LONDON--(BUSINESS WIRE)--The global cognitive assessment and training market size is poised to grow by USD 13.56 billion during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Various multinational corporations are adopting cognitive assessments as one of the important stages of the recruitment process. 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. Moreover, the emergence of online cognitive assessments has revolutionized the recruitment scenario in most organizations, particularly those in advanced economies. These online cognitive assessments are affordable in comparison to labor-intensive manual processes, particularly given the superior outcomes that these online assessments deliver. Thus, the cost-effectiveness of cognitive assessments will drive the growth of the market during the forecast period.
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As per Technavio, the growing emphasis on quality education will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Cognitive Assessment and Training Market: Growing Emphasis on Quality Education
The global education industry is witnessing a gradual increase in standards and benchmarks. This trend is putting increasing pressure on students to perform well in competitive exams. In addition, improved economic conditions and better literacy rates of those born between the early '70s and early '80s have resulted in a heightened interest among individuals to provide better-quality education to their children. In the process, people have realized the importance of cognitive skills development and how closely it is associated with student performance. Hence, people are investing in personality development measures, such as cognitive assessments. With growing awareness, the penetration of cognitive assessments and training services will increase, creating opportunities for vendors to offer cognitive training and tests.
“The increasing number of memory-oriented diseases and other factors have led to the growing awareness among educators and corporations to take up brain health tests periodically in turn, increasing the awareness of cognitive assessment and training solutions. Hence, the increasing focus on brain health will drive the growth of the market during the forecast period,” says a senior analyst at Technavio.
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Cognitive Assessment and Training Market: Segmentation Analysis
This market research report segments the cognitive assessment and training market by end-user (healthcare, education, and other), and geographical regions (Europe, North America, APAC, South America, and MEA).
The North American region held the largest share of the market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North America is expected to maintain its dominance as well as register the highest incremental growth owing to owing to the presence of robust infrastructure and increased awareness of brain health, particularly in advanced economies, including the US and Canada.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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