According to Fact.MR’s most recent detailed analysis, the global IBM Watson services market is valued at US$ 5.50 billion in 2023 and is expected to reach US$ 76.47 billion by 2033, growing at a CAGR of 30.1% from 2023 to 2033.IBM Watson is a set of artificial intelligence (AI) and cognitive computing technologies developed by IBM. Watson services provide a range of capabilities and solutions to help individuals and businesses harness the power of AI across a wide range of domains.
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Artificial intelligence is gaining traction in a variety of industries as companies recognize its potential to improve operational efficiency, decision-making, and customer experience. IBM Watson services provide AI-powered solutions, making them appealing to organizations interested in leveraging AI capabilities. Cognitive computing is the process of simulating human intellect by processing huge amounts of data, comprehending natural language, and making sound decisions. The cognitive capabilities of IBM Watson, such as image recognition, language interpretation, and machine learning, address the growing demand for advanced data analysis and decision support systems.
Competitive Landscape:
Key players in the IBM Watson services market are pursuing strategies such as collaborations, acquisitions, investments, and technological innovations to broaden and reinforce their market presence.
IBM and Salesforce teamed up in January 2020 to combine Watson Services, IBM Cloud, and Salesforce and Services Cloud Einstein.
Key Players:
- IBM Corporation
- Accenture PLC
- Tata Consultancy Services Limited
- Capgemini SE
- Wipro Limited
- Tech Mahindra limited
- Infosys Limited
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Regional Analysis:
The market in the United Kingdom is expected to reach $4.66 billion by 2033. The government of the United Kingdom has demonstrated a great interest in developing AI technology and fostering healthcare innovation. To support the development and deployment of AI technology in healthcare, initiatives such as the Industrial Strategy Challenge Fund and the NHS AI Lab have been established. These activities are aligned with IBM Watson services, which benefit from the government’s emphasis on artificial intelligence and healthcare innovation.
The healthcar system in the United Kingdom places a high importance on data-driven healthcare, with an emphasis on using health data to improve patient treatment and outcomes. By providing advanced analytics and insights from healthcare data, IBM Watson services support the UK’s data-driven approach to healthcare delivery and research.
The German market is estimated to garner US$ 6 billion by 2033. Germany is well-known for its robust industrial base and technological prowess. The country’s technology sector is growing, pushing the sales growth of IBM Watson services.
Key Segments of Industry:
- By Service Type :
- IBM Watson Language Services
- IBM Watson Data Insights Services
- IBM Watson Speech Services
- IBM Watson Vision Services
- By End Use :
- Healthcare
- BFSI
- Retail
- Discrete & Process Manufacturing
- Telecom
- Media & Entertainment
- Transportation & Logistics
- Government
- Travel & Tourism
- Education
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