Cognitive analytics is a data forward approach, in which intelligent technologies are used to collect, extract, manage, and control data as well as data sources. It enables enterprises and businesses to leverage data collected from various data sources and analyze the information for decision making and business intelligence. Cognitive analytics is often used for human-like intelligence tasks such as text-to-speech recognition and speech-to-text or object recognition. It uses multiple intelligent technologies such as artificial intelligence, machine learning, deep learning, semantic computing, and image recognition among others in order to analyze data and generate insights or business intelligence.
Additionally, cognitive analytics helps enterprises process large volumes of information and make decisions in real-time. Cognitive analytics solutions allows enterprises to identify critical patterns, develop high- quality predictions, and enhance business performance. Furthermore, several companies are offering cognitive analytics solutions to develop data management strategies from structured and unstructured data. These solutions include information management, data warehousing, and big data services for valuable insights.
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Rise in demand for automation and knowledge-intensive across business operations is primarily driving the cognitive analytics solutions market. Additionally, rise in demand for personalized and profitable customer interactions from small and medium enterprises (SMEs) and large enterprises is anticipated to drive the market during forecast period. The cognitive analytics solutions market is likely to be propelled due to an increase in adoption and use of the solutions for self-correcting and human cognition for continuous learning. Furthermore, technology advancements as well as integration of advanced platforms such as Big Data are fuelling the cognitive analytics solutions market.
SMEs and large enterprises across the world are emphasizing on adopting cognitive analytics solutions in order to understand and process Big Data and structured and unstructured data in real-time. Moreover, cognitive analytics helps businesses attain data-processing power in order to identify business insights. Rise in amount of unstructured and structured data across the world is driving demand for real-time data tools and solutions such as cognitive analytics solutions. However, data security concerns and technical issues associated with cognitive analytics solutions are anticipated to hamper the cognitive analytics solutions market in near future.
Moreover, concerns about the confidentiality of data are expected to limit the adoption of these solutions over the short term. Furthermore, lack of awareness about these solutions across geographies, enterprises, and end-users is expected to restrain the cognitive analytics solutions market during the forecast period. However, the impact of this factor is expected to diminish in the coming years, owing to increasing penetration of these solutions as well as rise in presence of cognitive analytics vendors across the world. Increase in adoption of these solutions across emerging economies such as China, India, South Africa, Indonesia, and Malaysia is projected to offer prominent opportunities for the market during the forecast period.
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The cognitive analytics solutions market can be segmented based on software deployment, enterprise size, application, end-use industry, and region. In terms of software deployment, the cognitive analytics solutions market can be categorized into on- premise and cloud-based. Based on enterprise size, the market can be segmented into SMEs and large enterprises. In terms of application, the cognitive analytics solutions market can be classified into sales & marketing, strategy management, customer relationship management (CRM), business analytics, and others such as asset management and supply chain management.
Based on end-use industry, the market can be segmented into banking, financial institutions & insurance, retail & e-commerce, travel & logistics, IT & telecom, health care, hospitality, and others such as energy & utilities. North America is anticipated to dominate the market due to high adoption and penetration of cognitive analytics solutions. Strong presence of cognitive analytics solutions vendors across the region is expected to further boost the market. Europe and Asia Pacific are projected to offer lucrative opportunities to vendors in the market over the longterm.
Key players in the global cognitive analytics solutions market include Vantage Software, Welltok, Inc., QueBIT, Nokia Corporation, Expert System S.p.A., IBM Corporation, NexLP, Inc., ARC Advisory Group, Nuance Communications, Microsoft Corporation, and Hewlett Packard Enterprise Company.
This post was originally published on Food and Beverage Herald
