The Cognitive Analytics Market size was valued at US$ 1.9 Billion in 2020 and the global Cognitive Analytics revenue is expected to grow at 12.5% through 2021 to 2027, reaching nearly US$ 4.33 Billion.
Cognitive Analytics Market Overview:
Cognitive analytics or cognitive computing are technologies that work on the principles of artificial intelligence. These include speech recognition, machine learning, Natural Language Processing (NLPs), etc. In general, the term cognitive analytics refers to the computer software that can simulate the behavior of a human brain. Cognitive analytics is generally used in the processing of large databases and unstructured data sets. That’s why it has a huge scope in industries that deal with large user databases like the BFSI industry, manufacturing, and automation industry in the forecast period (2021-2027). Cognitive analytics is further useful in Speech recognition, Face detection, Risk assessment, Fraud detection, etc.