Portland, OR -- (SBWIRE) -- 03/16/2018 -- Global BFSI industry is changing rapidly in terms of strategies, technology adoption, and business operations due to the fast-changing regulatory ecosystem. Cognitive systems have fueled their strategic operations, customer relationship, fraud prevention, virtual agents, and others in BFSI sector. Also, these advanced technologies improve the profitability of companies in the BFSI industry through automation.
BFSI is one of the customer data-centric industry where players have a numerous business opportunities from cognitive systems. The cognitive system replaces the human thought process with a simulated digital model, which includes a self-learning system. It derives patterns by using speech recognition, data mining, and language processing techniques. The cognitive systems require Artificial Intelligence platform to derive the complicated business issues.
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Continuous growth in digital banking trends drive the market. In addition, increase in demand for data-driven solutions as well as rise in focus on fraud detection and enhancement of customer experience propels the growth of the market. However, lack of skilled labors, security issues, and complex learning process limits the growth of this market. Furthermore, emergence of smarter robots and emotion detection systems, rise in demand for predictive analytics, and increase in internet predictions is expected to provide numerous opportunities for the growth of the market.
The cognitive systems market in BFSI is segmented on the basis of product type, organization size, technology, deployment type, and region. Product type segment covered in this study include hardware, software and applications, and services. Based on organization size, the market is divided into small and medium enterprises and large enterprises. Based on technology, the market is classified into machine learning, natural language processing, automated reasoning, text analytics, speech analytics, social media analytics, and others. Based on deployment type, the market is bifurcated into cloud and on-premise. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global cognitive systems market in BFSI is dominated by key players such as IBM Corporation, Infosys Limited, Next IT Corp., SYNECHRON, MicroStrategy Incorporated., SAS Institute Inc., Microsoft Corporation, Continuum Analytics, Inc., Accenture, and Alteryx, Inc.
- The study provides an in-depth analysis of the global cognitive systems market in BFSI and current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities is provided.
- Porters Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global market from 2016 to 2023 is provided to determine the market potential.
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Cognitive Systems Market Key Segments:
By Product Type
- Software and Applications
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
- Machine Learning
- Natural Language Processing
- Automated Reasoning
- Text Analytics
- Speech Analytics
- Social Media Analytics
By Deployment Type