Portland, OR -- (SBWIRE) -- 10/05/2017 -- The 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.
Continuous growth in digital banking trends drives the Cognitive Systems 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, the 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.
BFSI is one of the customer data-centric industry where players have 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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Cognitive Systems Market Key Segments:
By Product Type
-Software and Applications
By Organization Size
-Small and Medium Enterprises
-Natural Language Processing
-Social Media Analytics
By Deployment Type
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Key Market Players Profiled In The Report
-Next IT Corp.
-SAS Institute Inc.
-Continuum Analytics, Inc.