According to the new market 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, global cognitive data management 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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Data governance and quality segment expected to grow at the highest CAGR during the forecast period.
The data governance and quality segment expected to grow at the highest CAGR during the forecast period. This growth rate is due to the rising number of compliances about the enterprise data. Furthermore, the cohesiveness between different business entities improves the overall efficiency and effectiveness of organizations.
Manufacturing vertical expected to grow rapidly during the forecast period
The manufacturing vertical expected to grow at the highest CAGR during the forecast period, as industries are transforming toward smart automation, resulting in the generation of a large amount of digital data. This factor expected to have increased the adoption of data management tools among manufacturers. The variety and volume of data would increase, due to the evolution of digital and smart technologies across the manufacturing vertical.
North America expected to have the largest market size during the forecast period
North America expected to hold the largest market share in the market. There are various factors expected to contribute to the growth of the 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 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 expected to drive the growth of the cognitive data management market. 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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