Diffidence of companies towards adopting cognitive computing and Artificial Intelligence (AI) platforms for improving their business efficiency will scale down in the years to come. Diverse industrial sectors will serve as a vast expanse for applicability of cognitive systems, attesting that smart and self-aware computing is no longer limited to IT and tech businesses. Few years ago, cloud computing was deemed with a similar opinion, where businesses were shying away from incorporating it. The momentum at which a key technological advancement such as cloud computing is proliferating several business verticals at the moment and ensuring a promising future of lucrative growth opportunities can be considered seminal for expanding cognitive systems spending operations across diverse sectors of industry in the years to come.
Future Market Insights, a market research firm, recently published its study on the global market for cognitive systems spending. Research findings from the study suggest that an estimated US$ 5.5 billion revenues were amassed through cognitive systems spending across the globe in 2016. The study also projects in the next ten years, cognitive systems spending revenues can incur gains worth over US$ 15 billion, expanding at a healthy 14.6% CAGR to reach an estimated US$ 21.46 billion market value by the end of 2026.
Effective Applicability in Banking Sector
Efficient customer service is the pedestal upon which the global Banking, Financial Services & Investment (BFSI) sector grows at a vigorous pace. Cognitive systems are estimated to add to the efficacy of customer services offering by banking corporations. Organizations managing wealth of thousands to millions of customers can shell out sufficient capital on cognitive systems spending, which will eventually equip them with software and AI platforms that facilitate operations such as investment consulting, financial advisory, and banking-related decision making. In 2016, more than 20% of global cognitive systems spending revenues have been estimated to be accounted by the BFSI sector. The banking segment is expected to bring in over US$ 400 million in revenues for the global cognitive systems spending market by the end of 2026.
Demand for Bulk Data Diffusion
Cognitive systems are being developed to undertake tasks designed for supercomputing abilities. Diffusing huge databases is one such key operation that can be accomplished commendably through cognitive systems. The surging demand for diffuse bulk data in various businesses compels companies to increase their budget on cognitive systems spending. The complexity of segregating through big data and other analytical options is no challenge for cognitive systems. Higher growth in global revenues from cognitive systems spending will instrumented with growing prevalence for the demand of data diffusion technologies.
Surging Adoption of Predictive Analysis
Natural language processing, automated reasoning technology and Machine Learning (ML) are some of the crucial benefits of integrating cognitive systems in business infrastructure of a company. Predictive analysis offered through such systems is garnering surplus demand across several businesses. Companies are expending more capital on cognitive systems spending to reap profits from consumer-based smart analytical applications. Assistance of cognitive systems is supporting the development of businesses through untapped horizons. North America, the US in particular, is expected to witness a substantial rise in demand for predictive analysis applications, urging the region’s conglomerates to extend their layout on cognitive systems spending. Cognitive systems spending revenues amassed from North America’s banking sector are anticipated to surge at 15.5% CAGR over the period of next ten years.
The insights presented in this article are based on a recent report by Future Market Insights. The excerpts of the report can be browsed at http://www.futuremarketinsights.com/reports/sample/rep-gb-2616
Author: Abhishek Budholiya is a tech blogger, digital marketing pro, and has contributed to numerous tech magazines. Currently, as a technology and digital branding consultant with Future Market Insights, he offers his analysis on the tech market research landscape. His forte is analysing the commercial viability of a new breakthrough, a trait you can see in his writing. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.