Surging IoT device ownership attributed to greater convenience is prompting solution providers to introduce a wide spectrum of mobile virtual platforms and interfaces
ROCKVILLE, MD / ACCESSWIRE / February 17, 2021 / Award winning market research company Fact.MR's cognitive assessment and training report projects a highly optimistic growth scenario for the current financial year. The coronavirus pandemic has only served to escalate growth prospects, with a majority of organizations relying on virtual business models which require enhanced data assimilation approaches. The market is expected to register nearly fivefold growth through 2031.
The market witnessed impressive gains in the past, reaching over US$ 1.5 billion in 2019. Growing emphasis on cloud computing and automation were responsible for such heightened growth. Maximum uptake of cognitive assessment and training software is expected across the mobile & tablet segment, as cell phone subscriptions reached nearly 5 billion (62%), with active internet users surpassing 4 billion (59%) as of 2020.
Rising demand for standardized electronic clinician reported outcomes (eClinRO) has heightened adoption across the healthcare sector. Rising need for eliminating data duplication, reduction in transcription errors and real-time access is prompting players to introduce a slew of new software offerings. Signant Health, for instance, offers a highly sophisticated eClinRO solutions capable of reducing rater errors across multiple disorders by up to 80%, providing reliable data for over 2,000 clinical trials ranging from 10 to 25,000 patients.
"Rising demand for cognitive assessment approaches in academic institutions with the objective of ascertaining individual student learning capacities and growing prevalence of cognitive disorders amongst the elderly is heightening cognitive assessment and training software adoption in the academic and healthcare fields respectively," says a Fact.MR analyst.
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Key Takeaways from Fact.MR's Cognitive Assessment and Training Market Study
- By component, cognitive assessment software is expected to register a staggering expansion rate through 2031
- 3 out 5 cognitive assessment and training software sales are expected for mobile & tablet interfaces
- By end-user, healthcare organizations to effectively leverage advanced cognitive assessment and training solutions
- US & UK to experience heighted revenue shares amid prolific advancements in the healthcare industry
- Germany to experience high growth amid increased adoption of automation and digitization across key industrial verticals
- India, China, Japan and South Korea to experience a significant boom amid rapid virtualization of businesses
Cognitive Assessment and Training Market- Prominent Drivers
- Increasing gamification to provide enhanced digital experience and inducing collaboration is heightening cognitive assessment and training software sales
- Rapid technological advancements in software structure is prompting solutions providers to launch new products
- Rising geriatric population pool has augmented the need for cognitive assessment solutions, providing traction to the market
Cognitive Assessment and Training Market- Key Restraints
- High degrees of complexity and adaptability is likely to discourage advanced cognitive assessment and training platforms
- Prolonged clinical approval waiting lists for validated testing solutions leads to delayed product launches
Discover more about the cognitive assessment and training market with 186 figures and 88 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/4781/cognitive-assessment-and-training-market
Prominent cognitive assessment and training solutions providers include IBM Watson, Cambridge Cognition Limited, NeuroCog Trials, ERT Clinical, Brain Resource Company, Signant Health, Cogstate Limited and Quest Diagnostics Inc. among others. Rapidly digitizing workspaces are widening business prospects for the aforementioned market players.
IBM Watson, for instance, provides the StoredIQ Cognitive Data Assessment platform, offering facilities ranging from data cleanup, e-discovery and compliance & audit activities to retention and sensitive data management. This enables organizations achieve accuracy, efficiency and automation of document classification decisions.
Similarly, Cambridge Cognition Limited offers the CANTAB Connect Research cognitive assessment platform, offering a secure cloud forum to facilitate connected research. The primary features of this platform include real-time access to high-quality data, automated test administration, an intuitive touchscreen face and web-based testing.
More Insights on the Cognitive Assessment & Training Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for cognitive assessment & training. The report discloses compelling insights into the demand for cognitive assessment & training based on component (software, services (training, consulting, and support & maintenance)), type (personal computer (PC) and mobile & tablet), and end user (healthcare, research organization, education, and others) across several major regions.
Key Questions Covered in the Report
- What drivers underpin the global cognitive assessment and training market growth?
- Which is the most lucrative cognitive assessment and training market?
- Why is the demand for mobile & tablet based cognitive assessment and training solutions aggrandizing?
- What impediments are likely to hinder future market expansion?
- How effectively is the healthcare domain leveraging key cognitive assessment solutions?
- Which prominent cognitive assessment and training solution providers operate in the global landscape?
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