ICT companies are extensively adopting technologies such as cloud computing and artificial intelligence to ensure seamless operations as teams continue working from home. Focus on fast automation, use of real-time operation within various end-use sectors such as automotive, food & beverage and others will provide stimulus to the growth.
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The report offers actionable and valuable market insights of Cognitive Assessment & Training Software. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Cognitive Assessment & Training Software Market across various industries and regions.
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The global cognitive assessment & training market size was pegged at over US$ 1.5Bn in 2019 and is expected to witness a dexterous growth rate of over 16.5% during the forecast period (2020-2030). The adoption of electronic devices for collecting clinical electronic data coupled with increasing digitization in healthcare sector has given a huge momentum to growth of global cognitive assessment & training market over the historical years. The use of mobile devices in the healthcare sector and continuous developments & investments in clinical trial activities are also anticipated to leverage the cognitive assessment training market.
The overall growth projection of the global cognitive assessment & training market is expected to be on a lower trajectory than the previous forecast due to the ongoing COVID-19 pandemic. During the second quarter of 2020, an increment in sales of this software is anticipated as a result of increasing prevalence of mental disorders and increasing per capita spending on mental health. After the dissipation of the pandemic, demand for cognitive assessment testing across the globe will continue to increase, not only among the younger generation, but also among the widely expanding geriatric population pool.
Key Takeaways of Global Cognitive Assessment & Training Market Study:
- Currently, the software segment holds more than 2/3rd market share and is anticipated to create an absolute $ opportunity of more than US$ 3 Bn over the long-term forecast period.
- Adoption of cognitive assessment & training tools in the mobile & tablet segment has witnessed a significant increase over the historical years, projected to account for more than 60% of the market by 2020.
- Better healthcare infrastructure coupled with high presence of cognitive assessment & training providers has supported the strong sales of these tools in North America and Europe. However, Asia Pacific is expected to witness a strong growth rate owing to higher awareness around mental health.
- The fintech applications of IoT are anticipated to be seen across developed as well as developing countries. Increasing use of smart phones and evolving applications on social media platforms, gaming, calling, web browsing has led to high depression among millennials as well as baby boomers. Thus, the demand for cognitive assessment tools is expected to increase in the near future.
“Increasing emphasis on convergence of artificial intelligence (AI), internet of things (IoT), automation, block chain, 5G and edge computing platforms with business models in the digitization era has pushed key market players to seize myriad opportunities. This will strengthen their competitive position by leveraging these technologies”, Says a Fact.MR Analyst
Growth of Paid Subscribers to Pave Way for Exciting Market Prospects
The global cognitive assessment & training market is consolidated in nature. The tier 1 players held more than 50% share in 2019. After the end of COVID-19, the global market for cognitive assessment is likely to create a plethora of market opportunities for existing as well as new entrants on the back of increasing number of paid subscribers. With the industry shifting toward electronic data collection and cloud based solutions, the key players are greatly emphasizing on introducing new platforms to create new growth avenues in the high potential markets.
The global cognitive assessment & training market is segmented on the basis of component, type, end-user, and region.
- Support & Maintenance
- Personal Computer (PC)
- Mobile & Tablet
- Research Organization
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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Fact.MR, in its new report, offers an unbiased Market Analysis of Cognitive Assessment & Training Software, Sales and Demand of Cognitive Assessment & Training Software, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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