The cognitive assessment market is estimated to be valued at US$ 2.53 billion in the year 2017 and is anticipated to grow at a rapid pace.
Increasing popularity of cognitive assessment tools in education and corporate hiring industry verticals to further drive the adoptions if these tools during the forecast period
A numerous factor is anticipated to push for high advancements in this market. As a result, the cognitive assessment market is forecasted to grow at a CAGR of 27.12% during the period 2018-2025 and amount to US$ 17.08 billion by the year 2025. Collaboration with global technology leaders is one of the noteworthy market trend to grow and survive in cognitive assessment market, with some of the major companies becoming front-runner in this market by pursuing a collaboration and partnership strategy. Recently in 2016, some familiar cognitive assessment companies entered into partnership technology leaders, such as, IBM teamed up with Pearson to offer Watson Cognitive computing solution for specific subdivision of college students and professors. Also, Axon Sports, a sports cognitive training company partnered with XOS Digital Inc., a sports technology provider to integrate their solutions and provide solution with unique advantages.
In the Middle East the population is aging gradually and the percentage of elderly will double in the coming ten years. There are no clear estimate in the region of the estimate of Alzheimer disease although we believe that the prevalence is similar to other developed countries but there are no major studies in the area on Alzheimer. There are very few sources of Alzheimer’s statistics in the Middle East. None of the health authorities in the region, release public figures on the numbers of people with dementia or Alzheimer’s and there are no Alzheimer’s associations or advocacy groups collecting data. For these reasons, the use of cognitive assessment tools in MEA region has increased to significant margins.
Use of cognitive assessment has been increasing over past few years. These assessments have been widely used in different sectors for multiple assessment types such as recruiting, admissions, medical purpose, and others. Various companies are considering cognitive assessment as a necessary tool for getting better information of the candidates and help in the recruiting of the candidate for the job. Similarly, in the educational sector, cognitive assessment is used for evaluating the candidate and helping him/her in the things that he/she is lacking behind according to the assessments. These reasons will support strong growth of the cognitive assessment market and will continue to grow in the coming years. In the corporate sector, cognitive assessment tests are being highly used at the time of open recruitments to find the suitable candidate for the vacant position in the company. This assessment helps the company to test the individuals on the basis of various qualities that the company might need for its position. This helps the company to avoid bad hiring decision and helps as a substitute for insufficient information gleaned from references. This assessment is also used for the current employees of the company for improving their self-awareness, enhance team development, and plan career development.