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Which Primary Drivers Are Supporting the Continued Market Growth of the Cognitive Assessment And Training Market?
The cognitive assessment and training market is anticipated to experience growth due to the rising use of e-learning. E-learning, which refers to the practice of utilizing digital resources like computers for learning and training, necessitates assessment as a vital component of the virtual classroom. Cognitive assessments provide a controlled overview of an individual’s scholastic abilities and difficulties, thereby assisting to monitor progress in e-learning. The surge in e-learning adoption has correspondingly boosted the demand for cognitive assessment. For example, Eurostat reports that in January 2024, 30% of EU internet users aged 16 to 74 participated in online education in 2023, a rise from 28% the previous year. The Netherlands had the greatest participation at 54%, followed closely by Finland (53%), and Sweden (48%). This escalation in the use of e-learning is thus propelling the growth of the cognitive assessment and training market.
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#What is the Anticipated CAGR of theCognitive Assessment And Training Market, and What Factors Will Drive It?
In the last few years, the market size for cognitive assessment and training has seen massive growth. It is forecasted to increase from $6.05 billion in 2024 to $7.59 billion in 2025, having a compound annual growth rate (CAGR) of 25.5%. The notable growth during the historic period can be traced back to the swift rise in the aging population, amplified investments, higher healthcare spending and the advancement in digitization.
The market size of cognitive assessment and training is projected to experience a surge in growth over the coming years, with an estimate to reach $18.33 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 24.7%. This projected growth during the forecast period is largely due to increased healthcare spending, a growing need for brain training among the upcoming generations, and heightened investments. Key trends expected to shape this market during the forecast period include a concentration on newly developed artificial intelligence, the development of mobile applications, a focus on mergers and acquisitions, as well as an emphasis on neuropsychological testing and assessment strategies.
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How Are Consumer Market Innovations Shaping the Current and Future Landscape of theCognitive Assessment And Training Market?
Major participants are concentrating their efforts on creating mobile applications and software packed with cutting-edge technologies like artificial intelligence and the Internet of Things, molding the landscape of the cognitive assessment and training market. These companies are directing their attention towards technological advancements and launching new products for improved outcomes and enriched contributions to the market. For example, S2 Cognition, a sports organization based in the USA, unveiled a Mobile Testing Lab for athletes in October 2022. This Mobile Testing Lab provides cognitive evaluations to event locations that accommodate vast numbers of athletes for competitions and camps.
Who Are the Key Market Players Influencing the Growth of the Corn and Cognitive Assessment And Training Industry?
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, Looxid Labs, Sensus Cognition, Gradians.com, APTitude, QuodeIT, Kareermatrix, Mytat, CALCI, Vprep, Medavante-Prophase Inc., pymetrics, Inc., Lumos Labs, Inc., ACE Applied Cognitive Engineering Ltd., Arrowsmith Program, BrainWare Learning Company, Total Brain, VeraSci, Berke, Neurotrack, Lumosity, Brain9D
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Which Key Market Segments Comprise the Cognitive Assessment And Training Market and Drive Its Revenue Growth?
The cognitive assessment and training market covered in this report is segmented –
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
Subsegments:
1) By Solutions: Assessment Tools And Software, Cognitive Training Programs, Gamified Cognitive Training Applications, E-Learning Platforms For Cognitive Skills Development
2) By Services: Consulting And Advisory Services, Custom Cognitive Training Program Development, Workshops And Seminars, Support And Maintenance Services For Assessment Tools
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Which Regions Are Emerging as Leaders in the Cognitive Assessment And Training Market?
North America was the largest region in the global cognitive assessment and training market in 2024. Asia-Pacific is expected to grow faster in the forecast period. The regions covered in the cognitive assessment and training market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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