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Cognitive analytics applies human-like intelligence to certain tasks, and brings together a number of intelligent technologies, including semantics, artificial intelligence algorithms, deep learning, and machine learning. Applying such techniques, a cognitive application can get smarter and more effective over time by learning from its interactions with data and humans. It is a combination of artificial intelligence and data analytics to enable analytic tools to think like humans.
Cognitive analytics tool continuously learns from data and human machine interactions to become smarter, having a goal to blend traditional analytics technique with AI and ML features for advanced analytics outcome. Improved customer engagement, high productivity efficiency, and high business growth  are some of the expected benefits of the cognitive analytics market .
COVID-19 scenario Analysis:
Factors such as rise in adoption of cognitive computing technology, introduction of advanced analytics techniques, growth in penetration of IoT devices, and continuously generation massive volume of unstructured data, are expected to drive growth of the cognitive analytics market. However, complex adoption and lengthy development cycle hinders growth of the market.  Furthermore, increase in adoption of cloud technology among small and medium enterprises create numerous opportunities for the  global cognitive analytics market.Â
One of the greatest challenges of cognitive analytics is the time invested on development of scenario-based applications via cognitive computing. As development cycle of cognitive analytics is very lengthy and it cannot be implemented across multiple industry segments as it requires powerful development teams and a considerable amount of time to develop a solution, thus restrains growth of the cognitive analytics market.
Adoption of internet of things (IoT) devices is continuously increasing and number of sensors integrated in these devices are expected to generate massive amount of data over the period. Organizations are able to predict future data obtained by sensors that it has capacity to transfer large amount of data over network. The huge volume of data produced and transmitted from sensing devices can provide a lot of information but is often considered next big data challenge for businesses. To deal with that challenge, sensor data analytics is a growing field of endeavor and is expected to increase adoption of cognitive analytical tools in the upcoming years.
Key benefits of the report:
Cognitive Analytics Market: By Component Report Highlights
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Key Market Players | Cisco System, Inc, Tata Consultancy Services Limited, Intel Corporation, SAP SE, Oracle Corporation, IBM Corporation, Microsoft Corporation, Nuance Corporation, Google LLC, Amazon Web Service Inc. |
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