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Rosy future predicted for cognitive analytics market

Rosy future predicted for cognitive analytics market

The cognitive analytics market size accounted for $1.62 Billion in 2016 and is projected to reach $ 10.95 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 42.9% during the forecast period.

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For the report, 2016 is considered to be the base year while the forecast period under consideration is 2017–2022.

North America, followed by Europe, is expected to be the largest revenue generating region for the cognitive analytics vendors in the next 5years.

In-depth interviews were conducted with the Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the cognitive analytics marketplace.

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  1. By Company – Tier 1 –22%, Tier 2 –30%, and Tier 3 –48%
  2. By Designation – C-Level – 30%, Director Level –45%, and Others –25%
  3. By Region – North America –48%, Europe – 30%, and APAC – 22%

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This is mainly due to the presence of various developed economies, such as Canada and the US, and because of the high focus on innovations through R&D and technology advancements across industries. APAC is expected to be the fastest growing region during the forecast period in the cognitive analytics market because of rapid economic developments, globalization, foreign direct investments, digitalization, and the increased adoption of high-end technologies across major APAC countries.

The cognitive analytics market comprises several vendors, such as 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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The other stakeholders of the cognitive analytics market include analytics service providers, consulting service providers, Information Technology (IT) service providers, resellers, enterprise users, and technology providers.

The cognitive analytics market revenue is primarily classified into revenues from tools and services. The revenue from tools is associated with standalone software offerings while the services’ revenue is associated with managed services and professional services.

The professional services comprise deployment and integration, support and maintenance, and consulting services. The market is also segmented by application, organization size, deployment model, industry, and region.

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