What is AI Powered Cognitive Search?
AI-Powered Cognitive Search is the next generation of search, utilizing cutting edge artificial intelligence (AI) to both exponentially improve users search queries and aid in the extraction of relevant information from disparate data sets. AI-Powered Cognitive Search By understanding the user's intent as well as the patterns and relationships that exist within the data corpus, Cognitive Search provides contextually aware information that is highly relevant to the user's information quest. Cognitive search enables knowledge discovery that is highly relevant to user’s intent by deriving contextual insights from conceptual data. It accomplishes this by recognizing the patterns and relationships that exist in virtually any type of information, structured or unstructured, written or spoken. This ability to understand data, similar to natural language processing (NLP), enables the automation of manual operations by extracting meaning and performing appropriate actions in real-time. Unlike NLP, which is solely concerned with linguistics, cognitive search employs a language-independent, statistical approach to understanding human information, which is fine-tuned through the use of linguistics.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | IBM Watson (United States), Coveo (Canada), Attivio (United States), Lucidworks (United States), Mindbreeze (Austria), Sinequa (France), Micro Focus (United Kingdom), Squirro (Switzerland), PerkinElmer (United States) and BA Insight (United States) |
The study covers a detailed analysis segmented by key business segments i.e. by type (On-Premise and Cloud-Based) , by application (Large Enterprise and SMEs) and major geographies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global AI Powered Cognitive Search market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this AI Powered Cognitive Search market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are IBM Watson (United States), Coveo (Canada), Attivio (United States), Lucidworks (United States), Mindbreeze (Austria), Sinequa (France), Micro Focus (United Kingdom), Squirro (Switzerland), PerkinElmer (United States) and BA Insight (United States).
Market Overview:
On 1st November 2021, the cognitive search capabilities of BMC Helix Cognitive Automation are provided by IBM Watson Discovery. Cognitive search makes use of artificial intelligence (AI) to merge disparate knowledge and provide more relevant search results. Cognitive search in BMC Helix Virtual Agent and custom applications can be used to enable cognitive search across BMC Helix Technology Studio data and external information.
This research is dedicated to offering niche markets, potential hazards, and thorough competitive strategy analysis in many industries based on the AI-Powered Cognitive Search market development status, competition landscape, and development model in different regions of the world. The development potential, consumer characteristics, and structural analysis of the downstream application fields are all thoroughly examined about the competitive advantages of various types of products and services. This research thoroughly analyses the different dangers and possibilities that might be targeted to boost development during the pandemic period.
Influencing Trend:
Automation Is Becoming More Popular In Businesses and Increase in the Number of New Businesses
Market Growth Drivers:
Increasing demand for AI-powered customer support services and Increased Investment in the Development of Artificial Intelligence Technology by Key Players
Challenges:
Concerns about Data Privacy and Security during a Pandemic and Limited Awareness Regarding AI Powered Storage Solutions in Less Developed Countries
Restraints:
Lack of Understanding about Conversational AI Solutions and Availability of Open Source Software
Opportunities:
Identifying the Growing Demands and New Technology, AI And Machine Learning-Based Technology Advancements for Real-Time Actionable Customer Insights and Integration of Advanced Artificial Intelligence Capabilities to Enhance Existing Conversational AI Offerings
Key highlights of the Global AI Powered Cognitive Search market Study:
CAGR of the market during the forecast period 2022-2028
In-depth information on growth factors that will accelerate the AI Powered Cognitive Search market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global AI Powered Cognitive Search market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of AI Powered Cognitive Search Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global AI Powered Cognitive Search market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in AI Powered Cognitive Search market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes New Entrants/Investors, Research Organizations and Universities, AI-Powered Cognitive Search Service Distributor, Consulting Companies, Investors and Venture Capitalists, Government Bodies and End Users.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.