IBM Watson Language Services are witnessing the highest investment from end-users, with over 72% respondents agreeing to using them, according to a new Fact.MR survey. The survey is part of the comprehensive research study on IBM Watson services market that tracks the prospects of the ambitious project across key sectors. The Fact.MR survey also reveals that use of IBM Watson vision services attracted the minimum interest, with only 48% of respondents affirmative about using it.
Fact.MR’s IBM Watson Services survey gathered data from over 3,000 respondents across 56 countries. These respondents represented large-scale, SMEs, and micro organizations across major industries, with a collective IT spending budget of over US$ 100 billion. The findings of the survey were in sync with the overall expectations and use of IBM Watson services, which are highly reliant on revenue generated from language services.
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Growing Realization that Cognitive Technologies Can Empower Decision-Making
The survey indicates that mitigating the gaps that exist in IT vendors execution from data collection to action remain the key concern of organizations. There is an increasing realization among IT organizations that cognitive technologies can empower decision-makers to make sense of colossal structured and unstructured data. The survey offers encouraging insights on the growing use of advanced analytics and cognitive computing in today’s data-driven economy, as over half of the respondents in the survey agreed to using insights- and speech-services of IBM Watson.
“Today, the requirements of organizations are multipronged – from gaining a holistic customer view to agile data-to-execution operations, IT companies need to invest in cognitive computing and to stay competitive,” says Shambhu Nath Jha, Senior Consultant at Fact.MR and co-author of the study.
“IBM Watson services have been positively disrupting and reforming operations in a range of sectors, especially healthcare. From screening patient’s structured and unstructured data to regulatory requirements and medications, IBM Watson services are witnessing extensive adoption in the healthcare sector,” added Mr. Jha. The growing adoption of IBM Watson services in healthcare is further substantiated by Fact.MR’s findings that nearly the sector accounts for nearly 21% revenue share, representing a market value worth US$ 318 Mn.
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Improved Business Agility and Seamless Customer Service Key Advantages
The Fact.MR survey further reveals that improvement in business agility was the most prominent advantage of investing in IBM Watson services. Nearly 84% of respondents currently using IBM Watson services said that there was a marked improvement in business agility since they started using IBM Watson services. An additional 82% said IBM Watson services helped their organizations in improving and transforming customer service.
“Customer service has often remained the Achilles’ Heel for organizations; despite the proliferation of advanced technologies and pervasiveness of smartphones, nearly 50% of customer support calls remain unresolved,” says Shambu Nath Jha. “The integration of artificial intelligence (AI) can decrease this high percentage, and offer seamless support for Tier 1 queries. The system can also effectively gauge the queries that require a human intervention, and escalate those queries to a customer support executive if necessary,” adds Mr. Jha.
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Effective decision-making, handling colossal structured and unstructured data, and sales assistance are among the other key advantages of using IBM Watson services, according to the Fact.MR survey. “Effective decision-making entails a deep understanding of the unique needs and requirements of customers. Today, businesses are hard-pressed to understand the unique characteristics and context of their customers, and effectively map their existing and upcoming products to meet the overt and covert needs. IBM Watson’s sophisticated recommendations are providing necessary inputs that can facilitate effective decision-making,” Mr. Jha added.
Fact.MR’s report on the global IBM Watson services market projects growing investments in IBM Watson to mitigate cybersecurity risks. According to Fact.MR, a majority of organizations have some level of cybersecurity security apparatus in place; however, as cybercriminals use sophisticated technology to stage attacks, the reality is dawning upon organizations that tackling the potent threat will require a comprehensive apparatus rather than a front-line defense.
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