The Cognitive Analytics market is anticipated to reach over USD 48 billion by 2026 according to new research published by Polaris Market Research. In 2017, the large enterprises segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue in 2017.
The growing need for real time analysis of complex data for improved business efficiency and need to gain actionable insights from large amount of data have boosted the adoption of cognitive analytics solutions.
Increasing trend of BYOD, IOT, and artificial intelligence fuels the adoption of cognitive analytics. Additionally, the increasing demand of cognitive analytics from industries such as transportation, healthcare, and BFSI has supported then Cognitive Analytics Market growth over the years.
Increasing investments by vendors in technological advancements coupled with growing adoption of cloud technologies would accelerate the growth of the cognitive analytics market. Growing demand from emerging economies and increasing adoption by small and medium sized businesses is expected to provide numerous growth opportunities in the coming years.
North America Cognitive Analytics Market Share, By Organization Size, 2017 – 2026
The North America Cognitive Analytics Market generated the highest revenue in 2017 and is expected to lead the global market throughout the forecast period. The increase in demand from the healthcare and government sectors, and growing trend of IOT drive the market growth in the region.
The growing adoption of cloud-based technologies, and technological advancements further support ten Cognitive Analytics Market growth in the region.
The increasing demand from BFSI and defence sectors in the region further promote market growth in the region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to growing demand from emerging countries such as China, Japan, and India.