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.
Email applications offer a framework for electronic messaging and the core integrated functionalities can include message management, composition, and reception functions, shared folders/databases, and group calendaring & scheduling. Email applications are based on shared directory messaging platforms, which offer few functionalities including directory integration, message encryption, access protocol, and authentication and custom domains.
Email application is primarily used for exchanging mails; however, it does include various features such as calendar, task manager, contact manager, note taking, journal, and web browsing. In addition, these applications are also used as standalone applications and can function with some exchange servers for multiple users in an organization. This can facilitate shared mailboxes and calendars, SharePoint lists, meeting schedules and exchange public folders.
The global Email applications market was valued at USD 4,197.4 Mn in 2014 and is expected to expand at a CAGR of 4.1% during the forecast period (2015–2020). Enhancement of end-user experience due to additional features that offer increased security such as efficient junk mail filtering, blocking external content like web bugs and downloaded images and data from foreign sites, and rejection of executable attachments are propelling growth of this market.
The global email applications market is classified based on deployment segment as public cloud and on-premises. The public cloud sub-segment was valued USD 1,122.5 Mn in 2014 and is anticipated to register a CAGR of 16.6% during the forecast period. Presently, the on-premises sub-segment dominates in terms of market share of the global Email applications market, but with the growing popularity of email applications on cloud based platforms, this sub segment is expected to lose market share significantly during the forecast period.
Among the regions, North America was the largest market for Email applications and held the largest share of the total Email applications market in 2014. This growth is primarily attributed to the fact that majority of the population in North America is tech-savvy and engaged in online Email activities. In addition, the advent of consumer centric Email applications by leading providers is further contributing to growth of this market.
Asia Pacific is anticipated to register substantial growth during the forecast period as several leading players are setting up offices in this region in order to increase focus on expanding their business. This offers potential growth opportunities for the Email applications market during the forecast period.
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.
Cognitive Systems Spending Market: Segmentation
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.
- Natural Language Processing
- Machine Learning
- Automated Reasoning
- Securities and Investment Services
- Other Industries (Cross industries, Discrete manufacturing, Process manufacturing, Retail)
- North America
- Latin America
- East Asia
- South Asia & Pacific