According to the new research report published by The Insight Partners, titled “Cognitive Assessment Market - Global Analysis and Forecast to 2025”, the global cognitive assessment market is expected to reach US$ 17.08 Bn in 2025, registering a CAGR of 27.1% during the forecast period 2018 to 2025.
By 2025, APAC is estimated to be the fastest growing region during the forecast period globally.
The employment landscape has transformed radically after the financial crisis of 2008. The global upsurge in internet users and the groundbreaking changes in human resource management industry have created a rich atmosphere for cognitive assessment service to propagate. Cognitive assessment service plays a vital role in the clinical assessment and recruitment process across the globe. Because age is the strongest risk factor for cognitive decline, the need for cognitive assessment is likely to rise proportionately. With increased access to computers and the Internet, particularly among older adults. Adoption of more flexible, device-independent deployment models with features ideal for self-assessment is propelling the cognitive and other internet based tests. Rise in aging population and increase in global research investment will act as major drivers for the continual growth in market size and commercial opportunity. Capitalize on the shifting trend from traditional pen and paper-based assessment to hosted tools is acting as a driver for the growth of the cognitive assessment market. Besides this, military and government deployment of cognition test in European countries also support market growth in near future.
Collaboration with global technology leaders is one of the noteworthy market trend to grow and survive in this 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.
APAC is expected to be the fastest growing region in the adoption of cognitive assessment. Asia Pacific is anticipated to be the fastest growing region in the in the technological industry with a rapidly developing automotive, IT, and semiconductor industry in the region. Asia Pacific has a growing economy which is leading to the growth in wide variety of sectors, including infrastructure, manufacturing, technology, and various others. Many of the economies of Asia Pacific are aggressively pursuing for digital applications such as smart cities, autonomous vehicles and IoT in a bid to become global powers. The investors wishing to avoid high-tech costs in the US, APAC region presents strong business opportunities for investment in the cognitive assessment technology. Huge population coupled with supportive Government initiatives have established Asia Pacific as one of the largest manufacturing hubs in the world.
Key findings of the study:
The market for cognitive assessment globally has been segmented into three major segments including component, application and end user. Component segment is further bifurcated into solution and service. The application segment is categorized into scientific research, clinical research, academic assessment, corporate training and recruitment and others. The end users in cognitive assessment market include healthcare, education, enterprise, sports, government, defense and others. Major cognitive assessment service providers are based in North America, mainly US. However, the market is penetrating at high growth rate in other region as well including APAC and European countries.
Some of the key players operating in the cognitive assessment market are Cambridge Cognition Ltd, Groupe SBT, ImPACT Applications, Thomas International Ltd., Quest Diagnostics, Prophase, LLC, Cogstate Ltd., ERT Clinical, CogniFit, Neurocog Trials Inc., Bracket, Brain Resource, Posit Science Corp., Cogniciti, and Pearson Education among other.
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