Global Cognitive Data Management Market Report, Ongoing Trends, Growth Factors, Negative Factors, Opportunities, Untapped Markets, Strategies and Developments, Product Segments, and Forecast 2020 – 2029

“Global Cognitive Data Management Market Insights, Trends, Products and Services, Applications, End Users, Market Growth and Global Forecast till 2029” is a recently produced report by the analysts at MarketResearch.biz. The report provides deep insights and details about the global market in terms of value, growth potential, as well as other important information regarding the market. Also, it includes ongoing trends, growth drivers and restraints, and future opportunities in the market. In also includes profiles of the major companies functioning in the global market along with their financials, future strategies, joint ventures, investments, acquisitions & mergers, contact details, and competitive landscape. To enable in-depth analysis and actual facts and figures for the global cognitive data management market, the report is bifurcated on the basis of solution type, deployment mode, organization size, industry vertical, and region/ country.

Cognitive Data Management: Introduction

Cognitive computing is a one of the sub-fields of Artificial Intelligence (AI). AI and cognitive computing are often thought to be as synonyms, or are used interchangeably. Cognitive computing and AI are advanced technologies developed with the objective to reduce human efforts, and enhance existing processes across various fields. Cognitive computing focuses on higher level of reasoning, understanding, and improvises decision making. This computing is similar to that of a human’s reasoning, understanding, validation, and decision making. Cognitive computing has capability to deal with figurative and theoretical data. It has ability to comprehend the information and take necessary decision with high accuracy even in highly complex situations. Cognitive analytics, also called as predictive analytics, can help to make predictions for business intelligence.

Dynamics: Global Cognitive Data Management Market

Drivers: Increasing adoption of latest and technologically advanced platforms and increasing demand and applications of cloud-based services are major factors estimated to drive global market growth to significant extent. In addition, increasing adoption of cognitive data management by myriad of industry verticals is another factor estimated to fuel the cognitive data management market growth. Moreover, increasing expenditure on IT infrastructure by the government and major private players of developed and developing countries and increasing adoption of IoT-based devices are factors resulting in higher volume and growth of digital data which is further projected to increase demand for cognitive data management solutions. These are among additional factors projected to support global market growth to certain extent. For instance, GE medical systems partnered with Harvard University’s teaching hospitals in order to develop artificial intelligence systems for medicines. In addition to this, GE medical systems partnered with New York-Presbyterian Hospital with service and management technique GE will help hospital to connect and track hospital beds using sensors. In accordance with aforementioned facts, in 2015, UK government contributed US$ 66.7 Mn to Internet of Things (IoT) research. France is financing embedded software and connected objects projects from a US$ 61.2 Mn funds for digital development. Furthermore, dynamic nature of the market, coupled with high volume of complex data generated from numerous industries, increasing business expansion activities through strategic mergers and acquisitions and use of advanced approaches and methods towards streamlining business operations are factors resulting in increasing demand for cognitive data management solutions, and are projected to propel the global cognitive data management market growth.

Restraints: However, complex analytical processing and lack of skilled professionals are major factors that could hamper the global cognitive data management market growth. In addition, concerns related to data security is among other factors that could limit the target market growth to some extent.

Opportunities: Rising focus of prominent companies on technological advancements in this field and increasing number of Small and Medium Enterprises (SMEs), especially in developing countries and increasing adoption of cloud-based services by SMEs are factors that are projected to create revenue opportunities for the players in the market over the 10-year forecast period.

Segment Analysis: Global Cognitive Data Management Market

By Deployment Type Insights:

The cloud segment is estimated to record the largest revenue share in the global cognitive data management market. Cloud-based services and solutions offer wide range of features and functions including user-friendliness, pay-per-use model, flexibility, quicker set-up time, multiuser feature at low-installation and maintenance costs. These features and benefits offered are estimated to result in higher growth of the cloud segment.

By Organization Size Insights:

The small and medium enterprises (SMEs) segment is estimated to account for substantially high revenue share in the market due to increasing number of small and medium-scale organizations, rising number of start-ups and generation of high volume of data to be managed with imposing or burdening the tedious work on human workforce.

By Industry Vertical Insights:

The Banking, Financial Services, and Insurance (BFSI) segment is projected to record the largest share in terms of value in the market over the 10-year forecast period. The BFSI organizations generate a large volume of complex data, that needs to be organized and managed for smooth-functioning of the business operations. In addition, high adoption of social analytical tools in order to obtain accurate perceptive information about the users, that can help and be supportive for advertising, marketing and sales purposes, is projected to result in increasing adoption of cognitive computing and drive the segment revenue growth.

Regional Analysis: Global Cognitive Data Management Market

The cognitive data management market in North America (NA) is estimated to record the highest share in terms of value in the global market and is projected to continue with its dominance over the next 10 years. The dominance of NA market is attributable to well-established IT infrastructure, rapid growth in the end-use industries, coupled with increasing demand for cognitive data management from various industry verticals and robust presence of key players in countries such as the US in this region.

Revenue from the Asia Pacific (APAC) market is projected to expand at a faster growth rate in the target market, due to growing number of SMEs, increasing adoption of cloud-based solutions among entrepreneurs, and increasing investments on development of IT infrastructure by the government and certain private players of economies such as India, Japan, and China. In addition, increasing mergers, acquisitions, partnerships and joint ventures between regional players in the region and the international players from other regions for purpose of business expansion is projected to support growth of the market in the Asia Pacific. The Europe market is estimated to contribute significantly high revenue share in the target market in the years to come, due to highly developed end-use industries, large volume of data generated by these companies and need for appropriate management of complex data in order to operate business operations in systematic manner. The MEA and Latin America markets are projected to witness slow and steady growth rates owing to moderately growing IT infrastructure and growth in certain end-use industry verticals which in turn will result in higher demand for cognitive data management solutions.

Key Findings by Cloud Adoption and Risk Report (McAfee), 2019:

• 21% of the total data in the cloud contains sensitive and private data, which has increased by 17% over the last 2 years.
• In addition, the volume of files with private data shared in the cloud-based platform has increased by 53% Y-o-Y.
• Sharing data via open and publicly accessible platform has increased by nearly 23% over last 2 years.

Global Cognitive Data Management Market Segmentation:

Segmentation by Component:

• Solutions
  • Data Integration and Migration
  • Data Governance and Quality
  • Others (Data Prep, Data Security, and Event Stream Processing)
• Services
  • By Business Function
  • Operations
  • Sales and Marketing
  • Finance
  • Legal
  • Human Resource

Segmentation by Deployment Type:

• Cloud
• On-premises

Segmentation by Organization Size:

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

Segmentation by Industry Vertical:

• Banking, Financial Services, and Insurance (BFSI)
• Manufacturing
• Healthcare and Pharmaceuticals
• Government and Legal Services
• Telecom, IT, and Media
• Others (Retail, Utilities, Automotive, and Aerospace & Defense)

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa