Cognitive Analytics Market Size
Cognitive Analytics Market was valued at USD 3.2 billion in 2022 and is projected to grow at a CAGR of 34% during 2023 to 2032. The growing investments in cognitive analytics startups are fueling immense growth in the market. The investments enable startups to create new technologies and solutions, leading to innovation in artificial intelligence & data analytics.

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For example, in May 2023, data analytics & AI startup Course5 Intelligence raised USD 28 million in funding from 360 ONE Asset Management. The investment will be utilized to enhance the startup's context-aware dialogue management as well as cognitive semantic search capabilities. The step also plans to enable users to engage with the structured and tabular information, allowing them to derive insights through natural language for quick decision-making.
Cognitive Analytics Market Report Attributes
Report Attribute |
Details |
Base Year |
2022 |
Cognitive Analytics Market Size in 2022 |
USD 3.2 Billion |
Forecast Period |
2023 to 2032 |
Forecast Period 2023 to 2032 CAGR |
34% |
2032 Value Projection |
USD 58.5 Billion |
Historical Data for |
2018 to 2022 |
No. of Pages |
220 |
Tables, Charts & Figures |
394 |
Segments covered |
Component, Deployment, Enterprise Size, Application, End User |
Growth Drivers |
- Increased structured and unstructured data volumes
- Technological advancements in AI and machine learning
- Rising demand for real-time data analysis
- Increased need for predictive and prescriptive analytics
|
Pitfalls & Challenges |
- Data security and privacy concerns
- Integration challenges with the existing IT infrastructure
|
What are the growth opportunities in this market?
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The proliferation of Big Data, characterized by massive volumes of structured and unstructured information, serves as a foundational driver for the cognitive analytics market. Businesses are increasingly harnessing data to gain valuable insights, understand market trends, and make informed decisions. Cognitive analytics solutions excel in processing and analyzing this vast data pool, extracting meaningful patterns & correlations. As the volume of data continues to grow exponentially, the demand for advanced cognitive analytics tools rises, fueling market expansion and innovation in data-driven decision-making processes.
Data security and privacy concerns stand as significant challenges hindering the cognitive analytics industry growth. As businesses increasingly rely on sensitive data for analysis, ensuring the confidentiality and protection of this information becomes paramount. The risk of privacy breaches, data theft, and unauthorized access poses a barrier to widespread adoption. Companies need robust security measures and compliance with regulations to alleviate these concerns and build trust among users, stakeholders & regulatory bodies.
COVID-19 Impact
The COVID-19 pandemic has positively impacted the cognitive analytics market as businesses navigate unprecedented challenges. The need for real-time data analysis to understand rapidly changing consumer behavior and market trends surged. Cognitive analytics tools have played a vital role in helping companies adapt their strategies swiftly, optimize supply chains, and enhance customer experiences. As a result, the demand for cognitive analytics solutions has grown, fostering innovation, and accelerating the adoption of advanced data-driven decision-making processes.
Cognitive Analytics Market Trends
Platforms offering data-driven risk assessment insights for insurance companies are driving lucrative growth in the market. These solutions empower insurers with advanced analytics, enabling precise risk evaluation, fraud detection & personalized policy offerings. For instance, in July 2023, Verikai, Inc., a provider of advanced predictive analytics & AI-driven solutions for the insurance sector, launched an innovative platform that integrates robust data-driven risk assessment insights into an intuitive digital portal, transforming the entire underwriting process for insurance companies and enhancing their overall experience.
Advancements in Artificial Intelligence (AI) and Machine Learning (ML) technologies are pivotal in propelling the cognitive analytics market. These continuous innovations empower cognitive analytics tools to handle increasingly complex and diverse datasets. Machine learning algorithms, backed by AI, enable accurate predictive modeling, automated data analysis & real-time pattern recognition. As businesses seek more sophisticated insights and automation, the evolution of AI & ML techniques plays a crucial role, making cognitive analytics solutions indispensable for modern enterprises aiming to gain actionable intelligence from their data.
Cognitive Analytics Market Analysis
Learn more about the key segments shaping this market
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Based on component, the tools segment dominated around USD 2 billion revenue in 2022. Autonomy and control over analytics processes are driving the preference for cognitive analytics tools. Businesses seek self-reliance in data analysis, allowing them to customize, experiment & implement solutions independently. This control ensures confidentiality, agility, and the ability to adapt analytics to specific needs. With tools, organizations can make data-driven decisions in real time without relying on external expertise, promoting quicker, more efficient & personalized insights. This desire for independence propels the tools segment growth, offering businesses the freedom to harness data analytics according to their unique requirements.
Learn more about the key segments shaping this market
Based on application, the customer analytics segment accounted for 28% of the cognitive analytics market share in 2022. The need to identify customer engagement levels is propelling the customer analytics segment growth. Businesses increasingly recognizing the importance of understanding customer behavior, preferences, and sentiments. Cognitive analytics tools empower organizations to accurately analyze vast datasets, discern patterns & predict customer engagement levels.
For instance, in August 2023, Twilio Segment launched an impactful tool, CustomerAI Predictions, which is crafted to convert customer data into actionable insights. This tool assists marketers in making precise predictions about the behavior of specific customer segments, empowering them to make informed decisions based on these accurate forecasts.
Looking for region specific data?
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North America cognitive analytics market held over 33% of revenue share in 2022. Increasing investments in AI technology in the U.S. is a key factor propelling the market size. Companies in the U.S. are heavily investing in AI research, development & implementation, leading to the creation of advanced cognitive analytics solutions. These investments fuel innovation, enhance the capabilities of cognitive analytics tools, and drive their adoption across various industries. As a result, the North America market continues to experience significant growth, propelled by ongoing AI technology investments.
Cognitive Analytics Market Share
Major companies operating in the cognitive analytics industry are
The cognitive analytics market is dominated by Google Inc., IBM Corporation, Oracle Corporation, and SAS Institute. Major companies are fiercely competing for market shares through continuous technological advancements, product innovation, strategic partnerships, global expansion, and aggressive marketing campaigns.
Cognitive Analytics Industry News
- In October 2022, Ericsson and Vodafone joined forces to enhance the telecom company's network infrastructure development. Through this collaboration, Ericsson delivered AI-driven cognitive software solutions for network optimization, enabling data-driven decision-making. This support aided Vodafone in implementing anomaly detection capabilities and Zero-Touch Operations (ZTOs), strengthening both their network operations and ensuring seamless performance.
The cognitive analytics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments
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Market, By Component
Market, By Deployment
Market, By Enterprise Size
Market, By Application
- Customer Analytics
- Sales & Marketing Optimization
- Fraud Detection & Risk Management
- Supply Chain Management
- Predictive Maintenance & Asset Management
- Others
Market, By End User
- Healthcare
- BFSI
- Retail &E-commerce
- Manufacturing
- IT & Telecom
- Energy & Utilities
- Others
The above information has been provided for the following regions and countries
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Nordics
- Asia Pacific
- China
- India
- Japan
- South Korea
- Southeast Asia
- Australia
- Latin America
- MEA
- UAE
- Saudi Arabia
- South Africa