      
 8.2 Natural Language Processing     
 8.3 Machine Learning      
 8.4 Automated Reasoning     
 8.5 Other Technologies      
         
9 Global Cognitive Analytics Market, By Application    
 9.1 Introduction      
 9.2 Supply Chain Management     
 9.3 Asset Maintenance      
 9.4 Fraud And Risk Management     
 9.5 Customer Analysis And Personalization    
 9.6 Sales And Marketing Management    
 9.7 Other Applications      
         
10 Global Cognitive Analytics Market, By End User    
 10.1 Introduction      
 10.2 Media And Entertainment     
 10.3 Transportation And Logistics     
 10.4 Telecommunications And IT     
 10.5 Retail And Consumer Goods     
 10.6 Healthcare And Life Sciences     
 10.7 Manufacturing      
 10.8 Government And Defense     
 10.9 Energy And Utilities      
 10.10 Banking, Financial Services, and Insurance (BFSI)   
 10.11 Other End Users      
         
11 Global Cognitive Analytics Market, By Geography    
 11.1 Introduction      
 11.2 North America      
  11.2.1 US      
  11.2.2 Canada      
  11.2.3 Mexico      
 11.3 Europe       
  11.3.1 Germany      
  11.3.2 UK      
  11.3.3 Italy      
  11.3.4 France      
  11.3.5 Spain      
  11.3.6 Rest of Europe     
 11.4 Asia Pacific      
  11.4.1 Japan      
  11.4.2 China      
  11.4.3 India      
  11.4.4 Australia      
  11.4.5 New Zealand     
  11.4.6 South Korea     
  11.4.7 Rest of Asia Pacific     
 11.5 South America      
  11.5.1 Argentina     
  11.5.2 Brazil      
  11.5.3 Chile      
  11.5.4 Rest of South America    
 11.6 Middle East & Africa     
  11.6.1 Saudi Arabia     
  11.6.2 UAE      
  11.6.3 Qatar      
  11.6.4 South Africa     
  11.6.5 Rest of Middle East & Africa    
         
12 Key Developments       
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures  
 12.2 Acquisitions & Mergers     
 12.3 New Product Launch     
 12.4 Expansions      
 12.5 Other Key Strategies     
         
13 Company Profiling       
 13.1 SAS Institute      
 13.2 Hewlett Packard Enterprise Company    
 13.3 Google LLC      
 13.4 Amazon Web Services     
 13.5 Microsoft Corporation     
 13.6 Intel       
 13.7 Cisco Systems      
 13.8 Nokia       
 13.9 Oracle Corporation      
 13.10 Narrative Science      
 13.11 IBM Corporation      
 13.12 Accenture PLC      
 13.13 Nuance Communications, Inc.     
 13.14 Numenta, Inc.      
 13.15 Enterra Solutions LLC     
 13.16 SparkCognition Inc.      
 13.17 Tata Consultancy Services     
 13.18 Ericsson        
         
List of Tables        
1 Global Cognitive Analytics Market Outlook, By Region (2021-2030) ($MN) 
2 Global Cognitive Analytics Market Outlook, By Component (2021-2030) ($MN) 
3 Global Cognitive Analytics Market Outlook, By Services (2021-2030) ($MN) 
4 Global Cognitive Analytics Market Outlook, By Professional Services (2021-2030) ($MN)
5 Global Cognitive Analytics Market Outlook, By Support And Maintenance (2021-2030) ($MN)
6 Global Cognitive Analytics Market Outlook, By Consulting Services (2021-2030) ($MN)
7 Global Cognitive Analytics Market Outlook, By Deployment And Integration (2021-2030) ($MN)
8 Global Cognitive Analytics Market Outlook, By Managed Services (2021-2030) ($MN)
9 Global Cognitive Analytics Market Outlook, By Tools (2021-2030) ($MN)  
10 Global Cognitive Analytics Market Outlook, By Deployment (2021-2030) ($MN) 
11 Global Cognitive Analytics Market Outlook, By Cloud (2021-2030) ($MN)  
12 Global Cognitive Analytics Market Outlook, By On-Premise  (2021-2030) ($MN) 
13 Global Cognitive Analytics Market Outlook, By Organization Size (2021-2030) ($MN)
14 Global Cognitive Analytics Market Outlook, By Large Enterprises (2021-2030) ($MN)
15 Global Cognitive Analytics Market Outlook, By Small And Medium-Sized Enterprises (Smes) (2021-2030) ($MN)
16 Global Cognitive Analytics Market Outlook, By Technology (2021-2030) ($MN) 
17 Global Cognitive Analytics Market Outlook, By Natural Language Processing (2021-2030) ($MN)
18 Global Cognitive Analytics Market Outlook, By Machine Learning (2021-2030) ($MN)
19 Global Cognitive Analytics Market Outlook, By Automated Reasoning (2021-2030) ($MN)
20 Global Cognitive Analytics Market Outlook, By Other Technologies (2021-2030) ($MN)
21 Global Cognitive Analytics Market Outlook, By Application (2021-2030) ($MN) 
22 Global Cognitive Analytics Market Outlook, By Supply Chain Management (2021-2030) ($MN)
23 Global Cognitive Analytics Market Outlook, By Asset Maintenance (2021-2030) ($MN)
24 Global Cognitive Analytics Market Outlook, By Fraud And Risk Management (2021-2030) ($MN)
25 Global Cognitive Analytics Market Outlook, By Customer Analysis And Personalization (2021-2030) ($MN)
26 Global Cognitive Analytics Market Outlook, By Sales And Marketing Management (2021-2030) ($MN)
27 Global Cognitive Analytics Market Outlook, By Other Applications (2021-2030) ($MN)
28 Global Cognitive Analytics Market Outlook, By End User (2021-2030) ($MN) 
29 Global Cognitive Analytics Market Outlook, By Media And Entertainment (2021-2030) ($MN)
30 Global Cognitive Analytics Market Outlook, By Transportation And Logistics (2021-2030) ($MN)
31 Global Cognitive Analytics Market Outlook, By Telecommunications And IT (2021-2030) ($MN)
32 Global Cognitive Analytics Market Outlook, By Retail And Consumer Goods (2021-2030) ($MN)
33 Global Cognitive Analytics Market Outlook, By Healthcare And Life Sciences (2021-2030) ($MN)
34 Global Cognitive Analytics Market Outlook, By Manufacturing (2021-2030) ($MN) 
35 Global Cognitive Analytics Market Outlook, By Government And Defense (2021-2030) ($MN)
36 Global Cognitive Analytics Market Outlook, By Energy And Utilities (2021-2030) ($MN)
37 Global Cognitive Analytics Market Outlook, By Banking, Financial Services, and Insurance (BFSI) (2021-2030) ($MN)
38 Global Cognitive Analytics Market Outlook, By Other End Users (2021-2030) ($MN) 
         
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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