Cognitive Assessment and Training Market projected to reach worth $11.4 billion by 2025, with a remarkable CAGR of 29.3%
Dec 18, 2020
According to a new market research report “Cognitive Assessment and Training Market by Component, Organization Size, Application (Clinical Trials, Learning, and Research), Vertical (Healthcare and Life Sciences, Education, and Corporate), and Region – Global Forecast to 2025″ published by MarketsandMarkets, the Cognitive Assessment and Training Market is projected to grow from USD 3.2 billion in 2020 to USD 11.4 billion by 2025, at a CAGR of 29.3% during the forecast period. Various factors such as the rising adoption of gamification for cognitive assessment, social distancing practices resulting in increased adoption of eLearning, and the COVID-19 pandemic leading to the increased need to test cognition at home are expected to drive the adoption of the cognitive assessment and training market.
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Businesses providing cognitive assessment and training solutions and services are expected to witness a minor decline in their growth for a short span of time. However, the adoption of work from home initiatives, eLearning, and eHealth are expected to drive increased adoption of cognitive assessment and training solutions, and the market would witness a negligible decline in 2020, followed by positive growth. Tracking cognitive abilities is becoming an important activity, as a number of neurologic effects have been observed in people suffering from COVID-19.
The data management solutions segment to grow at the highest CAGR during the forecast period
The cognitive assessment and training market by solutions has been segmented into assessment, Data management, data analysis and reporting, cognitive training, and others (rater training, concussion management, and screening solutions). The data management segment is expected to grow at a rapid pace during the forecast period. Accurate data can deliver high quality of clinical services, such as collected data of patients could be used for optimizing trial results and resolving data queries during clinical treatments.
The learning application segment to grow at the highest CAGR during the forecast period
The cognitive assessment and training market is segmented on the basis of applications into clinical trials, learning, research, and others (diagnostics, recruitment, and patient engagement). The increasing need for educators to provide a customized online teaching methodology for students and assess them virtually would drive the growth of the eLearning solution.
Among verticals, the education segment to grow at a higher CAGR during the forecast period
The cognitive assessment and training market is segmented on the basis of verticals into healthcare and life sciences, education, corporate, and others (sports, and government and defense). With the growth of online education during the pandemic, eLearning adoption will help instructors, schools, and universities facilitate student learning during periods of closure of universities and schools. Most of these online learning ensures easily to get learning content into mobile devices because they can be connected to mobile networks or to local wireless networks. This would further drive the growth of cognitive assessment and training solutions and services in the vertical education post the COVID-19 pandemic.
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North America to hold the largest market size during the forecast period
North America is the largest revenue contributor to the global cognitive assessment and training market. The region is witnessing significant developments in the cognitive assessment and training market. Many cognitive assessment and training solution providers are adopting various growth strategies to strengthen their positions in the market. The US government has provided support by promoting an ideal environment for research and innovation, leading to advancements in various fields of science and technology. APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The growing awareness of mental health and cognitive skills in key countries, such as China, India, and Japan, is expected to fuel the adoption of cognitive assessment and training solutions and services. Technological advancements and digitization in these countries are also expected to increase the demand for cognitive assessment and training solutions from key verticals, such as healthcare and life sciences, education, and corporate.
Major vendors in the global cognitive assessment and training market include Cambridge Cognition (UK), Cogstate (US), Quest Diagnostics (US), Signant Health (US), Total Brain (US), Pearson (UK), Philips (Netherlands), MedAvante-ProPhase (US), CogniFit (US), ERT (US), VeraSci (US), BrainCheck (US), MeritTrac (India), Berke (US), Neurotrack (US), BrainWare (US), Lumosity (US), The Brain Workshop (UAE), ImPACT Applications (US), Savonix (US), Winterlight Labs (Canada), Aural Analytics (US), Unmind (UK), Kernel (US), and Altoida (US).
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