Demand for IBM Watson Services is Surging in the Healthcare and Finance Sectors – Fact.MR Analysis

Technology

As per Fact.MR – a market research and competitive intelligence provider, with increasing digitalization and ascending demand from the healthcare and BFSI sector, the IBM Watson services market is poised to surge at a CAGR of 30% over the next ten years.

Prospects for IBM Watson services continue to be bullish on the coattails of high traction in healthcare & BFSI sectors, and effectiveness in real-time consumer choice decoding & curtailing process downtime in manufacturing facilities, states the latest Fact.MR study.

North America has been envisaged to emerge as the most remunerative market for IBM Watson services, underpinned by demand from regional businesses that seek reinventing themselves for providing differentiated experiences to their clients. Healthcare is set to prevail as the leading industry vertical in the market, trailed by banking, and finance & insurance (BFSI). IBM Watson language services will remain dominant in the market based on service type, accounting for over 3/5 share of the market throughout the forecast period.

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The IBM Watson services market is consolidated at the top and fragmented at the bottom due to less investment cost and easy availability of the skilled labour needed for these services.

Key Takeaways from Market Study

  • The global IBM Watson services market is anticipated to reach a market value of US$ 44.5 Bn by the end of 2031, with an absolute dollar opportunity of US$ 41.3 Mn.
  • The IBM Watson language service segment is projected to expand at a CAGR of 32% (16X) through 2031.
  • Apart from SaaS natured commercialization of Watson technology, the company has also created a separate IBM Watson ecosystem for channeling associated products to target customers.
  • North America leads the global IBM Watson services market accounting for more than 50% of overall revenue generation.
  • IBM Watson vision services are estimated to progress at a significant CAGR during the forecast period due to high demand from the manufacturing industry.
  • IBM is strongly focused on partnership agreements to deliver Watson services across regions. For instance, in China, IBM entered into a partnership with Baheal Pharmaceutical Group to provide Watson oncology technology for cancer treatment.

According to a Fact.MR, analyst, “healthcare and BFSI are pioneer sectors for IBM Watson service adoption due to their real-time data processing attributes,”

What are the Driving Factors Facilitating Opportunities for IBM Watson Service Providers?

With growing understanding and interest of organizations towards cognitive technology, adoption of IBM Watson services has been surging consequently. Watson is a disruptive technology that processes accurate information at a high pace. The three distinct capabilities of Watson, including natural language processing (NLP), hypothesis generation and evaluation, and dynamic learning, have been increasing its popularity.

The healthcare industry has been the leading end user of IBM Watson services, where it is being used in drug discovery, social program management, oncology, and automated care management. BFSI, being the second-largest end user of IBM Watson services, has also been adopting it at a significant pace.

According to the Financial Times, certain regulatory changes can cost each bank up to around US$ 4 billion annually. Furthermore, increasing complexity in security landscape has been putting customer data and the brand reputation of banks under constant threat. Disruptive technologies and competition have been targeting most profitable parts of the businesses. IBM Watson’s Virtual Agent Solution and Digital Wealth Advisor stand as an answer to these prevailing challenges.

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