In banking, cognitive systems are used for customer service, advisory and decision-making support, investment consulting, and others. The banking sector is the most attractive vertical segment in the global cognitive systems spending market. In terms of value, the banking segment is expected to gain a significant BPS in the global cognitive systems spending market over the forecast period.
The banking segment was estimated to account for more than 20% value share towards the end of 2019 and is expected to expand at a high CAGR of 15.5% than other segments of the global cognitive systems spending market during the period of forecast.
Also, cognitive analytics, in contrast, allows crunching a company’s big data as well as external information sources to forecast future events and behaviours as well as gives recommendations on the most rational behaviour in a given context. Cognitive systems allow conducting what-if analyses to predict the effect of potential changes in business strategies.
The global cognitive systems spending market is experiencing numerous technological advancements permitted with exceptional features for several industries especially in the banking sector. Cognitive systems with high-definition technology can help in determining the world’s most composite data analysis difficulties by entering into the complexity of exploiting the power of big data, machine learning, natural language processing, and automated reasoning technology.
Some advances in technology would further benefit the diffusion of big data, thereby booming the growth of the global cognitive systems spending market in the forecast period. Another factor which is driving the growth of the global cognitive systems spending market is the challenge that most banks and financial institutions are facing in the present scenario. Banks have too much data and too little insight. That usually comes from using traditional analytical systems, which focus on examining historical data from relational databases and reporting answers to user queries.
Cognitive analytics, in contrast, allows crunching a company’s big data as well as external information sources to forecast future events and behaviours as well as gives recommendations on the most rational behaviour in a given context. Cognitive systems allow conducting what-if analyses to predict the effect of potential changes in business strategies.
In terms of value, the banking segment was estimated to account for more than 20% value share by 2016 end and is expected to expand at a CAGR of 15.5% during the forecast period in North America. Banking segment is expected to witness comparatively high Y-o-Y growth rates ranging from 14.3% to 15.5% over 2016 to 2026.
In Latin America, the banking segment is lagging behind while healthcare and education sectors are ahead and expect to exhibit a higher CAGR during the forecast period. In Western Europe, the banking sector is the second largest segment in terms of value after the manufacturing segment, which is expected to exhibit a higher CAGR during the forecast period.
International Business Machines Corp (IBM) holds a market share in excess of 50% in the global cognitive systems spending market. The company is dominating the global market in banking along with hospital, manufacturing, and education cognitive systems. IBM Corporation aims to expand its presence in the Middle East and Africa having recently launched its offices in Kuwait, Saudi Arabia, Qatar, Angola, Nigeria, Kenya, Senegal, and Tanzania in order to strengthen its business in these regions.
International Business Machines Corp (IBM) holds a market share in excess of 50% in the global cognitive systems spending market. The company is dominating the global market in banking along with hospital, manufacturing, and education cognitive systems. IBM Corporation aims to expand its presence in the Middle East and Africa having recently launched its offices in Kuwait, Saudi Arabia, Qatar, Angola, Nigeria, Kenya, Senegal, and Tanzania in order to strengthen its business in these regions.
The global cognitive systems spending market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.The global cognitive systems spending market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
Figure 01: Global Cognitive Systems Spending Market Size and Y-o-Y Growth Rate from 2020-2030
Figure 02: Global Cognitive Systems Spending Market Absolute $ Opportunity (US$ Mn), 2019 - 2030
Figure 03: Global Cognitive Systems Spending Market Value (US$ Mn), 2015-2019
Figure 04: Global Cognitive Systems Spending Market Value (US$ Mn) Forecast, 2020-2030
Figure 05: Global Cognitive Systems Spending Market Share and BPS Analysis by Product Type- 2020 & 2030
Figure 06: Global Cognitive Systems Spending Market Y-o-Y Growth by Product Type, 2020-2030
Figure 07: Global Cognitive Systems Spending Market: Market Attractiveness by Product Type
Figure 08: Global Cognitive Systems Spending Market Share and BPS Analysis by Deployment Type- 2020 & 2030
Figure 09: Global Cognitive Systems Spending Market Y-o-Y Growth by Deployment Type, 2020-2030
Figure 10: Global Cognitive Systems Spending Market: Market Attractiveness by Deployment Type
Figure 11: Global Cognitive Systems Spending Market Share and BPS Analysis by Technology Type- 2020 & 2030
Figure 12: Global Cognitive Systems Spending Market Y-o-Y Growth by Technology Type, 2020-2030
Figure 13: Global Cognitive Systems Spending Market: Market Attractiveness by Technology Type
Figure 14: Global Cognitive Systems Spending Market Share and BPS Analysis by Verticals- 2020 & 2030
Figure 15: Global Cognitive Systems Spending Market Y-o-Y Growth by Verticals, 2020-2030
Figure 16: Global Cognitive Systems Spending Market: Market Attractiveness by Verticals
Figure 17: Global Cognitive Systems Spending Market Share and BPS Analysis by Region- 2020 & 2030
Figure 18: Global Cognitive Systems Spending Market Y-o-Y Growth by Region, 2020-2030
Figure 19: Global Cognitive Systems Spending Market: Market Attractiveness by Region
Figure 20: North America Cognitive Systems Spending Market Absolute $ Opportunity
Figure 21: Latin America Cognitive Systems Spending Market Absolute $ Opportunity
Figure 22: Europe Cognitive Systems Spending Market Absolute $ Opportunity
Figure 23: East Asia Cognitive Systems Spending Market Absolute $ Opportunity
Figure 24: South Asia & Pacific Cognitive Systems Spending Market Absolute $ Opportunity
Figure 25: Middle East & Africa Cognitive Systems Spending Market Absolute $ Opportunity
Figure 26: North America Cognitive Systems Spending Market Value (US$ Mn), 2015-2019
Figure 27: North America Cognitive Systems Spending Market Value (US$ Mn) Forecast, 2020-2030
Figure 28: North America Cognitive Systems Spending Market Share and BPS Analysis by Product Type- 2020 & 2030
Figure 29: North America Cognitive Systems Spending Market Y-o-Y Growth by Product Type, 2020-2030
Figure 30: North America Cognitive Systems Spending Market: Market Attractiveness by Product Type
Figure 31: North America Cognitive Systems Spending Market Share and BPS Analysis by Deployment Type- 2020 & 2030
Figure 32: North America Cognitive Systems Spending Market Y-o-Y Growth by Deployment Type, 2020-2030
Figure 33: North America Cognitive Systems Spending Market: Market Attractiveness by Deployment Type
Figure 34: North America Cognitive Systems Spending Market Share and BPS Analysis by Technology Type- 2020 & 2030
Figure 35: North America Cognitive Systems Spending Market Y-o-Y Growth by Technology Type, 2020-2030
Figure 36: North America Cognitive Systems Spending Market: Market Attractiveness by Technology Type
Figure 37: North America Cognitive Systems Spending Market Share and BPS Analysis by Verticals- 2020 & 2030
Figure 38: North America Cognitive Systems Spending Market Y-o-Y Growth by Verticals, 2020-2030
Figure 39: North America Cognitive Systems Spending Market: Market Attractiveness by Verticals
Figure 40: North America Cognitive Systems Spending Market Share and BPS Analysis by Country- 2020 & 2030
Figure 41: North America Cognitive Systems Spending Market Y-o-Y Growth by Country, 2020-2030
Figure 42: North America Cognitive Systems Spending Market: Market Attractiveness by Country
Figure 43: U.S. Cognitive Systems Spending Market Absolute $ Opportunity
Figure 44: Canada Cognitive Systems Spending Market Absolute $ Opportunity
Figure 45: Latin America Cognitive Systems Spending Market Value (US$ Mn), 2015-2019
Figure 46: Latin America Cognitive Systems Spending Market Value (US$ Mn) Forecast, 2020-2030
Figure 47: Latin America Cognitive Systems Spending Market Share and BPS Analysis by Product Type- 2020 & 2030
Figure 48: Latin America Cognitive Systems Spending Market Y-o-Y Growth by Product Type, 2020-2030
Figure 49: Latin America Cognitive Systems Spending Market: Market Attractiveness by Product Type
Figure 50: Latin America Cognitive Systems Spending Market Share and BPS Analysis by Deployment Type- 2020 & 2030
Figure 51: Latin America Cognitive Systems Spending Market Y-o-Y Growth by Deployment Type, 2020-2030
Figure 52: Latin America Cognitive Systems Spending Market: Market Attractiveness by Deployment Type
Figure 53: Latin America Cognitive Systems Spending Market Share and BPS Analysis by Technology Type- 2020 & 2030
Figure 54: Latin America Cognitive Systems Spending Market Y-o-Y Growth by Technology Type, 2020-2030
Figure 55: Latin America Cognitive Systems Spending Market: Market Attractiveness by Technology Type
Figure 56: Latin America Cognitive Systems Spending Market Share and BPS Analysis by Verticals- 2020 & 2030
Figure 57: Latin America Cognitive Systems Spending Market Y-o-Y Growth by Verticals, 2020-2030
Figure 58: Latin America Cognitive Systems Spending Market: Market Attractiveness by Verticals
Figure 59: Latin America Cognitive Systems Spending Market Share and BPS Analysis by Country- 2020 & 2030
Figure 60: Latin America Cognitive Systems Spending Market Y-o-Y Growth by Country, 2020-2030
Figure 61: Latin America Cognitive Systems Spending Market: Market Attractiveness by Country
Figure 62: Brazil Cognitive Systems Spending Market Absolute $ Opportunity
Figure 63: Mexico Cognitive Systems Spending Market Absolute $ Opportunity
Figure 64: Rest of Latin America Europe Cognitive Systems Spending Market Absolute $ Opportunity
Figure 65: Europe Cognitive Systems Spending Market Value (US$ Mn), 2015-2019
Figure 66: Europe Cognitive Systems Spending Market Value (US$ Mn) Forecast, 2020-2030
Figure 67: Europe Cognitive Systems Spending Market Share and BPS Analysis by Product Type- 2020 & 2030
Figure 68: Europe Cognitive Systems Spending Market Y-o-Y Growth by Product Type, 2020-2030
Figure 69: Europe Cognitive Systems Spending Market: Market Attractiveness by Product Type
Figure 70: Europe Cognitive Systems Spending Market Share and BPS Analysis by Deployment Type- 2020 & 2030
Figure 71: Europe Cognitive Systems Spending Market Y-o-Y Growth by Deployment Type, 2020-2030
Figure 72: Europe Cognitive Systems Spending Market: Market Attractiveness by Deployment Type
Figure 73: Europe Cognitive Systems Spending Market Share and BPS Analysis by Technology Type- 2020 & 2030
Figure 74: Europe Cognitive Systems Spending Market Y-o-Y Growth by Technology Type, 2020-2030
Figure 75: Europe Cognitive Systems Spending Market: Market Attractiveness by Technology Type
Figure 76: Europe Cognitive Systems Spending Market Share and BPS Analysis by Verticals- 2020 & 2030
Figure 77: Europe Cognitive Systems Spending Market Y-o-Y Growth by Verticals, 2020-2030
Figure 78: Europe Cognitive Systems Spending Market: Market Attractiveness by Verticals
Figure 79: Europe Cognitive Systems Spending Market Share and BPS Analysis by Country- 2020 & 2030
Figure 80: Europe Cognitive Systems Spending Market Y-o-Y Growth by Country, 2020-2030
Figure 81: Europe Cognitive Systems Spending Market: Market Attractiveness by Country
Figure 82: Germany Cognitive Systems Spending Market Absolute $ Opportunity
Figure 83: Italy Cognitive Systems Spending Market Absolute $ Opportunity
Figure 84: France Cognitive Systems Spending Market Absolute $ Opportunity
Figure 85: U.K. Cognitive Systems Spending Market Absolute $ Opportunity
Figure 86: Spain Cognitive Systems Spending Market Absolute $ Opportunity
Figure 87: BENELUX Cognitive Systems Spending Market Absolute $ Opportunity
Figure 88: Russia Cognitive Systems Spending Market Absolute $ Opportunity
Figure 89: East Asia Cognitive Systems Spending Market Value (US$ Mn), 2015-2019
Figure 90: East Asia Cognitive Systems Spending Market Value (US$ Mn) Forecast, 2020-2030
Figure 91: East Asia Cognitive Systems Spending Market Share and BPS Analysis by Product Type- 2020 & 2030
Figure 92: East Asia Cognitive Systems Spending Market Y-o-Y Growth by Product Type, 2020-2030
Figure 93: East Asia Cognitive Systems Spending Market: Market Attractiveness by Product Type
Figure 94: East Asia Cognitive Systems Spending Market Share and BPS Analysis by Deployment Type- 2020 & 2030
Figure 95: East Asia Cognitive Systems Spending Market Y-o-Y Growth by Deployment Type, 2020-2030
Figure 96: East Asia Cognitive Systems Spending Market: Market Attractiveness by Deployment Type
Figure 97: East Asia Cognitive Systems Spending Market Share and BPS Analysis by Technology Type- 2020 & 2030
Figure 98: East Asia Cognitive Systems Spending Market Y-o-Y Growth by Technology Type, 2020-2030
Figure 99: East Asia Cognitive Systems Spending Market: Market Attractiveness by Technology Type
Figure 100: East Asia Cognitive Systems Spending Market Share and BPS Analysis by Verticals- 2020 & 2030
Figure 101: East Asia Cognitive Systems Spending Market Y-o-Y Growth by Verticals, 2020-2030
Figure 102: East Asia Cognitive Systems Spending Market: Market Attractiveness by Verticals
Figure 103: East Asia Cognitive Systems Spending Market Share and BPS Analysis by Country- 2020 & 2030
Figure 104: East Asia Cognitive Systems Spending Market Y-o-Y Growth by Country, 2020-2030
Figure 105: East Asia Cognitive Systems Spending Market: Market Attractiveness by Country
Figure 106: China Cognitive Systems Spending Market Absolute $ Opportunity
Figure 107: Japan Cognitive Systems Spending Market Absolute $ Opportunity
Figure 108: South Korea Cognitive Systems Spending Market Absolute $ Opportunity
Figure 109: South Asia & Pacific Cognitive Systems Spending Market Value (US$ Mn), 2015-2019
Figure 110: South Asia & Pacific Cognitive Systems Spending Market Value (US$ Mn) Forecast, 2020-2030
Figure 111: South Asia & Pacific Cognitive Systems Spending Market Share and BPS Analysis by Product Type- 2020 & 2030
Figure 112: South Asia & Pacific Cognitive Systems Spending Market Y-o-Y Growth by Product Type, 2020-2030
Figure 113: South Asia & Pacific Cognitive Systems Spending Market: Market Attractiveness by Product Type
Figure 114: South Asia & Pacific Cognitive Systems Spending Market Share and BPS Analysis by Deployment Type- 2020 & 2030
Figure 115: South Asia & Pacific Cognitive Systems Spending Market Y-o-Y Growth by Deployment Type, 2020-2030
Figure 116: South Asia & Pacific Cognitive Systems Spending Market: Market Attractiveness by Deployment Type
Figure 117: South Asia & Pacific Cognitive Systems Spending Market Share and BPS Analysis by Technology Type- 2020 & 2030
Figure 118: South Asia & Pacific Cognitive Systems Spending Market Y-o-Y Growth by Technology Type, 2020-2030
Figure 119 South Asia & Pacific Cognitive Systems Spending Market: Market Attractiveness by Technology Type
Figure 120: South Asia & Pacific Cognitive Systems Spending Market Share and BPS Analysis by Verticals- 2020 & 2030
Figure 121: South Asia & Pacific Cognitive Systems Spending Market Y-o-Y Growth by Verticals, 2020-2030
Figure 122 South Asia & Pacific Cognitive Systems Spending Market: Market Attractiveness by Verticals
Figure 123: South Asia & Pacific Cognitive Systems Spending Market Share and BPS Analysis by Country- 2020 & 2030
Figure 124: South Asia & Pacific Cognitive Systems Spending Market Y-o-Y Growth by Country, 2020-2030
Figure 125: South Asia & Pacific Cognitive Systems Spending Market: Market Attractiveness by Country
Figure 126: India Cognitive Systems Spending Market Absolute $ Opportunity
Figure 127: ASEAN Cognitive Systems Spending Market Absolute $ Opportunity
Figure 128: Australia & New Zealand Cognitive Systems Spending Market Absolute $ Opportunity
Figure 129: Middle East & Africa Cognitive Systems Spending Market Value (US$ Mn), 2015-2019
Figure 130: Middle East & Africa Cognitive Systems Spending Market Value (US$ Mn) Forecast, 2020-2030
Figure 131: Middle East & Africa Cognitive Systems Spending Market Share and BPS Analysis by Product Type- 2020 & 2030
Figure 132: Middle East & Africa Cognitive Systems Spending Market Y-o-Y Growth by Product Type, 2020-2030
Figure 133: Middle East & Africa Cognitive Systems Spending Market: Market Attractiveness by Product Type
Figure 134: Middle East & Africa Cognitive Systems Spending Market Share and BPS Analysis by Deployment Type- 2020 & 2030
Figure 135: Middle East & Africa Cognitive Systems Spending Market Y-o-Y Growth by Deployment Type, 2020-2030
Figure 136: Middle East & Africa Cognitive Systems Spending Market: Market Attractiveness by Deployment Type
Figure 137: Middle East & Africa Cognitive Systems Spending Market Share and BPS Analysis by Technology Type- 2020 & 2030
Figure 138: Middle East & Africa Cognitive Systems Spending Market Y-o-Y Growth by Technology Type, 2020-2030
Figure 139: Middle East & Africa Cognitive Systems Spending Market: Market Attractiveness by Technology Type
Figure 140: Middle East & Africa Cognitive Systems Spending Market Share and BPS Analysis by Verticals- 2020 & 2030
Figure 141: Middle East & Africa Cognitive Systems Spending Market Y-o-Y Growth by Verticals, 2020-2030
Figure 142: Middle East & Africa Cognitive Systems Spending Market: Market Attractiveness by Verticals
Figure 143: Middle East & Africa Cognitive Systems Spending Market Share and BPS Analysis by Country- 2020 & 2030
Figure 144: Middle East & Africa Cognitive Systems Spending Market Y-o-Y Growth by Country, 2020-2030
Figure 145: Middle East & Africa Cognitive Systems Spending Market: Market Attractiveness by Country
Figure 146: GCC Countries Cognitive Systems Spending Market Absolute $ Opportunity
Figure 147: Turkey Cognitive Systems Spending Market Absolute $ Opportunity
Figure 148: South Africa Cognitive Systems Spending Market Absolute $ Opportunity
Table 01: Global Cognitive Systems Spending Market Size (US$ Mn) Analysis by Product Type, 2015-2030
Table 02: Global Cognitive Systems Spending Market Value (US$ Mn) Analysis by Deployment Type, 2015-2030
Table 03: Global Cognitive Systems Spending Market Value (US$ Mn) Analysis by Technology Type, 2015-2030
Table 04: Global Cognitive Systems Spending Market Value (US$ Mn) Analysis by Verticals, 2015-2030
Table 05: Global Cognitive Systems Spending Market Value (US$ Mn) Analysis by Region, 2015-2030
Table 06: North America Cognitive Systems Spending Market Size (US$ Mn) Analysis by Product Type, 2015-2030
Table 07: North America Cognitive Systems Spending Market Value (US$ Mn) Analysis by Deployment Type, 2015-2030
Table 08: North America Cognitive Systems Spending Market Value (US$ Mn) Analysis by Technology Type, 2015-2030
Table 09: North America Cognitive Systems Spending Market Value (US$ Mn) Analysis by Verticals, 2015-2030
Table 10: North America Cognitive Systems Spending Market Value (US$ Mn) Analysis by Country, 2015-2030
Table 11: Latin America Cognitive Systems Spending Market Size (US$ Mn) Analysis by Product Type, 2015-2030
Table 12: Latin America Cognitive Systems Spending Market Value (US$ Mn) Analysis by Deployment Type, 2015-2030
Table 13: Latin America Cognitive Systems Spending Market Value (US$ Mn) Analysis by Technology Type, 2015-2030
Table 14: Latin America Cognitive Systems Spending Market Value (US$ Mn) Analysis by Technology Type, 2015-2030
Table 15: Latin America Cognitive Systems Spending Market Value (US$ Mn) Analysis by Country, 2015-2030
Table 16: Europe Cognitive Systems Spending Market Size (US$ Mn) Analysis by Product Type, 2015-2030
Table 17: Europe Cognitive Systems Spending Market Value (US$ Mn) Analysis by Deployment Type, 2015-2030
Table 18: Europe Cognitive Systems Spending Market Value (US$ Mn) Analysis by Technology Type, 2015-2030
Table 19: Europe Cognitive Systems Spending Market Value (US$ Mn) Analysis by Verticals, 2015-2030
Table 20: Europe Cognitive Systems Spending Market Value (US$ Mn) Analysis by Country, 2015-2030
Table 21: East Asia Cognitive Systems Spending Market Size (US$ Mn) Analysis by Product Type, 2015-2030
Table 22: East Asia Cognitive Systems Spending Market Value (US$ Mn) Analysis by Deployment Type, 2015-2030
Table 23: East Asia Cognitive Systems Spending Market Value (US$ Mn) Analysis by Technology Type, 2015-2030
Table 24: East Asia Cognitive Systems Spending Market Value (US$ Mn) Analysis by Verticals, 2015-2030
Table 25: East Asia Cognitive Systems Spending Market Value (US$ Mn) Analysis by Country, 2015-2030
Table 26: South Asia & Pacific Cognitive Systems Spending Market Size (US$ Mn) Analysis by Product Type, 2015-2030
Table 27: South Asia & Pacific Cognitive Systems Spending Market Value (US$ Mn) Analysis by Deployment Type, 2015-2030
Table 28: South Asia & Pacific Cognitive Systems Spending Market Value (US$ Mn) Analysis by Technology Type, 2015-2030
Table 29: South Asia & Pacific Cognitive Systems Spending Market Value (US$ Mn) Analysis by Verticals, 2015-2030
Table 30: South Asia & Pacific Cognitive Systems Spending Market Value (US$ Mn) Analysis by Country, 2015-2030
Table 31: Middle East & Africa Cognitive Systems Spending Market Size (US$ Mn) Analysis by Product Type, 2015-2030
Table 32: Middle East & Africa Cognitive Systems Spending Market Value (US$ Mn) Analysis by Deployment Type, 2015-2030
Table 33: Middle East & Africa Cognitive Systems Spending Market Value (US$ Mn) Analysis by Technology Type, 2015-2030
Table 34: Middle East & Africa Cognitive Systems Spending Market Value (US$ Mn) Analysis by Verticals, 2015-2030
Table 35: Middle East & Africa Cognitive Systems Spending Market Value (US$ Mn) Analysis by Country, 2015-2030
Demand for cognitive systems spending is likely to grow at a CAGR of 15% through 2032.
Sales of cognitive systems spending is likely to exceed a valuation of USD 49222 million by 2032.
Adoption of cognitive systems spending is likely to reach a valuation of USD 12167 million in 2022.
North America is the key cognitive systems spending market contributor.
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Cognitive Systems Spending Market
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