Cognitive Analytics Market, By Technology (NLP, Machine Learning, Automated Reasoning) By Deployment (Cloud, On Premise), By End User (SMEs and Large Enterprises) and By Vertical – Forecast 2023
CognitiveScale and Deloitte has joined forces to drive customer centric healthcare through cognitive computing. This is accelerating the adoption of cognitive technology. Nokia Networks is using cognitive analytics for crowd insights, marketing insights, telecom analytics etc. It helps in basically analyzing customer behavior patterns and eventually helps in building strategies for the same.
Major factors driving the growth of cognitive analytics market are the technological advancements and increasing amounts of complex data. Real time analysis of this data is required to speed up the business processes. Increasing adoption of internet of things is another major factor driving the growth of cognitive analytics market. Cognitive analytics helps in bridging the gap between large data volumes and need for decision making in real time. This is one major factor driving the growth of cognitive analytics market.
Cognitive analytics market has been segmented on the basis of technology, deployment, end user and vertical. The technology segment is further bifurcated into natural language processing, machine learning, automated reasoning and others. Natural language processing and machine learning techniques are used together to analyze patterns and behaviors that are unusual. It helps in better decision making processes.
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Cognitive analytics is basically simulation of human thought process in a computerized model which provides business intelligence and better decision making processes. It is application of cognitive computing technologies and analytics together which help business processes in making smart and better decisions. It comprises of different business analytical strategies which helps in providing hidden insights about the diverse data that is already being stored. It helps in drawing inferences from the existing data patterns. It basically comprises of machine learning, natural language processing and distributed computing. Cognitive analytics has a long way to go by tapping the benefits of distributed computing.
The prominent players in Cognitive Analytics Market are – Google, Inc. (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Nokia Networks (Finland), Saffron Technology (U.S.), ColdLight Solutions (U.S.), CognitiveScale (U.S.), Enterra Solutions LLC (U.S.), Numenta (U.S.), Vicarious (U.S.) among others.
Cognitive analytics market can be segmented on the basis of following:
- Natural Language Processing (NLP)
- Machine Learning
- Automated Reasoning
- On Premise
By End User
- Large Enterprises
- Consumer Electronics & Retail
- Education & Retail
- IT & Telecommunication
- Travel & Tourism
- Aerospace & Defense
- Oil & Gas
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The regional analysis of cognitive analytics market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period. The major growth in cognitive analytics market in North America is attributed to technical advancements and increasing need for real time analysis of massive and diversified data in that region.
- Technology investors
- Integrated device manufacturers (IDMs)
- Original equipment manufacturers (OEMs)
- Research/Consultancy firms
- Cloud solution provider
- System Integrators
- External Service Providers (ESPs)
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