Cognitive Data Management Market to register extensive growth via BFSI sector over 2018-2024

Global Market Insights, Inc. provides a detailed overview of cognitive data management market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.

Cognitive Data Management Market in BFSI sector is estimated to exhibit a significant adoption of cognitive technologies. The financial institutions around the globe have been deploying such technologies to increase their predictive capabilities, improve the revenue forecast and support their financial planning & budgeting in particular. Also, it enables them to address risk and fraud management more efficiently.

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The increasing investments by market players in cognitive technologies also foster the cognitive data management market growth. The organizations are heavily investing in cognitive and AI software capabilities to automate the customer service experience, optimize the business performance, and assist in decision making. For instance, in June 2016, KPMG has integrated cognitive technologies and the capabilities of the IBM Watson computing technology to a wide range of its professional services offerings in Australia. This has enabled the company to accelerate the team’s ability to analyze and act on financial data important for the health of the organization and capital markets.

Cognitive data management refers to the use of cognitive computing to automate the manual activities in data management. This helps in reducing the administrative burden imposed by the data management and minimize errors. Earlier, data management practitioners used manual processes to analyze the data. However, due to advancements in the technology and the development of intelligent algorithms & advanced tools, the data governance & management has become much easier. This is encouraging the demand for cognitive computing solutions among data-intensive industries such as retail, banking, manufacturing, and healthcare for the cognitive data management market.

North America is projected to dominate the cognitive data management market due to its advanced IT infrastructure and rapid adoption of technologies such as machine learning, AI, and big data analytics. The growth of the cloud computing technology and penetration of IoT platforms in the region are expected to generate massive volumes of complex data. This, in turn, increases the need for robust platforms that will handle data management tasks efficiently.

Asia Pacific cognitive data management market is projected to exhibit a faster adoption rate in the use of cognitive computing platforms. The market is driven by the growing digitalization and the increasing penetration of smartphones in this region. The global technology players are also investing in advanced technologies to foster their business growth. For instance, in July 2017, Amway released e-commerce and artificial intelligence platforms in the Philippines to achieve 15% of its sales online. In this region, the enterprises are also adopting AI to reinvent their business models and are actively participating in the AI consortiums to boost their knowledge.

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