Cognitive Data Management Market

Global Cognitive Data Management Market Size (2024 to 2029)

The global cognitive data management market is expected to reach USD 2.07 billion in 2024 and USD 5.34 billion by 2029, growing at a CAGR of 20.9% during the forecast period.

Data management is the main and most important task of IT, but it has also been undervalued and largely overlooked. Cognitive data management allows you to look for leverage due to recent advances in cognitive computing to automate general manual activities within data management. As technologies develop, the volume of complex data also increases. Cognitive data management is used to reduce the administrative burden of data management. Cognitive management provides the contemporary data management strategy, synchronization with the storage resource management engine, and the data management strategy framework. 2016 RAVN Systems launched RAVN Connect Enterprise with the Google Search Appliance replacement program. This RAVN Connect Enterprise can connect companies that stand out from other search solutions by their cognitive characteristics and perform unstructured business research and data management. Therefore, the data management market is growing due to computer technology and advanced analytics developments.

Current Scenario of the Global Cognitive Data Management Market

The rapid adoption of automation and cloud technologies in enterprises and businesses has led to a significant increase in data generation and traffic in the cloud. This surge in data has, in turn, fueled the growth of data management software, driving the market demand for cognitive data management. It's worth noting that more than 90% of businesses using the cloud have reported a substantial growth in internet traffic, a clear indicator of the data management landscape's evolution.

MARKET TRENDS

The rapid adoption of Big Data and cloud computing has made cognitive data management more accessible and provides reliable results to various end industries, including the IT and telecommunications sector, which should better adopt these solutions during the forecast period. With automatic natural language processing (NLP) systems, data mining, and other characters in machine learning technologies applied to discover essential information from unstructured data, IT and telecommunications are expected to create increased demand for these solutions.

Furthermore, the volume of big data in data warehouses is changing rapidly, and its complexity leads to the selection of cognitive services. It provides the company with accurate information to refine and stimulate business decision-making. According to Cisco Systems Inc., this volume touched 124 exabytes in 2018 and is expected to generate 403 exabytes by 2021.

Machine assets create large amounts of data with the potential for exceptional business value. Companies also leverage cognitive machine learning to perform predictive maintenance to extract that value from a data lake. Several IT and telecom companies are adopting cognitive services to develop customer engagement, gain a competitive advantage, and streamline operations over others. For example, at the end of 2018, Du, a telecommunications company in the UAE, collaborated with Mircosoft for cognitive services on all of their contemporary touch points and digital channels.

MARKET DRIVERS

The main drivers of growth in the global cognitive data management market include the adoption of the latest technological advances and the growing demand for cloud-based applications.

Also, using cognitive data management in various vertical industry sectors will stimulate growth in the global market in the near future. Advances in industrial IT infrastructure worldwide have led to the growth of the market for cognitive data management worldwide. At the same time, the growing growth of IoT devices is reflected in the growth of digital data along with the growing adoption of cognitive data management solutions. These factors are expected to drive growth in the global cognitive data management market in the coming years.

MARKET RESTRAINTS

However, integrating new technologies into traditional infrastructure has become a serious challenge for market players. The high cost of implementing cognitive data management solutions creates barriers for providers of these solutions. In addition, interoperability and the integration of new technologies in existing infrastructures are some of the main challenges for providers of cognitive data management solutions.

REPORT COVERAGE

REGIONAL ANALYSIS

North America is foreseen to account for the most substantial portion of the global cognitive data management market in the future. Various determinants are envisaged to strengthen market growth in the region. These factors include increased investment in multi-stakeholder cognitive technologies, greater infrastructure advances, adoption and government support for artificial intelligence (AI), transformation of digital budgets, and growing IT.

KEY PLAYERS IN THE GLOBAL COGNITIVE DATA MANAGEMENT MARKET

Some of the major players in the global cognitive data management market include Attivio, CognitiveScale, Cognizant, DATUM, Expert System, HPE, IBM, Immuta, Informatica, Infosys, Kingland Systems, Microsoft, Oracle, Pingar, Reltio, Saksoft, Salesforce, SAP, SAS and other providers of cognitive data management solutions.

RECENT HAPPENINGS IN THE GLOBAL COGNITIVE DATA MANAGEMENT MARKET

• In May 2020, AT&T and Salesforce published a long-term contract to provide new connected experiences to AT&T customers. AT&T will implement Salesforce Customer 360 to create a unique view of each customer at each point of contact, whether in person in a store, by phone, in a professional environment, or on any AT&T digital property.
• In March 2020, Informatica introduced serverless computing in the data integration cloud. The highlight of the spring version is the introduction of serverless computing. The new version also adds more services that help machine learning and the use of graphical computing to help organizations create a single view of customer master data.

DETAILED SEGMENTATION OF THE GLOBAL COGNITIVE DATA MANAGEMENT MARKET INCLUDED IN THIS REPORT

This research report on the global cognitive data management market has been segmented and sub-segmented based on the component, organization size, deployment type, vertical, and region.

By Component

• Solutions
• Services

By Organization Size

• Large companies
• Small and medium-sized companies

By Deployment Type

• Cloud
• On-site

By Vertical

• BFSI
• Health
• IT and telecommunications
• Government
• Manufacturing
• Others

Of these, the IT and telecommunications segment accounted for the leading portion and is also anticipated to expand with a rapid share in the foreseen years.

By Region

• North America
• Europe
• Asia-Pacific
• Middle East and Africa
• Latin America