PUBLISHER: The Business Research Company | PRODUCT CODE: 1429764
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429764
Cognitive assessment and training involve the mental processes of learning and understanding based on sensory input and experiences. It formally evaluates an individual's psychological processes and their ability to process information.
Components within the cognitive assessment and training market mainly consist of solutions and services. Solutions encompass assessment tools, data management, analysis, reporting, and cognitive training offerings. Services provided include training, support, and consulting by the solution providers. These components cater to both small and medium-sized enterprises (SMEs) as well as large enterprises. These cognitive assessment and training components find application across various sectors such as healthcare and life sciences, education, corporate sectors, and others. They are utilized in diverse areas including clinical trials, learning programs, research initiatives, and more.
The cognitive assessment and training market research report is one of a series of new reports from The Business Research Company that provides cognitive assessment and training market statistics, including cognitive assessment and training industry global market size, regional shares, competitors with a cognitive assessment and training market share, detailed cognitive assessment and training market segments, market trends and opportunities, and any further data you may need to thrive in the cognitive assessment and training industry. This cognitive assessment and training market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The cognitive assessment and training market size has grown exponentially in recent years. It will grow from $4.85 billion in 2023 to $6.05 billion in 2024 at a compound annual growth rate (CAGR) of 24.8%. Historical growth can be attributed to several factors including the rapid increase in the aging population, heightened investments, rising healthcare expenditure, and the widespread adoption of digitization in various sectors.
The cognitive assessment and training market size is expected to see exponential growth in the next few years. It will grow to $13.73 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. Forecasted growth is driven by increased healthcare spending, rising demand for brain training among the next generation, and heightened investments. Key trends include leveraging new AI, developing mobile apps, engaging in mergers and acquisitions, and emphasizing neuropsychological testing techniques.
The cognitive assessment and training market are anticipated to experience growth driven by the increased adoption of e-learning. E-learning, which refers to the delivery of learning and training through digital resources such as computers, has become a prominent method of education. Within the online classroom environment, cognitive assessments play a crucial role, offering a comprehensive profile of an individual's academic abilities and challenges. This managed snapshot of performance aids in tracking progress within the e-learning framework. The substantial rise in e-learning adoption has consequently heightened the demand for cognitive testing. Notably, statistics from EdApp, a company specializing in micro-learning-based learning management systems, project the e-learning market to surpass $300 billion by 2025, emphasizing the significant role of e-learning in propelling the cognitive assessment and training market's growth.
Increasing investments have been a pivotal driver in the cognitive assessment and training sector. The pervasive influence of technology is reshaping traditional business models across various industries globally. This disruption, however, presents established businesses with opportunities to collaborate with or acquire innovative startups. A pertinent example is BrainCheck, the company behind a platform designed for assessing cognitive impairment, which secured $10 million in Series B funding in November 2021. This funding round, led by Next Coast Ventures and S3 Ventures, with participation from Nueterra Capital, Tensility Ventures, True Wealth Ventures, and a strategic investment from UPMC Enterprises and SelectQuote, brought BrainCheck's total raised capital to $20 million. In a noteworthy collaboration, Apple is also exploring the utilization of digital biomarkers to detect early-stage cognitive decline and depression. A report from the Wall Street Journal highlighted Apple's interest in leveraging digital biomarkers, with Biogen announcing a multiyear study in early 2021, partnering with the tech giant to identify digital biomarkers for monitoring long-term cognitive performance and detecting early signs of mild cognitive impairment.
Major players in the cognitive assessment and training market are strategically focusing on the development of mobile applications and software integrated with cutting-edge technologies such as artificial intelligence and the Internet of Things. This emphasis on technological innovation and product launches aims to provide enhanced and superior results, contributing to a more competitive offering in the market. An illustrative example is the launch of a Mobile Testing Lab by S2 Cognition in October 2022. This US-based sports company introduced a Mobile Testing Lab designed to offer cognitive assessments to event venues hosting large groups of athletes for tournaments and camps, showcasing a commitment to leveraging advanced technologies in the cognitive assessment domain.
The cognitive assessment and training market have also witnessed growth through strategic mergers and acquisitions. An impactful instance is SonderMind, a US-based mental health therapy provider, acquiring Total Brain for $10 million in August 2022. This acquisition enriches SonderMind's portfolio by incorporating cognitive assessment services. Total Brain, an Australia-based mental health and fitness platform provider, brings cognitive assessment and training capabilities to enhance SonderMind's mental health offerings. Another notable transaction took place in July 2021 when WCG, a US-based provider of regulatory and ethical review services for human research, acquired VeraSci for an undisclosed amount. VeraSci, a US-based provider of endpoints and clinical outcome assessments, including cognitive assessment, adds valuable expertise in science, patient interaction, and central nervous system (CNS) products, complementing WCG's capabilities in these areas. These strategic moves underscore the importance of mergers and acquisitions in driving the cognitive assessment and training market's growth and expanding the range of services offered by key players.
In January 2022, Pearson, a UK-based company specializing in cognitive assessment and training, acquired Credly for an undisclosed sum. This acquisition marks a significant stride in advancing Pearson's strategy within the workforce skills market and fostering connectivity across the entirety of Pearson's portfolio. Credly, headquartered in the US, is a software company offering cognitive assessment solutions.
Major companies operating in the cognitive assessment and training market report are 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, MAX Solutions, Looxid Labs, Newbase, VETASSESS, MRWED, TALi Health, 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
North America was the largest region in the global cognitive assessment and training market in 2023. 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.
The countries covered in the cognitive assessment and training market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The cognitive assessment and training market includes revenues earned by entities by offering solutions that can be used for analyzing IQ or degree of intelligence, perceptual abilities, verbal and nonverbal skills, and other factors to cater to various industries. A standardized examination that assesses a person's psychological functioning and speed of information processing is called cognitive assessment and preparation. These assessments aid in more effectively identifying and acting on human needs. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cognitive Assessment And Training Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cognitive assessment and training market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cognitive assessment and training? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cognitive assessment and training market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.