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

ICT companies are extensively adopting technologies such as cloud computing and artificial intelligence to ensure seamless operations as teams continue working from home. Focus on fast automation, use of real-time operation within various end-use sectors such as automotive, food & beverage and others will provide stimulus to the growth.

The report offers actionable and valuable market insights of IBM Watson Services. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of IBM Watson Services Market across various industries and regions.

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Market Snapshot

Newly-released 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.

The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of IBM Watson Services market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of IBM Watson Services

This newly published and insightful report sheds light on Market Insights of IBM Watson Services, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of IBM Watson Services Market.

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Segments Covered in IBM Watson Services Market Analysis

  • By Service

    • IBM Watson Language Services
      •  Consulting
      •  Implementation
        •  Integration Services
        •  Custom Application Development
        •  Application Modernization & Data Migration
        •  Testing Services
      •  Support
        •  Monitoring
        •  Upgrade
        •  Helpdesk
        •  Governance
        •  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

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Competitive Landscape

Majority of companies considered in the report lean towards both, organic and inorganic growth strategies. Moreover, prominent players are interested in acquisitions, collaborations, and product innovation, along with providing the option of customized services to clients.

Some of the key developments are:

  • Year 2020: In January, IBM and Salesforce partnered to integrate IBM Cloud, Watson Services; and Salesforce Quip and Services Cloud Einstein.
  • Year 2019: In February, the company and Unity partnered to launch the IBM Watson Unity SDK.
  • Year 2018: Contracts/Agreements; In January, the company collaborate to sign a MoU with Faurecia recreate product and services for connected and autonomous vehicles.
  •  Year 2018: Contracts/Agreements; In January, TCS was selected by Modell’s Sporting Goods, to deploy TCS OmniStore Unified Store Commerce suite, for its store transformation and deliver an omnichannel experience to its customers.
  • Year 2018: Contracts/Agreements; In January, TCS entered into a partnership with Transamerica, to transform its insurance and annuities administration.
  • Year 2018: In February, the company announced that its TCS BaNCS product deployed again by IDBI Capital Markets and Securities on the Apple watch.

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,”

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More Valuable Insights on IBM Watson Services Market

Fact.MR, in its new report, offers an unbiased Market Analysis of IBM Watson Services, Sales and Demand of IBM Watson Services, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

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