Cognitive Data Management Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2884
Cognitive Data Management Market size is expected to witness significant growth during the forecast period driven by increasing penetration of IoT devices and growing investments in cognitive technologies. The widespread adoption of IoT-based devices among the enterprises has resulted in the massive amount of digital data. This is encouraging the organizations to adopt advanced data analytics & management solutions to process their data and extract actionable insights.
Cognitive data management refers to the use of cognitive computing to automate the manual activities in data management. This helps in reducing the administrative burden imposed by the data management and minimize errors. Earlier, data management practitioners used manual processes to analyze the data. However, due to advancements in the technology and the development of intelligent algorithms & advanced tools, the data governance & management has become much easier. This is encouraging the demand for cognitive computing solutions among data-intensive industries such as retail, banking, manufacturing, and healthcare.
The increasing investments by market players in cognitive technologies also foster the market growth. The organizations are heavily investing in cognitive and AI software capabilities to automate the customer service experience, optimize the business performance, and assist in decision making. For instance, in June 2016, KPMG has integrated cognitive technologies and the capabilities of the IBM Watson computing technology to a wide range of its professional services offerings in Australia. This has enabled the company to accelerate the team’s ability to analyze and act on financial data important for the health of the organization and capital markets.
However, the risks associated with the implementation of the cognitive systems hinder the market growth. Organizations are still reluctant to adopt cognitive data management solutions due to data security issues associated with the technology and its complex analytics process.
The BFSI vertical is estimated to exhibit a significant adoption of cognitive technologies. The financial institutions around the globe have been deploying such technologies to increase their predictive capabilities, improve the revenue forecast and support their financial planning & budgeting in particular. Also, it enables them to address risk and fraud management more efficiently.
North America is projected to dominate the cognitive data management market due to its advanced IT infrastructure and rapid adoption of technologies such as machine learning, AI, and big data analytics. The growth of the cloud computing technology and penetration of IoT platforms in the region are expected to generate massive volumes of complex data. This, in turn, increases the need for robust platforms that will handle data management tasks efficiently.
Asia Pacific is projected to exhibit a faster adoption rate in the use of cognitive computing platforms. The market is driven by the growing digitalization and the increasing penetration of smartphones in this region. The global technology players are also investing in advanced technologies to foster their business growth. For instance, in July 2017, Amway released e-commerce and artificial intelligence platforms in the Philippines to achieve 15% of its sales online. In this region, the enterprises are also adopting AI to reinvent their business models and are actively participating in the AI consortiums to boost their knowledge.
The market is analyzed to be highly fragmented due to the presence of both multinational and regional players. The key players in the cognitive data management market are Attivio, CognitiveScale, Cognizant, DATUM, Expert System, HPE, IBM, Immuta, Informatica, Infosys, Kingsland Systems, Microsoft, Oracle, Pingar, Reltio, Saksoft, Salesforce, SAP, SAS, SnapLogic, SparkCognition, StrongBox Data Solutions, Talend, Veritas, and Wipro. These players are deploying cognitive technologies to have a better control over their data management platforms. For instance, in June 2017, IBM introduced new data governance solutions & tools, data science, and machine learning advances and formed the Open Data Governance Consortium for Apache Atlas to make advancements in the Open Framework for data governance. These initiatives helped developers and analysts to gain an understanding of their data and have improved their ability to comply with data regulations. Also, in November 2016, IBM in collaboration with General Motors introduced a cognitive mobility platform, OnStar Go. This platform gave millions of GM drivers the ability to connect and interact with their favorite platforms.
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