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Cognitive Analytics Market Trends

Report ID: GMI7368
Published Date: Nov 2023
Report Format: PDF

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Cognitive Analytics Market Trends

Platforms offering data-driven risk assessment insights for insurance companies are driving lucrative growth in the market. These solutions empower insurers with advanced analytics, enabling precise risk evaluation, fraud detection & personalized policy offerings. For instance, in July 2023, Verikai, Inc., a provider of advanced predictive analytics & AI-driven solutions for the insurance sector, launched an innovative platform that integrates robust data-driven risk assessment insights into an intuitive digital portal, transforming the entire underwriting process for insurance companies and enhancing their overall experience.

Advancements in Artificial Intelligence (AI) and Machine Learning (ML) technologies are pivotal in propelling the cognitive analytics market. These continuous innovations empower cognitive analytics tools to handle increasingly complex and diverse datasets. Machine learning algorithms, backed by AI, enable accurate predictive modeling, automated data analysis & real-time pattern recognition. As businesses seek more sophisticated insights and automation, the evolution of AI & ML techniques plays a crucial role, making cognitive analytics solutions indispensable for modern enterprises aiming to gain actionable intelligence from their data.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of cognitive analytics reached USD 3.2 billion in 2022 and is set to register 34% CAGR from 2023 to 2032, due to the increasing funding in startups worldwide.

The tools component segment recorded over USD 2 billion in 2022, owing to the rising demand for autonomy and control over analytics processes.

North America held over 33% of the market share in 2022, attributed to the increasing investments in AI technology in the region.

Amazon Web Services, Cisco Systems Inc, Google Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, SAS Institute, Narrative Science, Nuance Communications, Inc., and Sinequa are some of the major cognitive analytics companies worldwide.