- Fraud and risk management application is expected to grow at the highest CAGR during the forecast period.
- Healthcare and life sciences industry is estimated to have the largest market size in 2017.
- North America is expected to dominate the cognitive analytics market during the forecast period.
According to the new market 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 $1.84 billion in 2017 to $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.
Fraud and risk management application is expected to grow at the highest CAGR during the forecast period.
Cognitive analytics tools and services are used for various applications, which include customer analysis and personalization, sales and marketing management, fraud and risk management, asset maintenance, supply chain management, and others (network management and workforce management). The fraud and risk management application is expected to witness the highest CAGR during the forecast period because it helps companies analyze and clarify often ambiguous and uncertain data, and find the known and unknown risk indicators. By combining the data processing ability with learning capabilities, cognitive systems can detect deep hidden anomalies and patterns, which are almost impossible to detect with the traditional approaches.
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Healthcare and life sciences industry is estimated to have the largest market size in 2017.
By industry, the cognitive analytics market is segmented into Banking, Financial Services, and Insurance (BFSI); healthcare and life sciences; retail and consumer goods; telecommunications and IT; government and defense; manufacturing; energy and utilities; media and entertainment; and others (real estate, travel and hospitality, and academia). Out of these industries, the adoption of cognitive analytics is expected to be the largest in the healthcare and life sciences industry, as cognitive analytics enables organizations in this industry to accelerate the scientific discoveries, transform clinical trials, and improve the execution and engagement for better care management.
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).