Cognitive Search Market

Cognitive search is a next-generation search engine software that employs AI & ML technologies to analyze vital data from multiple data sources to enable users to gain insights to explore a large corpus of information.

The cognitive search market size will grow from USD 4.6 billion in 2022 to USD 8.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.3% during the forecast period. Various factors, such as the rising need to improve employee experience and the need to interpret consistently increasing data across the business, are expected to drive the adoption of cognitive search market.

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Market Dynamics

Driver: Increasing need to interpret a huge collection of data across various areas of the business
Cognitive search makes it feasible to decipher a consistently growing collection of data for use within different departments of the company. As companies flourish and acquire new customers, the need to run and analyze large amounts of data increases.

• Driver: The rising need to improve employee engagement and create a personalized user experience

Machine learning (ML) algorithms that provide personalized suggestions help users find relevant data more quickly, and the flexibility of cognitive search creates an improved user experience through personalization.

• Challenge: Imprecise search results in huge amount of extraneous data

Utilizing a basic keyword search creates enterprise search challenges as search provides an effective way of finding appropriate information from large amounts of data. Cognitive search would not take keywords in context when irrelevant data may come up on search queries.

Key Market Players in the market

The major players include Microsoft (US), IBM (US), Google (US), AWS (US), HPE (US), Micro Focus (UK), Attivio (US), Squirro (Switzerland), Sinequa (France), Coveo (Canada), SAP (Germany), Lucidworks (US), and Mindbreeze (US).

Recent Developments:

• In May 2022, Elastic and AWS announced to collaborate to deliver frictionless access to Elastic Cloud on AWS and aims to generate new business across Amazon’s various cloud-focused sales organizations.
• In September 2020, Coveo announced the expansion of its cloud infrastructure to Europe and Australia which allows multi-national organizations to be in full compliance while taking advantage of the Coveo Relevance Platform.
• In September 2019, Attivio partnered with Alcor Solutions to leverage Attivio's Elevate for ServiceNow applications to deliver transformative solutions to their client base.