The Cognitive Assessment and Training Market is estimated at US$ 1.4 Billion in 2022 and is projected to rise significantly at a CAGR of 17.4% to reach US$ 3.7 Billion 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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Drivers and Opportunities:
The market’s robust growth is fueled by several key drivers. As the aging population continues to grow, the demand for cognitive assessment tools to detect and manage cognitive disorders such as Alzheimer’s and dementia is on the rise. Additionally, the COVID-19 pandemic has underscored the significance of remote and virtual cognitive training solutions, opening up new avenues for market players.
Moreover, businesses are increasingly embracing cognitive training programs to enhance employee productivity and decision-making skills. These factors, combined with the surge in digitalization, particularly in healthcare and education sectors, are creating lucrative opportunities for market expansion.
Competitive Landscape – Regional Trends:
The Cognitive Assessment and Training Market is characterized by intense competition among both established players and emerging entrants. North America holds a substantial share, driven by advanced healthcare infrastructure and increasing investments in cognitive healthcare. Europe is witnessing rapid growth, thanks to government initiatives promoting cognitive health awareness.
Asia-Pacific is emerging as a promising market, with a growing aging population and rising healthcare expenditure. In contrast, Latin America and the Middle East and Africa are expected to experience gradual but steady market growth.
Restraints:
Despite the promising outlook, the market faces certain limitations. High initial costs associated with cognitive assessment and training solutions may deter adoption, especially in resource-constrained regions. Data privacy concerns are another challenge, as the collection and storage of sensitive cognitive data require stringent security measures.
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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.
Key Segments of Cognitive Assessment and Training Industry Research
Cognitive Assessment and Training Market by Component:
- Cognitive Assessment and Training Software
- Cognitive Assessment and Training Services
- Cognitive Assessment and Training
- Cognitive Assessment and Consulting
- Cognitive Assessment and Training Support & Maintenance
Cognitive Assessment and Training Market by Type:
- Personal Computers (PCs)
- Mobiles & Tablets
Cognitive Assessment and Training Market by End User:
- Cognitive Assessment and Training for Healthcare
- Cognitive Assessment and Training for Research Organizations
- Cognitive Assessment and Training for Education
- Others
Cognitive Assessment and Training Market by Region:
- North America Cognitive Assessment and Training Market
- Latin America Cognitive Assessment and Training Market
- Europe Cognitive Assessment and Training Market
- East Asia Cognitive Assessment and Training Market
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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