At what pace is the cognitive search tools market growing, and what is its estimated value?
The cognitive search tools market size has grown strongly in recent years. It will grow from $4.34 billion in 2024 to $4.61 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increasing disposable incomes, increasing reliance on digital devices, increasing internet usage, custom and pre-built skills, and support for multiple data formats.
The cognitive search tools market size is expected to see strong growth in the next few years. It will grow to $5.85 billion in 2029 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to explosion of data, shift towards real-time data processing, enhancements in visual representations, human-computer interaction (HCI) and crowdsourcing. Major trends in the forecast period include user-centric design and ux improvements, blockchain for data integrity, integration of knowledge graphs, ethical ai practices and robust api ecosystems.
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What are the top drivers to the rising demand in the cognitive search tools market?
The increasing adoption of artificial intelligence (AI) is expected to propel the growth of the cognitive search tools market going forward. Artificial intelligence (AI) refers to the simulation of human intelligence processes by machines, especially computer systems. The adoption of artificial intelligence (AI) is due to its enhanced efficiency, improved decision-making, automated repetitive tasks, and valuable insights from large data sets, ultimately leading to cost savings and innovation across various industries. AI significantly enhances cognitive search tools’ functionality and user experience by enabling them better to understand language, context, and user behavior. This leads to more accurate, personalized, and relevant search results, making information retrieval faster and more intuitive across various domains. For instance, in June 2024, according to Slack’s new global Workforce Index published by Salesforce UK Limited, a US-based software company, AI usage in UK workplaces has risen by 66% in September 2023 and by 18% since the beginning of 2024. Therefore, the increasing adoption of artificial intelligence (AI) is driving the growth of the cognitive search tools market.
How is the cognitive search tools market segmented?
The cognitive search toolsmarket covered in this report is segmented –
1) By Product Or Type: Natural Language Processing, Image Processing, Speech Recognition, Machine Learning
2) By Deployment: Cloud, On-Premise
3) By Application: Information Technology (IT), Law, Marketing, Customer Service, Airports And Ports, Bank, Telecom
4) By End-User: Large Enterprises, Small And Medium Enterprises
Subsegments:
1) By Natural Language Processing: Text Analysis, Sentiment Analysis, Text Summarization, Named Entity Recognition, Language Translation
2) By Image Processing: Image Recognition, Image Segmentation, Optical Character Recognition (OCR), Image Enhancement
3) By Speech Recognition: Automatic Speech Recognition (ASR), Voice Biometrics, Speech-To-Text Conversion, Voice Command Recognition
4) By Machine Learning: Supervised Learning, Unsupervised Learning, Reinforcement Learning, Deep Learning
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Who are the top competitors in the cognitive search tools market?
Major companies operating in the cognitive search tools marker are Microsoft Corporation, Amazon Web Services Inc. (AWS), HCL Technologies Ltd., ServiceNow Inc., OpenText Corporation, Micro Focus International plc, Elastic N.V., Verint Systems Inc., QlikTech International AB, Yext Inc., Algolia Inc., Grazitti Interactive Inc., Coveo Solutions Inc., Lucidworks Inc., Glean Inc., Sinequa Inc., SearchUnify Inc., Mindbreeze GmbH, Squirro AG, Datavid Inc., Kyndi Inc., SearchBlox Software Inc., Accuris
What significant trends should we anticipate in the cognitive search tools market over the forecast period?
Major companies operating in the cognitive search tools market are focusing on developing advanced solutions, such as azure cognitive search, to enhance search capabilities across various industries. Azure Cognitive Search refers to a cloud-based search service from Microsoft that allows developers to build rich search experiences into applications. For instance, in July 2023, Microsoft Corporation, a US-based technology company, launched a public preview of vector search in Azure cognitive search, which enables developers to store, index, and deliver search applications over vector representations of organizational data, known as embeddings. It offers unique features such as vector representations for semantic understanding, hybrid retrieval combining vector and keyword searches, and seamless integration with Azure services, making it a powerful tool for applications ranging from personalized responses to fraud detection.
Which regional trends are influencing the cognitive search tools market, and which area dominates the industry?
North America was the largest region in the cognitive search tools market in 2024. The regions covered in the cognitive search tools marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Cognitive Search Tools Market Report 2025 Offer?
The cognitive search tools market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Cognitive search tools refer to advanced technologies that enhance traditional search capabilities by leveraging artificial intelligence (AI), machine learning, natural language processing (NLP), and other cognitive computing techniques. These tools aim to provide more relevant and contextual search results by understanding user intent, interpreting natural language queries, and analyzing unstructured data.
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