Increased Adoption Of E-Learning: A Key Driver Transforming the Cognitive Assessment And Training Market 2024

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How Has The Cognitive Assessment And Training Market Grown Over The Recent Years?

The cognitive assessment and training market size has grown exponentially in recent years. It has grown substantially from $4.85 billion in 2023 to a projected figure of $6.05 billion in 2024, reflecting a compound annual growth rate CAGR of 24.8%. This significant growth during the historical period can be attributed to factors such as the rapid growth in aging population, an increase in investments, increased healthcare expenditure, and digitization.

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What is the Projected Growth for The Cognitive Assessment And Training Market By 2028?

The cognitive assessment and training market size is expected to see exponential growth in the next few years. It is projected to grow to $13.73 billion by 2028, reflecting a compound annual growth rate CAGR of 22.8%. The growth in the forecast period can be attributed to a rise in healthcare expenditure, an increase in demand for brain training from the next generation population and a surge in investments.

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Which factors are driving the Cognitive Assessment And Training Market?

In addition to the aforementioned factors, several major trends are expected to influence the future growth of the cognitive assessment and training market. These trends focus on the advancement of new artificial intelligence, development of mobile apps, merger and acquisitions, and neuropsychological testing and assessment techniques. The most notable driver, however, is the increased adoption of e-learning.

E-learning refers to the delivery of learning and training through digital resources, such as computers. The cognitive assessment is an important aspect of the online classrooms, offering a profile of an individual's academic abilities and challenges thereby helping track progress in e-learning. The significant increase in the adoption of e-learning has inevitably driven the demand for cognitive assessment. In fact, according to e-learning statistics 2020 published by EdApp, the e-learning market is projected to reach over $300 billion by 2025, thereby promoting the growth of the cognitive assessment and training market.

Who are The Major Players in This Market?

Major companies operating in the cognitive assessment and training market include Pearson plc, Quest Diagnostics, Koninklijke Philips N.V, Cogstate Ltd, CogniFit Ltd, Cambridge Cognition Ltd, MeritTrac Services Pvt Ltd, WIRB-Copernicus Group, Signant Health, BrainCheck, and MAX Solutions among others.

What Emerging Trends are Impacting the Cognitive Assessment And Training Market?

Emerging trends in the cognitive assessment and training market are largely driven by technological innovation. Key players, for instance, are focusing on developing mobile applications and software equipped with the latest technologies like artificial intelligence and the Internet of Things IoT. Notable examples include S2 Cognition, a US-based sports company, which launched a Mobile Testing Lab for athletes in October 2022. This effort marks a significant shift towards better and more enhanced results in the market.

How is the Cognitive Assessment And Training Market Segmented?

The cognitive assessment and training market is segmented as follows:

1 By Component: Solutions, Services
2 By Organization Size: Small And Medium-sized Enterprises SMEs, Large Enterprises
3 By Vertical: Healthcare And Life Sciences, Education, Corporate, Other Verticals
4 By Application: Clinical Trials, Learning, Research, Other Applications

What is The Regional Analysis of the Cognitive Assessment And Training Market?

Regionally, North America held the largest share of the global cognitive assessment and training market in 2023. However, Asia-Pacific is expected to witness significant growth in the forecast period, offering a host of business opportunities for key industry players. The regions covered in the cognitive assessment and training market report beyond these include Western Europe, Eastern Europe, South America, Middle East, and Africa.

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