Cognitive Analytics Market Size

Cognitive Analytics Market Growth Projections and Opportunities

Different market forces shape the growth and advancement of cognitive analytics. One of the factors that play a vital role in this is the increasing uptake of Big Data and advanced analytic solutions across various industries. Businesses have understood how to use cognitive analytics to draw meaningful insights from huge amounts of data to make informed decisions. This has led to an increase in demand for insight generated through data, which facilitates market growth in relation to cognitive analytics.
In addition, business organizations have been focusing more on customer-centric business processes since they drive growth in cognitive analytics markets. Organizations use cognitive analytics to understand customers' behavior, preferences, and opinions, leading to improved experience and satisfaction levels. Consequently, there has been a rise in demand for cognitive analytic solutions used to generate useful customer engagement insights and retention strategies. Also, the increased use of embedded IoT devices with sensors creates the need for cognitive analytics within such a marketplace. As such, huge amounts of information are generated through IoT devices, thus providing companies with an opportunity to gain meaningful insights through applying cognitive analysis and delivering better operational efficiencies. However, it is believed that as IoT adoption rates accelerate throughout verticals, companies requiring IT skills to analyze and extract value from IoT IoT-based information will demand more, thus affecting the intellectual computing industry.
Additionally, the artificial intelligence market landscape is being impacted by rising focus on predictive & prescriptive analysis. Similarly, firms no longer make use of descriptive analytics but rather employ AI-based algorithms which predict future events and suggest optimal actions to be taken." Due to this trend towards greater analytical sophistication, there has been a demand for predictive/prescriptive capable tools within cognition resulting also shaping dynamics within the sector"." Besides fast pace adoption cloud based-solutions expanding market", it provides flexibility thereby showing scalability making it easy even small-scale enterprises other than only large corporations." Growing popularity could be due partly to at least less time spent performing maintenance tasks or implementation associated with cloud-based solutions. This contributes highly as well as influences general market dynamics.