Cognitive Search Market

According to a research report "Cognitive Search Market by Component (Solutions & Services), Technology (ML & Deep Learning, and NLP), Application (Search & Discovery, Content Management), Vertical (BFSI, Healthcare & Life Sciences) and Region - Global Forecast to 2027" published by MarketsandMarkets, the global cognitive search market size to grow from USD XX.X million in 2022 to USD XX.X billion by 2027, at a Compound Annual Growth Rate (CAGR) of xx.x% during the forecast period. Various factors, such as the rising need to improve employee experience and engagement and the need to interpret a consistently increasing data collection across multiple areas of the business are expected to drive the adoption of cognitive search market.

Creation of smart insights to enhance agent productivity

Cognitive Search is an advanced search technique that leverages AI and ML technologies to enhance the search experience and how employees or customers discover and access relevant information from multiple, diverse data sets. Cognitive search engines can store analytical data that offers insight into what agents search often and helps support managers to identify the hurdles and then clear the path for agents.

Augmenting Knowledge Creation

Knowledge creation is a well-known method for elevating contact centers, as it involves agents adding new articles for new that they resolve. With the implementation of cognitive search, users can automate the knowledge creation-building process. Knowledge created during the enrichment process often augments individual data items and connects entities and facts across different items, stores, and even media types.

BFSI segment to have the largest market size during the forecast period

The cognitive search market by vertical has been categorized into BFSI, government, retail & eCommerce, healthcare & life sciences, IT & ITeS, Travel & hospitality, media & entertainment, and other verticals (Telecom, Education, Automotive, and Utilities). The market size of the BFSI segment is expected to be the largest owing to the rising need to handle customer queries in real-time. Moreover, cognitive search offers BFSI firms to search for documents using search queries with keywords and filters using data enrichment and classification applications.

Asia Pacific to hold the highest CAGR during the forecast period

The rapid adoption of advanced technology in the developing countries of Asia Pacific, like, China, India, and Japan, offer a prominent opportunity for the regional market. Various verticals across the region are focusing on incorporating cognitive search APIs and tools for building a rich search experience over private, heterogeneous content in web, mobile, and enterprise applications which contributes to the growth of cognitive search in the market.

Major vendors in the global cognitive search market 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).

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