Cognitive Systems Spending Market to expand at a CAGR of 14.6% through 2016 - 2026

27/mar/2017 13:40:35 Pradnya Kulkarni Contatta l'autore

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Banking segment expected to expand at a higher CAGR over the forecast period

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 spending in the global cognitive systems market over the forecast period. The banking segment was estimated to account for more than 20% fair share towards the end of 2016 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. The banking segment is expected to Represent $ absolute opportunity of blackberries than US $ 400 Mn between 2016 and 2026. Our report Also Indicates That the banking segment is estimated to account for more than 30% value share in the global cognitive systems spending market by 2026 end, Followed by the healthcare segment. 

Ability to spread huge date in the banking sector Likely to boost the cognitive global spending systems market

The global market is experiencing cognitive systems spending 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 Further advances in technology would benefit the diffusion of big data, Thereby the booming growth of the global cognitive systems spending market in the forecast period. Which is another factor 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 it 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 behavior in a given context. Cognitive systems allow conducting what-if analyzes to predict the effect of potential changes in business strategies.

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

  • Improvements in the variety, efficiency, and reliability of machine learning will make cognitive systems blackberries 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 cognitive operating systems, Which are contributing to the growth of the market.

  • The widespread recognition and 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 end 2016 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 YoY 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 blackberries 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, education and 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.

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