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.
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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.
Principal Consultant
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.
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.
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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.
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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.
1. Executive Summary 2. Market Overview 3. Market Structure Analysis 4. Global Cognitive Systems Spending Demand (in Value or Size in US$ Mn) Analysis 2015-2019 and Forecast, 2020-2030 5. Market Background 6. Global Cognitive Systems Spending, Key Use Cases (Qualitative) 6.1. How Cognitive Systems Spending is used in Healthcare Industry 6.2. Cognitive Systems Spending for Educational System 6.3. The Growing Cognitive Systems Spending for Accurate Data Analysis, and Improved Customer Interaction 6.4. Others 7. Global Cognitive Systems Spending Analysis 2015-2019 and Forecast 2020-2030, By Product Type 7.1. Hardware 7.2. Software 7.3. Deployment Type 8. Global Cognitive Systems Spending Analysis 2015-2019 and Forecast 2020-2030, By Deployment Type 8.1. Public 8.2. On-Premise 9. Global Cognitive Systems Spending Analysis 2015-2019 and Forecast 2020-2030, By Technology Type 9.1. Natural Language Processing 9.2. Machine Learning 9.3. Automated Reasoning 10. Global Cognitive Systems Spending Analysis 2015-2019 and Forecast 2020-2030, By Verticals 10.1. Banking 10.2. Education 10.3. Government 10.4. Healthcare 10.5. Insurance 10.6. Manufacturing 10.7. Securities and Investment Services 10.8. Telecommunications 10.9. Transportation 10.10. Other Industries (Cross industries, Discrete manufacturing, Process manufacturing, Retail) 11. Global Cognitive Systems Spending Analysis 2015-2019 and Forecast 2020-2030, by Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. East Asia 11.5. South Asia & Pacific 11.6. Middle East and Africa (MEA) 12. North America Cognitive Systems Spending Analysis 2015-2019 and Forecast 2020-2030 13. Latin America Cognitive Systems Spending Analysis 2015-2019 and Forecast 2020-2030 14. Europe Cognitive Systems Spending Analysis 2015-2019 and Forecast 2020-2030 15. East Asia Cognitive Systems Spending Analysis 2015-2019 and Forecast 2020-2030 16. South Asia & Pacific Cognitive Systems Spending Analysis 2015-2019 and Forecast 2020-2030 17. Middle East and Africa Cognitive Systems Spending Analysis 2015-2019 and Forecast 2020-2030 18. Key Country Analysis- Cognitive Systems Spending Analysis 19. Competition Analysis 19.1. International Business Machines Corporation. 19.2. Accenture Plc. 19.3. Microsoft Corporation 19.4. HP Inc. 19.5. Intel Corporation 19.6. Attivio 19.7. Wipro Limited 19.8. Cognitive Scale Inc. 19.9. IPsoft Inc. 20. Assumptions and Acronyms Used 21. Research Methodology
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Cognitive Systems Spending Market
