According to a new research report "Cognitive Data Management Market by Component (Solutions (Data Integration & Migration, Data Governance & Quality) Services), Deployment Type, Enterprise Size, Business Function, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size is expected to grow from USD 569.9 million in 2018 to USD 1,473.9 million by 2023, at a Compound Annual Growth Rate (CAGR) of 20.9% during the forecast period.
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The rising use of IoT-based devices, resulting in upshifting the amount of digital data, followed by growing adoption of the cognitive computing technology and advanced analytics are expected to drive the growth of the Cognitive Data Management Market.
Among solutions, the data governance and quality segment is expected to grow at the highest CAGR during the forecast period
The data governance and quality segment is expected to grow at the highest CAGR during the forecast period. This growth rate is mainly due to the rising number of compliances with regard to the enterprise data. Furthermore, the cohesiveness between different business entities improves the overall efficiency and effectiveness of organizations as a whole.
In verticals, the manufacturing vertical is expected to grow rapidly during the forecast period
The manufacturing vertical is expected to grow at the highest CAGR during the forecast period, as industries are transforming greatly toward smart automation, resulting in the generation of a large amount of digital data. This factor is expected to have increased the adoption of data management tools among manufacturers. The variety and volume of data would considerably increase, due to the evolution of digital and smart technologies across the manufacturing vertical.
Under regions, North America is expected to have the largest market size during the forecast period.
North America is expected to hold the largest market share in the Cognitive Data Management Market. There are various factors expected to contribute to the growth of the Cognitive Data Management Market across the region. These factors include the growing investments in cognitive technologies by various players and government support toward the adoption of Artificial Intelligence (AI), increasing advancements in infrastructure, rising digital transformation, and increasing IT budgets.
The key players in the Cognitive Data Management Market include Attivio (US), CognitiveScale (US), Cognizant (US), DATUM (US), Expert System (Italy), HPE (US), IBM (US), Immuta (US), Informatica (US), Infosys (India), Kingland Systems (US), Microsoft (US), Oracle (US), Pingar (New Zealand), Reltio (US), Saksoft (India), Salesforce (US), SAP (Germany), SAS (US), SnapLogic (US), SparkCognition (US), StrongBox Data Solutions (Canada), Talend (US), Veritas (US), and Wipro (India).
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