The ability of IBM Watson services to underpin the development of different enterprise solutions has led to their swift adoption by businesses. A recent study finds that IBM Watson Services market would grow at a phenomenal pace over the course of the next few years; around US$20 bn worth of IBM Watson Services will likely be sold by 2028-end across the world.This is mainly because the market for cognitive computing is still in its nascent phase with global tech giants such as Deloitte and IBM expending large sums of money in deploying IBM Watson technologies to various aspects of their client’s businesses in different sectors.
The retail sector is one such prominent application area spelling opportunities for the IBM Watson services market – it helps in decoding consumer choices by providing insights into latest trends. This, in turn, aids in elevating the business efficiency of retailers, thereby enabling them to increase their profitability. Not just retailing, IBM Watson services market is revolutionizing manufacturing too. IBM Watson services help manufacturing plants reduce downtime and up operational efficiency by leveraging IoT and cognitive computing to analyze machines and predict outages.
Manufacturing aside, other areas that IBM Watson services market seems primed to disrupt big time are healthcare and BFSI. IBM Watson services facilitate screening of structured and unstructured data of patients to provide doctors with relevant intelligence and actionable diagnostic information. The integration of IBM Watson Genomics into the TruSight Tumor 170 tool or Illumina, for speeding up recommendations of tailored drugs for cancer patients, is serving to boost IBM Watson services market.
In the domain of healthcare, pharmaceutical companies, academic institutions, and medical devices manufacturers for drug repurposing and new drug target identification are fuelling the IBM Watson services market majorly. In BFSI, partnerships entered between financial organizations and IBM for leveraging Watson technology in building effective consumer banking solutions by delivering crucial insights into consumer behavior is also positively impacting IBM Watson services market.
IBM Watson services are being used in managing regulatory and compliance controls as well by financial firms. Wealth management industry, financial risk management solutions, and insurance services are lapping it up too, thereby driving revenue in the IBM Watson services market.
Among the various IBM Watson services, the language services, which processes language by gleaning massive volumes of unstructured data, is poised to generate maximum revenue in IBM Watson services market going forward.
The insights presented here are from a research study on IBM Watson Services Market by Fact.MR.