Cognitive Analytics Market size was valued at USD 3.2 billion in 2022 and is estimated to register a CAGR of 34% between 2023 and 2032. The increasing funding in cognitive analytics startups is driving significant growth in the market. These investments provide startups with resources to develop innovative technologies and solutions, fostering advancements in artificial intelligence & data analytics.
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For instance, in May 2023, Course5 Intelligence, a startup burgeoning in data analytics & AI, secured funding of USD 28 million from 360 ONE Asset Management. This investment will be used to improve the startup's context-conscious dialogue management along with cognitive semantic search abilities. The move also aims to allow users to interact with the structured and tabular data, enabling them to extract insights using natural language for swift decision-making.
|Cognitive Analytics Market Size in 2022:
|USD 3.2 Billion
|2023 to 2032
|Forecast Period 2023 to 2032 CAGR:
|2032 Value Projection:
|USD 58.5 Billion
|Historical Data for:
|2018 to 2022
|No. of Pages:
|Tables, Charts & Figures:
|Component, Deployment, Enterprise Size, Application, End User
|Pitfalls & Challenges:
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The proliferation of Big Data, characterized by massive volumes of structured and unstructured information, serves as a foundational driver for the cognitive analytics market. Businesses are increasingly harnessing data to gain valuable insights, understand market trends, and make informed decisions. Cognitive analytics solutions excel in processing and analyzing this vast data pool, extracting meaningful patterns & correlations. As the volume of data continues to grow exponentially, the demand for advanced cognitive analytics tools rises, fueling market expansion and innovation in data-driven decision-making processes.
Data security and privacy concerns stand as significant challenges hindering the cognitive analytics industry growth. As businesses increasingly rely on sensitive data for analysis, ensuring the confidentiality and protection of this information becomes paramount. The risk of privacy breaches, data theft, and unauthorized access poses a barrier to widespread adoption. Companies need robust security measures and compliance with regulations to alleviate these concerns and build trust among users, stakeholders & regulatory bodies.