A research named "Cognitive Assessment and Training Market - Global Industry Analysis 2013-2021 and Opportunity Assessment 2022-2028" was just released by Future Market Insights (FMI).
The market for cognitive assessment and training is anticipated to reach US$ 1.4 billion in 2022 and US$ 3.7 billion by 2028, growing rapidly at a CAGR of 17.4%.
The mental process of gaining knowledge and understanding through experience and sense is known as cognitive assessment and training.
These cognitive screening methods are also used to pinpoint those who might benefit from further testing. Currently, organisations employ these tests frequently as a part of the hiring process to evaluate a candidate's aptitude and appropriateness for the position as well as to forecast his or her future performance.
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Cognitive Assessment and Training Market: Overview & Analysis
These reasons also contribute to the expectation that the software sub-segment will have a 70.2% market share by the end of 2018. Moreover, during the projection period, the services segment is also anticipated to generate prospective growth possibilities for the providers of cognitive evaluation and training solutions.
The global market for cognitive assessment and training is divided into two types based on type: personal computers (PC) and mobile & tablet. During the forecast period, the mobile & tablet sub-segment is expected to increase by double digits. In 2017, this subsegment had a 61.8% market share.
The middle class population's rising income has increased the demand for high-end cellphones. Therefore, it is predicted that the mobile & tablet sub-segment would create prospective prospects for the suppliers of cognitive evaluation and training in the majority of developed and developing countries.
In recent years, it has been observed that the domestic manufacturing of smartphones has registered double-digit growth in India and China. These factors are also creating the demand for mobile and tablet-based cognitive assessment and training solutions in India and China.
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Global and regional healthcare companies are increasingly adopting advanced technologies to sustain in this highly competitive environment. The global healthcare industry is undergoing technological advancements. Due to these factors, the healthcare industry is projected to have a market share of more than 60% in the cognitive assessment and training market at the end of 2018.
On the basis of geography, North America is expected to dominate the global cognitive assessment and training market due to the advent of next-generation technological advancements in the U.S. and Canada. The cognitive assessment and training market has high potential in China owing to major technological advancements in the country. China is now the most connected country in the world.
According to FMI analysis, long-term contracts with business partners help to increase revenue and new innovation strategies will enable cognitive assessment and training vendors to reach new growth markets. Some of the market participants featured in the global cognitive assessment and training market are IBM Corporation, Cambridge Cognition Limited, NeuroCog Trials, ERT Clinical, Brain Resource Company, WIRB-Copernicus Group, CogniFit, CRF Health, Cogstate Limited and Pearson Education.
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Key Segments of Cognitive Assessment and Training Industry Research
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jan 07, 2023
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