Attribute of Real-Time Data Processing Makes IBM Watson Service Pioneer for Healthcare And BFSI: Fact.MR

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Apr. 25, 2022 10:30
SEOUL--(Korea Newswire)--As per Fact.MR, IBM Watson services market analysis shows that global demand enjoyed year-on-year (YoY) growth of 27% in 2021, to total a market valuation of around US$ 3.2 Bn. IBM Watson language services are expected to dominate the landscape over the coming years. Under end-use, the hospital and pharmaceutical sectors are set to experience a growth rate of more than 30% through 2031.

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.

Immense Potential of Its Clients In APAC Drags IBM Watson Service Providers To Shape Their Business Future

In various regions, disruptive technologies such as blockchain and cognitive computing have been causing dramatic developments in industrial sectors such as healthcare, finance, and tourism, and APAC is no exception.

Recognizing the enormous potential of its APAC clients in designing their business futures, IBM has announced plans to assist in the commercialization and rapid prototyping of these clients' blockchain and cognitive computing-based solutions.

IBM‘s new APAC headquarters, situated in Singapore, intends to bring together all types of enterprises in the area to develop business solutions using Watson’s cognitive and design capabilities. Over the next few years, APEJ is projected to remain a profitable region for IBM Watson services.

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 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.

Segments Covered in IBM Watson Services Market Analysis

By Service
· IBM Watson Language Services
- Consulting
- Implementation
a) Integration Services
b) Custom Application Development
c) Application Modernization & Data Migration
d) Testing Services
- Support
a) Monitoring
b) Upgrade
c) Helpdesk
d) Governance
e) Training

· IBM Watson Data Insights Services
- Consulting
- Implementation
- Support

· IBM Watson Speech Services
- Consulting
- Implementation

- Support

· IBM Watson Vision Services
- Consulting
- Implementation
- Support

By Vertical
· IBM Watson Services for Healthcare
· IBM Watson Services for BFSI
· IBM Watson Services for Retail
· IBM Watson Services for Discrete & Process Manufacturing
· IBM Watson Services for Telecom, Media & Entertainment
· IBM Watson Services for Transportation and Logistics
· IBM Watson Services for Governments
· IBM Watson Services for Travel and Tourism
· IBM Watson Services for Education
· Others

Following Questions Answers Covered in the Report are:

· How will the global IBM Watson Services for Healthcare Market perform during the forecast period? What will be the market size in terms of value and volume?
· Which segment will drive the global IBM Watson Services for BFSI Market? Which regional market will show extensive growth in the future? What are the reasons?
· How will the market dynamics change because of the impact of future market opportunities, restraints, and drivers?
· What are the key strategies adopted by players to sustain themselves in the global IBM Watson Services Market?
· How will these strategies influence the market growth and competition?

Key Companies Profiled

· IBM Corporation
· Accenture PLC
· Tata Consultancy Services Limited
· Capgemini SE
· KPMG International
· Tech Mahindra Limited
· DXC Technology Co.
· Wipro Limited
· Deloitte

IBM Watson Services Market Report:
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Mahendra Singh
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