Demand for IBM Watson services is surging in the healthcare and finance sectors, says study

The market for IBM Watson services is poised to surge at a CAGR of 30% over the next 10 years. So says new market intelligence analysis by a market research and competitive intelligence provider, which is seeing increasing digitalisation and service demand from the healthcare, and the banking, finance & insurance (BFSI) sectors.

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 Fact.MR. market intelligence study.

North America is expected 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 the market study

The global IBM Watson services market is anticipated to reach a market value of US$44.5 billion (€37.49 billion) by the end of 2031, with an absolute dollar opportunity of US$41.3 billion (€34.80 billion).

The IBM Watson language service segment is projected to expand at a CAGR of 32% (16X) through 2031.

Apart from SaaS natured commercialisation 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.

“Healthcare and BFSI are pioneer sectors for IBM Watson service adoption due to their real-time data processing attributes.”

Winning strategy

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.

These insights are based on a report on IBM Watson Services Market by Fact.MR.

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, iot home automation is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more
RECENT ARTICLES

IoT set to overtake cloud computing as primary Industry 4.0 technology, Inmarsat research reveals

Posted on: October 14, 2021

New research by Inmarsat, the provider of global mobile satellite communications, reveals that investment in the Internet of Things (IoT) is set to overtake cloud computing, next generation security, big data analytics and other digital transformation technologies in the near future.

Read more

IDTechEx looks at the setbacks and explores how to move forward

Posted on: October 14, 2021

Bill Gates backed a Belmont smart city in the Arizona desert little has happened beyond a land purchase. Authorities demand that the Colorado river’s diminishing water supply is unharmed. Arizona suffers historic water shortage. The Southwest and much of the West is suffering from an intense 22-year drought, resulting in increasingly low water levels, dry

Read more