Cognitive Systems Spending Market : Comprehensive Evaluation Of The Market Via In-Depth Qualitative Insights

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 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.

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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.

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.

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.

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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.

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