The global cognitive data management market is projected to grow at a significant CAGR during the forecast period owing to the growing digital data across various sectors. Currently, a majority of the global data arises from the private sector, such as IT & telecom and retail firms. Some companies, such as Facebook and Google managed to monetize big data which is an essential part of their business model. Likewise, enterprises across the globe are using solutions that can assist to manage their big data, such as Microsoft Azure Backup and IBM Spectrum Protect, which in turn, is contributing to the adoption of cognitive data management solutions.
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Moreover, the integration of machine learning and AI in data management further contributes to the adoption of cognitive data management solutions. AI along with big data analytics offers the ability to produce meaningful raw data which can further support the decision-making process. The adoption of AI for decision making in data analytics and IoT is vital for potential and timely decision making, primarily in the field of real-time analytics and streaming data linked with edge computing networks. Therefore, the competitive advantage of advanced big data analytics can be leveraged by establishing a strong AI capability as it can support to improve speed and accuracy of decision making, which is crucial in every application area for data management.
Growing inclination towards cloud-based solution accelerates the cognitive data management market
The rise in the demand for cloud-based services in enterprises is one of the major factors augmenting the growth of the market across the globe. Cloud computing refers to the on-demand access of data and programs from a centralized pool of resources. Rising adoption of the cloud platform is attributed to the faster deployment of new capabilities to drive innovative business solutions by data management. Enterprises across the globe are adopting the cloud-based platform for storing data as large storage space is required by the commercial data generated by small & medium-sized enterprises and large enterprises. Therefore, the demand for cognitive data solutions is on the rise in enterprises for maintaining the cloud data that further spur the cognitive data management market growth.
Further, with the increasing amount of data generated through IoT, many enterprises have shifted their data to cloud storage by choosing service providers, thus creating a significant demand for cognitive data management solutions for cloud data. One of the major instances includes the use of big data analytics at Walmart that supports automated business decisions. Each week, nearly 265 million customers and members visit Walmart’s more than 11,200 stores under 55 banners in 27 countries and eCommerce websites in 10 countries. As a result, the company collects 2.5 petabytes of unstructured data at every hour from one million customers. The company uses this data to analye what customers are buying and analyze what products are trending on Twitter and other social media sites.
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Global Cognitive Data Management Market Segmentation
By Deployment Type
- On-Premises
- Cloud-based
By Industry
- BFSI
- IT & Telecom
- Healthcare
- Government Organization
- Others (Manufacturing)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
