IBM Watson Services Market: Leading Manufacturers Expected to Growth Up to 2028 | Key Players are IBM Corporation, Accenture PLC, Tata Consultancy Services Ltd., Capgemini SE, etc.
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Understanding the cognitive computing platform of IBM, known as Watson, is imperative for gauging the future evolution of the company. With the decline of its core business, IBM is banking on Watson for driving growth in potential areas including, but not limited to, healthcare, analytics, security, and internet of things (IoT). IBM Watson has gained immense traction by powering advertisements that generate authentic content, such as food ingredients-based custom recipes by assessing human taste.
Customer expectations are on the rise, with increased integration of technology into retail models. In order to tap into the upward trend, IBM Watson is leveraging the vigour of cognitive insight and digital technology for offering more personalized user experience. Demand from IBM Watson services will continue to be driven by growing opportunities for cognitive insights in the retail sector in the forthcoming years. A new FactMR report has envisaged the IBM Watson services market to reflect an exponential growth over the period of forecast, 2018 to 2028. Sales of IBM Watson services worldwide are foreseen to bring in over US$ 20,000 Mn revenues by 2026-end.
Supercomputers such as IBM Watson effectively consume huge amount of healthcare data and to provide doctors with relevant intelligence, and access to better & actionable diagnostic information. Imminent integration of IBM Watson Genomics into the TruSight Tumor 170 tool or Illumina, for speeding up recommendations of tailored drugs for cancer patients, promises a time-effective way of diagnosing conditions for doctors.
IBM Watson Genomics holds potential in scanning patient data in a very short time-period, to create report based on alterations in genetic sequencing by leveraging Illumina’s tool. The report will also incorporate medical literature and clinical trials apropos of relevant drugs for precise recommendation, facilitating diagnostic procedures for doctors and patients alike. This will further rub off on demand for IBM Watson services in the healthcare sector.
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Recent revelation of IBM Watson’s special version, which is designed for preventing cyber-attacks, has gained traction as “language of security”. This cybercrime-fighting and cloud-based software is capable of analyzing research into potential threats for locating suspicious or malicious activity in a computer system. The software has become an effective solution for growing concern of hacks in the digital world. IBM Watson’s security system holds potential in saving resources spent by an organization on chasing false alarms every year. Combining unique abilities of machine and human intelligence for fighting against advanced cybercrime, IBM Watson is set to witness increased penetration among organizations with data security requirements.
IBM Watson services involve time-intensive laborious training, with the need for experts to feed enormous quantity of well-organized data into the platform for drawing insightful conclusions. Additionally, it can draw conclusions based only on body of data that it has been or being trained on. “Well-organized” requirement is a key challenge confining penetration of IBM Watson services, as unprepared sets of data are typically insufficient.
Another drawback of IBM Watson is its inability to make connections with different corpora, which in turn makes gleaning even basic insights challenging. Training Watson on oncology has been seen to provide no insights on heart disease – a limitation that drastically constrains its deployment in clinical settings.
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