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Cognitive analytics is a data forward approach, in which intelligent technologies are used to collect, extract, manage, and control data as well as data sources. It enables enterprises and businesses to leverage data collected from various data sources and analyze the information for decision making and business intelligence. Cognitive analytics is often used for human-like intelligence tasks such as text-to-speech recognition and speech-to-text or object recognition. It uses multiple intelligent technologies such as artificial intelligence, machine learning, deep learning, semantic computing, and image recognition among others in order to analyze data and generate insights or business intelligence. Additionally, cognitive analytics helps enterprises process large volumes of information and make decisions in real-time. Cognitive analytics solutions allows enterprises to identify critical patterns, develop high- quality predictions, and enhance business performance. Furthermore, several companies are offering cognitive analytics solutions to develop data management strategies from structured and unstructured data. These solutions include information management, data warehousing, and big data services for valuable insights.

Rise in demand for automation and knowledge-intensive across business operations is primarily driving the cognitive analytics solutions market. Additionally, rise in demand for personalized and profitable customer interactions from small and medium enterprises (SMEs) and large enterprises is anticipated to drive the market during forecast period. The cognitive analytics solutions market is likely to be propelled due to an increase in adoption and use of the solutions for self-correcting and human cognition for continuous learning. Furthermore, technology advancements as well as integration of advanced platforms such as Big Data are fuelling the cognitive analytics solutions market. SMEs and large enterprises across the world are emphasizing on adopting cognitive analytics solutions in order to understand and process Big Data and structured and unstructured data in real-time. Moreover, cognitive analytics helps businesses attain data-processing power in order to identify business insights. Rise in amount of unstructured and structured data across the world is driving demand for real-time data tools and solutions such as cognitive analytics solutions. However, data security concerns and technical issues associated with cognitive analytics solutions are anticipated to hamper the cognitive analytics solutions market in near future. Moreover, concerns about the confidentiality of data are expected to limit the adoption of these solutions over the short term. Furthermore, lack of awareness about these solutions across geographies, enterprises, and end-users is expected to restrain the cognitive analytics solutions market during the forecast period. However, the impact of this factor is expected to diminish in the coming years, owing to increasing penetration of these solutions as well as rise in presence of cognitive analytics vendors across the world. Increase in adoption of these solutions across emerging economies such as China, India, South Africa, Indonesia, and Malaysia is projected to offer prominent opportunities for the market during the forecast period.

The cognitive analytics solutions market can be segmented based on software deployment, enterprise size, application, end-use industry, and region. In terms of software deployment, the cognitive analytics solutions market can be categorized into on- premise and cloud-based. Based on enterprise size, the market can be segmented into SMEs and large enterprises. In terms of application, the cognitive analytics solutions market can be classified into sales & marketing, strategy management, customer relationship management (CRM), business analytics, and others such as asset management and supply chain management. Based on end-use industry, the market can be segmented into banking, financial institutions & insurance, retail & e-commerce, travel & logistics, IT & telecom, health care, hospitality, and others such as energy & utilities. North America is anticipated to dominate the market due to high adoption and penetration of cognitive analytics solutions. Strong presence of cognitive analytics solutions vendors across the region is expected to further boost the market. Europe and Asia Pacific are projected to offer lucrative opportunities to vendors in the market over the longterm.

Key players in the global cognitive analytics solutions market include Vantage Software, Welltok, Inc., QueBIT, Nokia Corporation, Expert System S.p.A., IBM Corporation, NexLP, Inc., ARC Advisory Group, Nuance Communications, Microsoft Corporation, and Hewlett Packard Enterprise Company.

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  • Supply and demand
  • Market size
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The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

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  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
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Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Cognitive Analytics Solutions Market

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