To understand key trends
Download Free Sample
Based on component, the tools segment dominated around USD 2 billion revenue in 2022. Autonomy and control over analytics processes are driving the preference for cognitive analytics tools. Businesses seek self-reliance in data analysis, allowing them to customize, experiment & implement solutions independently. This control ensures confidentiality, agility, and the ability to adapt analytics to specific needs. With tools, organizations can make data-driven decisions in real time without relying on external expertise, promoting quicker, more efficient & personalized insights. This desire for independence propels the tools segment growth, offering businesses the freedom to harness data analytics according to their unique requirements.
Based on application, the customer analytics segment accounted for 28% of the cognitive analytics market share in 2022. The need to identify customer engagement levels is propelling the customer analytics segment growth. Businesses increasingly recognizing the importance of understanding customer behavior, preferences, and sentiments. Cognitive analytics tools empower organizations to accurately analyze vast datasets, discern patterns & predict customer engagement levels.
For instance, in August 2023, Twilio Segment launched an impactful tool, CustomerAI Predictions, which is crafted to convert customer data into actionable insights. This tool assists marketers in making precise predictions about the behavior of specific customer segments, empowering them to make informed decisions based on these accurate forecasts.
North America cognitive analytics market held over 33% of revenue share in 2022. Increasing investments in AI technology in the U.S. is a key factor propelling the market size. Companies in the U.S. are heavily investing in AI research, development & implementation, leading to the creation of advanced cognitive analytics solutions. These investments fuel innovation, enhance the capabilities of cognitive analytics tools, and drive their adoption across various industries. As a result, the North America market continues to experience significant growth, propelled by ongoing AI technology investments.