IBM Watson Services Market By Services (Watson Studio, Watson Knowledge Catalog, Watson AI Assistant, Watson Discovery, Watson IoT Platform, Watson Speech to Text (STT), Watson Text to Speech (TTS), Watson Language Services, Watson Visual Recognition, Watson Tone Analyzer, Watson Personality Insights, Watson Data Refinery, Watson Machine Learning, Watson Deep Learning, Watson Compare and Comply, Other Services); By End User Industry (Healthcare, BFSI, Retail, Discrete & Process Manufacturing, Telecom, Media & Entertainment, Transportation & Logistics, Government, Travel & Tourism, Education, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
IBM Watson Services Market Overview
The global IBM watson services market size was valued at around USD 6.2 billion in 2022 and is projected to grow at a compound annual rate of growth (CAGR) of around 28.8% from 2022 to 2032.The market size is projected to succeed in USD 77.6 billion by 2032.
A component of IBM Corporation, The IBM Watson is a cognitive computing platform which aids in efficiency and agility of businesses by incorporating AI and other related technologies with advanced hypothesis generation and analytical algorithms.
It integrates various cognitive techniques for facilitating construction of software by crafting dialogues and defining intents for simulating conversion. These services are employed for processing insights, relationships and patterns across un-structured images, social media, emails and others.
The Watson introduced to shape businesses more intelligent; is delivered as a Software-as-a-Service on cloud and can be called by its clients using a small code snippet embedded in their system.
The global IBM Watson Services market is anticipated to grow at a CAGR of around 32.5% over the period of next 5 years.
IBM Watson Services Market Drivers
The growth of this market is attributed towards major relying factors including the proliferating usage of IBM Watson services in healthcare & analytics across various regions, the growing demand for cognitive insight & digital technology globally and the rising number of technological advancements in healthcare as well as medical devices substantially etc.
Additionally, the advent of technologies such as machine learning, artificial intelligence, cognitive computing, natural language processing (NLP), data mining, and advanced text analytics have changed the whole working scenario of the healthcare industry. From quicker decision making, assisting in disease diagnosis, optimizing patient selection for clinical trials with intelligence matching, screening of patients’ structured & unstructured data, fast marketing of new drug, the technological platforms of IBM Watson have been effectively aiding in the operations of healthcare sector over the past few years, which is thereby opening enormous growth opportunities for the market players existing in the market and eventually assisting in the growth of the overall market considerably.
Moreover, IBM Watson Services are also in extensive use in the media and entertainment industry since the last years and is contributing in the fueling of the market growth comprehensively.
Furthermore, other factors such as the effective and process downtime features of IBM Watson, the proliferating demand for collection of patient data in healthcare facilities, the rapid emergence of innovative drugs, the growing revolution in the field of medical devices & healthcare facilities and the increasing importance of data generated from the patients further augment the growth of the market.
However, few factors pertaining to IBM Watson Services such as the lack of trained professionals, the unstructured and fragmented data structuring technology, the imperfections in AI methodologies, their inability of making connections with different corpora, language issues, concerns relating to maintenance, the high switching cost and time-intensiveness involved in installation and training of the process are major barriers which hamper the growth of this market.
IBM Watson Services Market Segmentation
- Watson Studio
- Watson Knowledge Catalog
- Watson AI Assistant
- Watson Discovery
- Watson IoT Platform
- Watson Speech to Text (STT)
- Watson Text to Speech (TTS)
- Watson Language Services
- Watson Visual Recognition
- Watson Tone Analyzer
- Watson Personality Insights
- Watson Data Refinery
- Watson Machine Learning
- Watson Deep Learning
- Watson Compare and Comply
- Other Services
By End User Industry:
- Discrete & Process Manufacturing
- Media & Entertainment
- Transportation & Logistics
- Travel & Tourism
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
IBM Watson Services Market Regional Insights
The North America region followed by the European region holds the largest share in the IBM Watson Services market. The region is also expected to bolster tremendous growth in the upcoming years owing to factors such as the introduction of the Watson development platform in region by IBM for various purposes, the acquisition of a leading digital marketing & creative agency based in the U.S., Resource/Ammirati by IBM with a goal to create transformative brand experiences, the surging application of IBM Watson APIs for providing interactive mobile experiences to consumers in the region and the successful development of the production capacities of industries by these services in the region etc. The major contributors to the region include U.S and Canada.
The Asia Pacific region is the fastest growing regional market for IBM Watson Services in the world and is projected to also grow robustly in the upcoming years as well. The growth in the region can be attributed to factors such as the growing adoption of technologies such as blockchain, cognitive computing and others in various industries for assisting in commercialization and rapid prototyping of the client’s solutions in the region and the expansion of IBM’s headquarters in the major economies of this region etc. Japan, South Korea, India and China are the major contributors to this region’s growth.
IBM Watson Services Market Key Players
- KPMG International Limited
- Capgemini SE
- Tata Consultancy Services Limited
- Wipro Limited
- IBM Corporation
- Datamato Technologies Private Ltd.
- Mainline Information Systems Inc.
- DXC Technology Limited Accenture Plc
- Deloitte Touche Tohmatsu Ltd.
- Tech Mahindra limited
- Infosys Limited
- HCL Limited
- Other Players
- In February 2021, Humana Inc. and IBM Watson Health announced a collaboration leveraging IBM’s conversational artificial intelligence (AI) solution to help provide a better member experience while providing greater clarity and transparency on benefits and other related matters for Humana Employer Group members. As part of the agreement, Humana will deploy IBM Watson Assistant for Health Benefits, an AI-enabled virtual assistant built in the IBM Watson Health cloud.
- In February 2021, IBM and Palantir Technologies announced a new partnership consisting of IBM’s hybrid cloud data platform designed to deliver AI for business, with Palantir’s next generation operations platform for building applications. The product is expected to simplify how businesses build and deploy AI-infused applications with IBM Watson and help users access, analyze, and take action on the vast amounts of data that is scattered across hybrid cloud environments without the need for deep technical skills. The new product, Palantir for IBM Cloud Pak for Data, is planned to be mace available in March of 2021.