Cognitive analytics is a combination of analytics and cognitive computing technologies which is used to help humans make smarter decisions. Cognitive analytics enables users to apply human-like intelligence to various tasks. It utilizes varied technologies comprising Artificial Intelligence (AI), semantics, and learning techniques, such as machine learning and deep learning. Using these technologies and techniques, an application can become more effective and smarter over time, by learning from its interaction with humans and data. The global cognitive analytics market is expected to grow from USD 1.84 Billion in 2017 to USD 10.95 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 42.9% during the forecast period.
The cognitive analytics market consists of several vendors providing cognitive analytics tools and services. These vendors include 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). These players have embraced different strategies to expand their worldwide presence and increase their market shares. Partnerships, collaborations, agreements, new product launches, product developments, mergers and acquisitions, joint ventures, and expansions are the significant strategies embraced by the players in the cognitive analytics market.
IBM is one of the leading vendors in the cognitive analytics market. The company primarily serves the regions of North America, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA), and Europe. IBM’s long-term strategy leans more toward organic growth strategies, with the help of which it looks forward to bringing out new advanced products and services in the market. In August 2017, IBM launched IBM Watson Media, a new suite of AI-powered solutions on the IBM Cloud that analyzes images, videos, languages, sentiments, and tones, at the US Open. By combining IBM Watson with IBM’s video capabilities, the United States Tennis Association (USTA) would be able to rapidly share highlight videos of more matches, while engaging and informing fans more than ever before. In June 2017, IBM launched the first suite of cognitive solutions to help financial institution professionals manage their regulatory and fiduciary responsibilities.
Amazon Web Services, a subsidiary of Amazon.com, has a strong AI portfolio of several products and services. The company serves clients across various industries, such as financial services, digital marketing, media, entertainment, gaming, IT, healthcare, life sciences, government, non-profit, and education. Amazon Web Services is headquartered in the US and has a worldwide presence. It is considered one of the strongest suppliers of cognitive analytics tools. The organization has adopted both organic as well as inorganic strategies to increase its market share. In August 2016, Amazon Web Services launched Amazon Macie, a new security service that uses machine learning to help customers prevent data loss by automatically discovering, classifying, and protecting sensitive data in Amazon Web Services. Amazon Macie recognizes sensitive data, such as Personally Identifiable Information (PII) and intellectual property, and provides customers dashboards and alerts that offer visibility into how the data is being accessed or moved.
Cognitive Analytics Market by Application (Fraud and Risk Management, Customer Analysis and Personalization, and Sales and Marketing Management), Component, Deployment Model, Organization Size, Industry, and Region - Global Forecast to 2022
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