The increasing volumes and varieties of data have created new opportunities for organizations to transform the way they manage their businesses. These results in enhanced customer satisfaction, increased revenue, and reduced costs. Cognitive analytics tools and services offer crucial benefits to enterprises. These benefits include lowering inevitable losses, creating new opportunities, saving costs by ensuring uninterrupted operations, and increasing efficiency by analyzing cognitive computing data in the real time with human-like intelligence.
The major growth drivers of the Cognitive Analytics Market include the rise in the adoption of the cognitive computing technology, increasing volumes of complex data, and the introduction of advanced analytics techniques.
Cognitive analytics is changing the way organizations use their big data across various business verticals, especially in industries such as healthcare; Banking, Financial Services, and Insurance (BFSI); and telecom and Information Technology (IT). This is a big revolution in the global IT market, and it holds a very strong growth potential. Cognitive analytics enables a machine to think, interpret, and infer information like the human brain. The analytical systems that we use today are consulting us the way we have already programmed them, but cognitive analytics is completely different. It works on the machine learning algorithms and Natural Language Processing (NLP) technologies. This unique feature of cognitive analytics is enabling organizations to use the large volumes of dark data available with them.
Some of the major applications in the cognitive analytics market include customer analysis and personalization, sales and marketing management, fraud and risk management, asset maintenance, supply chain management, and others (network management and workforce management). The fraud and risk management application is expected to witness the highest CAGR during the forecast period. Cognitive analytics solutions are used widely across major industries globally, such as BFSI, telecommunications and IT, retail and consumer goods, healthcare and life sciences, government and defense, manufacturing, energy and utilities, media and entertainment, transportation and logistics, and others (real estate, travel and hospitality, and academia), for different business needs. The transportation and logistics industry is expected to grow at the highest CAGR during the forecast period.