Cognitive Systems Spending Market

Name: cognitive systems spending market
Brand: Future Market Insights
SKU: REP-GB-2616
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2020 Analysis and Review Cognitive Systems Spending Market by Technology Type - Natural Language Processing, Machine Learning, Automated Reasoning for 2020 - 2030

2017-01-09
REP-GB-2616
308 pages
Technology

Banking segment to cement its Dominance in the Global Cognitive Systems Spending Market in the Coming Years

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.

Ability to diffuse huge data in the banking sector likely to boost the global cognitive systems spending market

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.

Natural language processing technology is the most adaptable technology in the banking sector for cognitive systems due to its easy and advanced language conversation process and is therefore boosting the growth of the global cognitive systems spending market
Improvements in the variety, efficiency, and reliability of machine learning will make cognitive systems more usable and stable in the banking segment and thereby help increase their popularity. This machine learning improvement is a step forward in directing non-human operating cognitive systems, which are contributing to the growth of the market.
The recognition and widespread acceptance of consumer-based intelligent assistant applications in the banking segment will drive sales of enterprise-based cognitive systems

North America expected to expand at a higher CAGR during the forecast period in the banking segment

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 2016–2026.

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.

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IBM grabs more than 50% share in the global cognitive systems spending market

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.

FREQUENTLY ASKED QUESTIONS ABOUT COGNITIVE SYSTEMS SPENDING MARKET

What are the future prospects of cognitive systems spending market?

Natural language processing technology is the most adaptable technology in the banking sector for cognitive systems due to its easy and advanced language conversation process therefore boosting the growth of the global cognitive systems spending market.

What are the major challenges for cognitive systems spending market?

Lack of compliance on the part of cognitive systems provider, as well as lack of user knowledge & awareness regarding cognitive systems, which is a major challenge for the cognitive systems spending market.

Which verticals will have significant revenue growth in the next five years?

The banking segment has been considered as largest revenue growth in the next five years due to the improvements in the variety, efficiency, and reliability of machine learning.

What are the major opportunities for cognitive systems spending market?

The recognition and widespread acceptance of consumer-based intelligent assistant applications, which is a major opportunities for the cognitive systems spending market

Which region is expected to be at forefront in the cognitive systems spending market?

The continuous development in cognitive computer technology for educational and healthcare applications such as enhancing the student’s learning experience, and evaluate information about the patient, among others, which is, in turn, boosting the growth of the cognitive systems spending market in North America.

Who are the major companies leading cognitive systems spending market?

Prominent companies in the Cognitive Systems Spending market includes International Business Machines Corporation, Accenture Plc., HP Inc., Microsoft Corp., Intel Corporation, Attivio, Wipro Limited, Cognitive Scale Inc., IPsoft Inc. and among others.