The advent of social media and other digital platforms has led to the creation of data at a pace that was unseen before. We, as humans, have created more data in the past two years, than we did during our entire existence—90% of the total data created until now was created in the past two years alone. With this, corporate buzzwords of big data and big data analysis have started catching the eye of virtually everyone involved in relevant businesses.
This data has been regarded as the ‘oil of the 21st century’, enabling organizations to look into trends and statistics, understanding the consumer behaviour patterns and create effective marketing and advertising strategies. Various tools are used by organizations for the analysis of this data to reveal the hidden trends within the same. One such upcoming tool is termed as ‘Cognitive Analytics’. Cognitive analysis refers to the stimulation of a human-like thought process in a computerized model. This model is specifically built for the purpose deploying business intelligence and swift decision-making processes. Cognitive analytics is built through the integration of several ground-breaking technological innovations such as the Internet of Things (IoT), machine learning, artificial intelligence, and big data analysis. All these tools come together to form the mandates of critical and cognitive analytics.
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Market Research Future (MRFR), in their market report has studied the growth trajectory of the global cognitive analytics market for a defined forecast period. Increasing amounts of raw data have created significant demand for the adoption of cognitive analytics solutions by organizations of all sizes. Apart from that, the report has also mentioned that commercialization of the internet of things is expected to drive higher data creation that is stored and analyzed for revealing hidden trends. This, analysis of stored structured and unstructured data is likely to necessitate the adoption of cognitive analytics by firms from all end-user verticals.
While such data is likely to provide insights into the consumer behaviour to unbound ends, there are certain aspects that are a factor of worry for many. Even though the collection of such data is driving organizations towards better operations and sales, intrusive techniques are adopted by various market vendors for the collection of such data. These practices are, although unethical, not yet termed as striking offenses, which in turn, has sparked hesitation and aversion towards the adoption of cognitive data analytics and big data analytics.
Along with this, a striking surge has been noticed in the number of cyber attacks and cyber-crime. The data in question is, without a question, invaluable to companies and can reveal doorways to intensify the vulnerability of consumers. Cyber-attacks have been soaring, mainly for illegal access to confidential and influential data. This has also contributed to the hindrance noted in the growth of the global Cognitive Analytics Market.
To tackle these issues, a strict mandate upon ethical usage of data and alarming penalties upon failure of doing so is necessary. Governments across the globe are noted to undertake stringent measures to ensure public safety. Organizations are expected to provide assurance to their clientele regarding data privacy and security. Only when enterprises have started taking responsibility for the security and ethical use of this data, will the cognitive analytics market take on the growth trajectory through its full potential.
Alternatively, the global cognitive analytics market is likely to showcase impressive growth in the forthcoming years, the report suggests. With applications primarily in the computation of large unstructured datasets, cognitive analytics is witnessing skyrocketing technological advancements that have found applications in virtually most industry verticals. While the hesitant folk may hope for this to be a temporary shift, cognitive analytics is surely transformative in nature, and reshaping the world of marketing, operations, and comprehensive decision-making.
LIST OF TABLES
TABLE 1 COGNITIVE ANALYTICS MARKET, BY TECHNOLOGY
TABLE 2 COGNITIVE ANALYTICS MARKET, BY DEPLOYMENT
TABLE 3 COGNITIVE ANALYTICS MARKET, BY END USER
TABLE 4 COGNITIVE ANALYTICS MARKET, BY VERTICAL
TABLE 5 COGNITIVE ANALYTICS MARKET, BY REGIONS
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LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 COGNITIVE ANALYTICS MARKET, BY TECHNOLOGY (%)
FIGURE 3 COGNITIVE ANALYTICS MARKET, BY DEPLOYMENT (%)
FIGURE 4 COGNITIVE ANALYTICS MARKET, BY END USER (%)
FIGURE 5 COGNITIVE ANALYTICS MARKET, BY VERTICAL (%)
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