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Allied Market Research

Cognitive Analytics Market: By Component (Tools and Service) Deployment Type (On-Premise and On-Demand), Organizational Size (Small & Medium Enterprises and Large Enterprises), Industry Vertical (IT & Telecom, BFSI, Retail & Consumer Goods, Manufacturing, Energy & Utilities, Media & Entertainment, Government & Defense, Healthcare & Life Science, Travel & Hospitality, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

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Aug 2021 | 721 Views
   
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Cognitive Analytics Market Statistics: 2027

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 .

Report Matric

Details

  Market size available for the years

  2019-2027

  Base year considered

  2019

  Forecast period

  2020-2027

  Forecast unit

  Value (USD)

  Segments covered

Component

Deployment Type

Organization Size

End user

Region

  Regions covered

North America (U.S. and Canada)

Europe (Germany, UK, France, and Rest of Europe),

Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)

LAMEA (Latin America Middle East, and Africa)

  Companies covered

 

  • IBM Corp.
  • Oracle Corp.
  • Microsoft Corp. 
  • Amazon Web Service Inc.
  • SAP SE
  • Google LLC
  • Intel Corp.
  • Nuance Corp.
  • Cisco Corp.
  • TCS Corp.

 

 

COVID-19 scenario Analysis:

  • The emergence of COVID-19 pandemic has severely affected almost all industries across the world. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries has disrupted supply chain of electronic components & networking equipment. Thus, this has led to delay in supply of electronic components required in manufacturing of network equipment. 
  • Adoption of big data and artificial intelligence (AI) are set to increase, though global IT spending is expected to drop 3 to 4% this year, with a severe impact on hardware and slowdown in software and services business.
  • Data science teams are being called into action to crunch petabytes of data and build best business models on trusted data for decision makers to quickly prepare contingency plans. This is where enterprises use AI, machine learning, and natural language processing to mine data and build predictive or prescriptive models.
  • The COVID-19 crisis is an opportunity for IT vendors to build and improve their capabilities on AI and big data. Relatively smaller companies are also launching dedicated AI-based apps to assist people in the crisis and are adopting different analytical strategies, which is expected to impact the market positively.
  • However, it is expected that the COVID-19 pandemic has resulted in growing use of big data, machine learning, automated reasoning, and natural language processing as tools to limit spread of the contagion,
  • which increases demand for cognitive systems spending. In addition, these trends have an impact on government, finance, insurance, and investment services, which could potentially generate improved revenue flow in the cognitive systems spending market, which is opportunistic for the market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact 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. 

Lengthy deployment cycle  

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.

Rise in adoption of IoT devices    

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 Segments covered:

Segments

Sub Segments

  Component

  • Tools
  • Services

  Deployment Type

  • On-premise
  • On-demand

  Organizational Size

  • Small & Medium Enterprise
  • Large Enterprise

  Industry Vertical

  • IT & Telecom
  • BFSI
  • Retail and consumer goods
  • Manufacturing
  • Energy & Utilities
  • Media& Entertainment
  • Government & Defense
  • Healthcare & Life Science
  • Travel & Hospitality
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the global cognitive analytics market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of global cognitive analytics market share.
  • The current cognitive analytics market is quantitatively analyzed from 2019 to 2027 to highlight the global cognitive analytics market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides detailed cognitive analytics market analysis based on competitive intensity and how the competition will take shape in coming years. 
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

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Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

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