The cognitive data management market is anticipated to grow at a significant CAGR 18.3% during the forecast period 2024 to 2031. Increased acceptance of cognitive data management has resulted from advancement in the IoT-based devices, a rise in the volume of big data, and the rise of advanced technologies such as AI. The fast usage of big data and cloud computing has made cognitive data management more accessible and reliable to a wide range of end-user industries, including telecommunications and IT, which is anticipated to enhance the adoption of these solutions during the forecast period.
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Natural language processing (NLP) systems, several types of machine learning technologies, and data mining, which is used to extract key details from unstructured data, are anticipated to drive up demand for these solutions in the IT and telecommunications sectors.In the cognitive data management market, North America is anticipated to have the largest share. Several determinants are expected to contribute to the market’s growth in the region. Growing investments in cognitive technologies by multiple firms, rising infrastructure development, and government assistance for AI, growing digital transformation, and growing IT budgets are among the market drivers.
Moreover, regulations, changing technology, and client expectations are transforming financial services forcing financial institutions to be extra agile and accessible while keeping tight data privacy and security. This has brought forward cognitive data management’s integration into finance sector. It has led to the collaboration of many BFSI companies with IT service and solution providers.
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Market Coverage
- Segment Covered-
o By Components
o By Deployment type
o By Industry vertical
- Regions Covered
o North America
o Europe
o Asia-Pacific
o Rest of the Word
- Competitive Landscape : Veritas, Wipro, Datum, Reltio, Talend, HPE, Oracle, Saksoft, Snaplogic, Strongbox, Expert System, Cogntivescale, IBM Corp., SAP SE, SAS, Infosys
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Cognitive Data Management Market Segmentation
By Component
- Solutions
- Services
By Deployment Type
- On-Premise
- Cloud
By Industry Vertical
- BFSI
- Healthcare & Pharmaceuticals
- IT & Telecommunication
- Manufacturing
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