IDC forecasts a total spending of US$358.2 million with a 56.2% compound annual growth rate (CAGR) in cognitive systems in Latin America by 2020. The distribution of such spending by industry sets the financial services segment at the top with 37% of the total, followed by manufacturing and resources with 15%, distribution and services with 10%, cross-industries with 6%, and other industries with the remaining 32%.
IDC defines cognitive/artificial intelligence (AI) systems as a technology that uses deep natural language processing and understanding to answer questions and provide recommendations and direction. The system hypothesizes and formulates possible answers based on available evidence, can be trained through the ingestion of vast amounts of content, and automatically adapts and learns from its mistakes and failures. IDC views the potential opportunity for cognitive/AI systems by use case. Use cases are not defined by the technology itself. The parameters of a use case are defined by the value being created and recognized by an organization.