Market Size –
The cognitive search tools market size has grown strongly in recent years. It will grow from $4.10 billion in 2023 to $4.34 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. 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 $5.52 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. 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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Scope Of Cognitive Search Tools Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cognitive Search Tools Market Overview
Market Drivers –
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.
Market Trends –
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.
The cognitive search tools market 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
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Regional Insights –
North America was the largest region in the cognitive search tools market in 2023. The regions covered in the cognitive search tools marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Cognitive Search Tools Market Report Structure
3. Cognitive Search Tools Market Trends And Strategies
4. Cognitive Search Tools Market – Macro Economic Scenario
5. Cognitive Search Tools Market Size And Growth
…..
27. Cognitive Search Tools Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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