Global market intelligence firm HTF Consulting recently conducted a survey for the growth trajectory of the ‘Global Neural Network Software Market 2017-2021’. Essentially, sizing the market growth for neural networks within the AI and Machine Learning sector. HTF Consulting are forecasting that over the next 5 years the growth in demand for predictive analytics tools will achieve a compound annual growth rate (CAGR) of over 25%.
Key players cited in driving this growth were the usual suspects including Hewlett Packard, IBM, Intel and Microsoft. However, alongside these US tech giants, a number of other smaller but no less prominent firms were named as significant contributors to this impressive growth forecast. Cognisess were one of only two UK based software companies cited in the study.
Chris Butt, CEO said: “We are delighted to be recognised in this survey. Cognisess and Deep Learn, our AI/Machine Learning engine, are providing employers and recruiters an transformational alternative to the old, subjective ways of hiring and understanding people. We’ve made the technology available so companies of all sizes can use – from SMEs to larger enterprises.
“Our algorithms are ‘non-biased’ – they do not take into account gender, age, background or ethnicity – we are simply interested in what ‘attributes’ are important and/or predictive for job or team fit. These could be cognitive, emotional, behavioural and are often a combination of all. And because we offer more than 100+ measurable attributes we can build complex models to predict performance.”
This survey chimes with another recent report issued by Gartner, the world’s leading research and advisory company which concluded:
- By 2025, 50% of global midmarket and large enterprises will have invested in a cloud-deployed Human Capital Management (HCM) suite for administrative HR and talent management.
- 66% of CIOs believe there is a talent crisis in the world … yet there is surprisingly little talent innovation.
- CIOs must particularly consider new approaches to acquiring and keeping top talent.
These expert opinions very much chime with Cognisess’ view of the emerging market for Predictive Analytics for People. As an early pioneer in the Cognitive Neuro-Science and Technology space for over a decade, Cognisess has seen the interest and demand from corporates ramp up steeply over the past 12 months with a growing recognition that the twin pressures of complexity and scale in hiring and retaining people are simply beyond the capabilities of humans alone to manage.
CEOs, CIOs and HRDs are now planning for a future where predictive analytics, AI and machine learning will provide the bedrock of bias-free assessment of peoples’ talent and potential. Cognisess has long advocated that deploying tools like Cognisess Pro will bring huge benefits by increasing diversity, innovation, social mobility and productivity whilst widening opportunity in the recruitment and employment market. This will not only be good for business but also good for society.
It is exciting that there is finally some market validation which seems to indicate our vision for this market was well placed.
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