The global cognitive data management market is projected to grow at a significant CAGR of 18.3% during the forecast period. The major factor that is contributing to the growth of the market including the growing demand for automated solutions for data management coupled with growing big data analytics in various sectors such as BFSI, IT & Telecom and others. With the growing digitalization across the globe, big data is on a continuous rise. According to the World Economic Forum, the connected world is producing data at a pace that is unprecedented in human history. According to its estimation, in February 2017, more than 3 billion people are connected to the internet compared to just 2.3 million in 1990. These 3 billion people generating data every second, which has led to the growth of big data, therefore increases the significant demand for cognitive data management solutions.

 Segmental Outlook  

The global cognitive data management market is classified on the basis of deployment type and industry. Based on deployment type the market is classified into on-premises and cloud-based. The cloud-based cognitive data management segment is projected to have significant growth in the market. Enterprises across the globe are adopting the cloud-based platform for storing data as large storage space is required by the commercial data generated by small & medium-sized enterprises and large enterprises. Rising adoption of the cloud platform is attributed to the faster deployment of new capabilities to drive innovative business solutions by the cloud-based cognitive data management.  On the basis of Industry, the market is segregated into BFSI, IT & Telecom, healthcare, government organization, and others (manufacturing).    

Global Cognitive data management Market Share by Industry, 2018(%)

Global cognitive data management market to be driven by the BFSI Industry

The BFSI industry segment is projected to have a significant share in the global market owing to the increasing adoption of AI technology for data management coupled with rising consumer data in the BFSI sector. The applications of AI in banking involve developing proactive risk management systems and achieving productivity gains. The banking sector leads the way in the incorporation of new emerging technologies and innovations. The volume of data generated in the bank is quite large. In the last few years, the data generation has increased significantly to trillions of gigabytes. Numerous global financial institutions have incorporated AI to enhance product/service personalization and customer engagement that raises the demand for cognitive data management solutions in the BFSI sector that propels the segmental growth. 

Regional Outlook 

Geographically, the global cognitive data management market is further classified into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is estimated to have considerable growth in the global market due to the increasing adoption of cloud based solution by small and medium enterprises. The market in Asia-Pacific is mainly driven by the contribution of major countries such as China, India, Japan and the rest of Asia-Pacific countries. Digitalization in emerging economies in various sectors such as BFSI, IT & Telecom is further estimated to drive the growth of the market.

Global Cognitive data management Market Growth, by Region 2019-2025

North America has a considerable share in the global cognitive data management market

Geographically, North America is projected to have a significant market share in the global market due to the presence of an abundance of data, there is increasing demand for the cognitive data management solutions to protect and manage the data on a routine basis. The software that can manage the data automatically is the emerging demand from varied domains such as healthcare, IT industries and so on. Additionally, a significant contribution from major players such as Microsoft Corp., IBM Crop. Oracle Corp., and others in the region. They are majorly working on the development of enhanced data management systems; this contributes to increasing the market share of the region.

Market Players Outlook

The key players in the Cognitive data management market contributing significantly by providing advanced technology-based products and increasing their geographical presence across the globe. The key players in the market include IBM Corp., Microsoft Corp., Oracle Corp., Informatica LLC, Salesforce.com, Inc., SAP SE, SAS Institute Inc., Hewlett Packard Enterprise Development LP, among others. These market players adopt various strategies such as government contracts, product launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. For instance, in October 2019, SAS Institute Inc. announced the introduction of automated machine learning in its solutions delivers new functionality including automated data management, cutting-edge interpretability and automated machine learning features to the enterprises.    

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global Cognitive data management market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.