Cognitive Systems Spending Market - Banking Application Segment Expected to Witness Significantly High Industry Attractiveness
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. The banking segment is expected to represent absolute $ opportunity of more 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.
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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. 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.
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 and is therefore boosting the growth of the global cognitive systems spending market
Improvements in the variety, efficiency, and reliability of machine learning will make cognitive systems more 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 operating cognitive systems, which are contributing to the growth of the market.
The recognition and widespread 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 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. 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 more 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, 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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