Cognitive assessment and training solutions accounted for around 26% share of the global psychological assessment market. The mobiles and tablets segment is likely to increase at a CAGR of 17% over the assessment period of 2022 to 2028.
The Cognitive Assessment and Training Market s estimated at US$ 1.4 Bn in 2022 and is projected to rise significantly at a CAGR of 17.4% to reach US$ 3.7 Bn by 2028.
Future Market Insights (FMI) has recently published a report titled “Cognitive Assessment and Training Market – Global Industry Analysis 2013-2021 and Opportunity Assessment 2022-2028.” Cognitive assessment and training is the mental process of acquiring knowledge and understanding through experience and sense.
Furthermore, these cognitive assessment tools are used to identify individuals who are likely to need additional evaluation. At present, these tests are widely used by organisations as a part of the recruitment process to assess a candidate’s competence & suitability for the role, as well as to predict his/her future performance.
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Cognitive Assessment and Training Market: Overview & Analysis
Owing to these factors, the software sub-segment is also expected to exhibit a 70.2% market share at the end of 2018. In addition, the services segment is also projected to create potential growth opportunities for the vendors of cognitive assessment and training solutions during the forecast period.
Based on type, the global cognitive assessment and training market is segmented into Personal Computer (PC) and mobile & tablet. The mobile & tablet sub-segment is projected to register double-digit growth during the forecast period. This sub-segment registered a 61.8% market share in 2017.
Growth in the income of the middle class population has led to an increase in the purchase of premium smartphones. Hence, the mobile & tablet sub-segment is estimated to generate potential opportunities for the cognitive assessment and training vendors in most of the 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.
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.
Jul 06, 2022
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