According to a research report “Cognitive Analytics Market by Application (Fraud and Risk Management, Customer Analysis and Personalization, and Sales and Marketing Management), Component, Deployment Model, Organization Size, Industry, and Region – Global Forecast to 2022″, The cognitive analytics market is expected to grow from USD 1.84 Billion in 2017 to USD 10.95 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 42.9% during the forecast period.
The major forces driving the growth of the cognitive analytics market are the rise in the adoption of the cognitive computing technology, increasing volumes of complex data, and the introduction of advanced analytics techniques. The cognitive analytics market is growing rapidly because cognitive analytics can manage large volumes of data that might be structured, unstructured, or semi-structured. Companies deploy cognitive analytics tools and services to get hold of data sets with higher volumes and varieties. These data sets, when managed properly using cognitive analytics tools, can provide actionable human-like insights to any business user, even if he/she is not tech-savvy.
Browse 70 Market Data Tables and 40 Figures spread through 162 Pages and in-depth TOC on “Cognitive Analytics Market– Global Forecast to 2022″
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North America is expected to dominate the cognitive analytics market during the forecast period.
North America is estimated to have the largest share of the cognitive analytics market in 2017, due to technological advancements and the early adoption of analytical solutions in this region. The market size in Asia Pacific (APAC) is expected to grow at the highest CAGR from 2017 to 2022. The primary driving forces for this growth are the growing volumes of business data and the increasing need for competitive insights across industry verticals in the APAC countries, especially in India, China, and Japan.
The report also encompasses the different strategies, such as mergers and acquisitions, partnerships and collaborations, and product developments, adopted by the major market players to increase their shares in the market. Some of the major technology vendors include IBM (US), Amazon Web Services (US), Google (US), Microsoft (US), Oracle (US), SAS Institute (US), Intel (US), Cisco Systems (US), HPE (US), Nuance Communications (US), IPsoft (US), Narrative Science (US), Nokia (Finland), Sinequa (France), and Persado (US).
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IBM (US) is one of the leading vendors in the cognitive analytics market. The company primarily serves the regions of North America, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA), and Europe. IBM’s long-term strategy leans more toward organic growth strategies, with the help of which it looks forward to bringing out new advanced products and services in the market. In August 2017, IBM launched IBM Watson Media, a new suite of AI-powered solutions on the IBM Cloud that analyzes images, videos, languages, sentiments, and tones, at the US Open.
Amazon Web Services (US) a subsidiary of Amazon.com has a strong AI portfolio of several products and services. The company serves clients across various industries, such as financial services, digital marketing, media, entertainment, gaming, IT, healthcare, life sciences, government, non-profit, and education. Amazon Web Services is headquartered in the US and has a worldwide presence. It is considered one of the strongest suppliers of cognitive analytics tools. The organization has adopted both organic as well as inorganic strategies to increase its market share.
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