LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global cognitive assessment and training market to grow at a CAGR of above 32% during the forecast period, 2018-2022, according to their latest report.
This market research report segments the global cognitive assessment and training market into the following two major end-users (healthcare sector and education sector) and three major regions (the Americas, APAC, and EMEA).
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Technavio analysts highlight cost-effective online cognitive assessments to be a major market driver for the global cognitive assessment and training market:
Cost-effective online cognitive assessments
Cognitive assessments are one of the key factors that determine an individual's brain health and his/her ability to think and react in critical situations. Hence, as one of the important stages of the recruitment process, various multinational corporations are adopting cognitive assessments. The emergence of online cognitive assessments has revolutionized the recruitment scenario in most organizations, particularly those in advanced economies. The use of pen- and paper-based tests for measuring the cognitive ability of potential candidates is not only laborious but also involves significant monetary investments. Given the superior outcomes that these online assessments deliver, they have become more affordable than labor-intensive manual processes. Online cognitive assessments are not only easy to conduct but also comparatively low cost and help in reviewing the candidates' performance without involving any external costs.
According to a senior analyst at Technavio for K-12 and higher education, “The use of computerized cognitive assessments have increased in MNCs and universities and colleges. This increase in adoption is due to the advances in technology and the rise of digital solutions. Computerized cognitive assessments offer automated scoring and help in minimizing human error. They enable a significant reduction in administrative and operating costs, eventually leading to a much reliable and cost-effective online cognitive assessment and training system. The rising need for a reliable, standardized, and economic cognitive assessment solution from corporates and educational institutes across the world is expected to be one of the major factors impacting the growth in the market.”
Companies such as the Cambridge Cognition, which is an UK-based neuroscience digital health company, offers the intuitive to use CANTAB touchscreen computerized tests, which are more acceptable to administrators and participants. CANTAB tests are administered consistently and scored automatically, which helps in minimizing human error and data variability and increases the potential to detect a signal. The economic savings associated with computerized test delivery and scoring increase with sample size and the number of assessments.
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Global cognitive assessment and training market segmentation
Of the two major end-user segments, the healthcare sector held the largest market share in 2017, accounting for nearly 49% of the market. The market share for this end-user is expected to increase nearly 3% by 2022.
The Americas was the leading region for the global cognitive assessment and training market in 2017, accounting for a market share of 42%. By 2022, APAC is expected to register a growth of nearly 1%.
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