The Global Cognitive Data Analytics Market is forecast to reach USD 129.99 Billion by 2026, according to a new report by Reports and Data. Cognitive Data Analytics is the process of simulating the existing data models and sources into a next-level augmented analytical intelligence like the human thought process. Incorporating human-like intelligence in specific tasks, this advanced form of analytics would not only understand the words in a text, but also the full context of what is being written or spoken could be ascertained. Global Cognitive Data Analytics market is growing significantly as the demand for Cognitive Data Analytics in healthcare and BFSI applications are flourishing predominantly. The rising requirement of advanced insights about the potential customers in BPO KPO sectors are highly being persistent in the market. The conventional big data analysis would likely be one of the most significant restraints of this market as the end-users of this market would prefer relying on traditional big data analytics for its less complexity in deployment.
APAC is forecasted to achieve the fastest growth of about 43.3% in the period 2019 – 2026, due to its extensive development in the advanced analytical solutions for the end-use verticals coupled with the massive proliferation of the internet availability and digital marketing. India and China are some of the fastest-growing countries due to the immense growth in their potential consumer base throughout all the major industry verticals and high rise in the overall volume of data.
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Further key findings from the report suggest
- Having access to the databases for the past treatment procedures and records of all the required activities regarding the diseases the Cognitive Data Analytics can allow forming meaningful insights for physicians. The smart band or other heath-tracker manufacturers incorporate this technology in their RD to improve their products for their customers. The healthcare segment is expected to reach a market share of 26.9% by 2026, having grown with a CAGR of 44.1% during the forecast period.
- Neural networks are the series of algorithms that are designed to imitate the human brains in terms of the thought process; likewise, the systems of neurons. Neural network assists in the financial forecast, credit risk modeling, and regression analysis, among others and predictive analysis, automated descriptive flow chart generation for operations are some of the end-use applications under this segment. The market share of this segment is forecasted to reach 20.8% in 2026.
- North America is leading the global market, with 39.4% of market possession in 2018 and would continue dominating with a CAGR of 43.9% during the forecast period. United States possesses the highest market share in the worldwide market.
- Europe would reach a market share of 23.7% by 2026 and would grow at a CAGR of 42.4% in the forecast period. United Kingdom and Germany are the highest contributor to this region.
Top 10 Companies Operating in the Global Cognitive Data Analytics Market:
Microsoft, IBM, Google, Intel Corporation, Nokia Corporation, SAS Institute, Amazon Web Services, Inc., Oracle Corporation, Cisco Systems, and Narrative Science.
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The global market is further segmented into type and application:
Organization Size Outlook (Revenue: USD Billion; 2016-2026)
- Large Enterprises
- SMEs
Component Outlook (Revenue: USD Billion; 2016-2026)
- Asset Management
- Sales Marketing
- Supply Chain Logistics
- Risk Investigation Fraud Analysis
- Process Management
- Customer Analytics
- Others
Technology Outlook (Revenue: USD Billion; 2016-2026)
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Neural Networks
- Deep Learning
- Reasoning Analysis
- Others
Deployment Mode Outlook (Revenue: USD Billion; 2016-2026)
- Cloud
- On-Premise
End-Use Verticals Outlook (Revenue: USD Billion; 2016-2026)
- Healthcare
- BFSI
- BPO KPO
- Industrial Sector
- Transportation Logistics
- IT Telecom Service
- Education Research
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Takeaways of the Competitive Overview Section:
- Overview of the company profiles of each market player
- Industrial chain analysis of each player
- Revenue share contribution
- Sales network and distribution channels and net profits and losses of each company
- Key business growth strategies are undertaken by these players
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