Demand for IBM Watson Services Surging from Healthcare and BFSI Sector, States Fact.MR
Published : 05 Jul 2021 Industry: 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.
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,”
Key providers of IBM Watson services are majorly focusing on partnership agreements to enhance their market presence and overall profitability.
- IBM Corp. is targeting partnerships with local IT service providers rather than establishing its own branches for service offerings across the globe, which benefits both sides. This helps boost the company’s revenue growth and enhance overall market share.
- Various market players such as Accenture, TCS, Capgemini, KPMG, and Deloitte have been focusing on increasing their client base through building internal strategies and providing affordable pricing.
- IBM Corp. has been investing heavily in R&D to transform its cognitive solutions for the healthcare industry.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global IBM Watson services market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of service (IBM Watson language services, IBM Watson data insights services, IBM Watson speech services, and IBM Watson vision services) and vertical (healthcare, BFSI, retail, discrete & process manufacturing, telecom, media & entertainment, transportation and logistics, government, travel & tourism, education, and others), across six major regions of the world (North America, Latin America, Europe, APEJ, Japan, and the Middle East & Africa).
About the ICT Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned ICT team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the ICT industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - ICT