Cognitive Assessment and Training Market is Expected to Surpass US$ 3,746.6 Mn by 2028
Posted: Jul 05, 2019
Cognitive assessment and training is the formal assessment of an individual’s psychological functions and speed of information processing. Cognitive assessment and training is the mental process of acquiring knowledge and understanding through experience and sense. 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 a role, as well as to predict his/her future performance.
Technological Advancements in the Healthcare Industry and the Rising Adoption of Mobile-based IT Systems are Boosting the Global Cognitive Assessment and Training Market
In this report, FMI has segmented the global cognitive assessment and training market on the basis of component, type, end user and region. By component, the cognitive assessment and trainingmarket is sub-segmented into software and services. The software sub-segment is surging the growth of the global cognitive assessment and training market owing to the increasing demand for mobile-based cognitive solutions and web-based cognitive assessment applications. In addition, the global penetration of the Internet is surging the growth of the cognitive assessment and training market. However, the growth of the services sub-segment can be attributed to the growth of training and consulting services across the globe.
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It has been observed that the demand for cognitive training is increasing rapidly in various enterprises and educational institutions. Enterprises and educational institutions are adopting cognitive assessment technologies for the assessment of an individual’s psychological functions. In addition, mobile technologies are used in cognitive assessment and clinical research for patient recruitment, data collection, symptom monitoring and health management. To improve patient compliance, patient care, patient safety and patient satisfaction, the adoption of mobile applications and IT systems is increasing day-by-day in hospitals and healthcare centres.
Based on type, the cognitive assessment and training market is sub-segmented into Personal Computer (PC) and mobile & tablet. The emergence of next-generation technologies in smartphones and tablets is a major factor that promotes the growth of the mobile & tablets sub-segment in the global cognitive assessment and training market. In addition, advancements in IT systems and healthcare technologies play an important role in fuelling the growth of cognitive assessment solutions in most of the developed and developing countries. Developments in mobile health technologies have emerged as a natural extension of the new generation of healthcare systems and IT solutions. These factors are boosting the cognitive assessment & training market worldwide.
Adoption of BYOD in Clinical Trials and Increasing Focus on Education and Training are Fuelling the Cognitive Assessment and Training Market
Based on end-user, the global cognitive assessment and training market is sub-segmented into healthcare, research organisation, education and others. The emergence of digital technologies in the healthcare industry is a major factor boosting the healthcare sub-segment in the global cognitive assessment and training market. In addition, increasing demand from physicians and hospitals to access patient databases on mobiles or institution-owned mobile devices is supporting the increasing adoption of mobile applications and IT systems among healthcare organisations and other entities, which is also propelling the cognitive assessment & training market.
Moreover, due to increased awareness, different countries are enforcing the need for cognitive assessment training in enterprises, universities, schools, research organisations and others, which is among factors expected to propel the cognitive assessment market across the world.North America and Western Europe are Becoming the Key Sources of Demand in the Cognitive Assessment and Training MarketOn the basis of geography, North America is expected to dominate the global cognitive assessment and trainingmarket due to advancements in next-generation technologies in the U.S. and Canada. The provision of advanced healthcare policies is expected to propel the cognitive assessment and trainingmarket in North America. Moreover, the region has witnessed the widespread deployment of communication technologies in past couple of years. These factors are fuelling the growth of the cognitive assessment and training market in North America.
The cognitive assessment and trainingmarket has significant potential in China owing to major technological advancements in the healthcare industry. The SEA and Others of APAC cognitive assessment and trainingmarket is expected to be among target markets for cognitive assessment and training market participants. Governments in SEA and Others of APAC are promoting and supporting the digital revolution, which is expected to propel the cognitive assessment and training market in the region. The Latin America cognitive assessment and training market is also estimated to grow at a high CAGR over the forecast period.
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According to FMI analysis, long-term contracts with business partners are likely to increase revenue and new innovation strategies are estimated to enable the vendors of cognitive assessment and trainingsolutions to reach new growth markets. Some of the key players in the global cognitive assessment and trainingmarket include 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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