This IDC study evaluates the worldwide cognitive systems market and presents our best estimates for total worldwide cognitive/artificial intelligence (AI) systems spend by industry. It provides a worldwide cognitive systems vertical market outlook for 2016–2020, analyzes the industry opportunity for the rapidly evolving market, and sets the forecast within the context of the cognitive/artificial intelligence ecosystem.
"Double-digit spending growth is expected for cognitive/artificial intelligence systems across all industries, but growth varies depending on how well particular use cases solve existing and future business priorities," said Marianne Daquila, research manager, Customer Insights and Analysis at IDC. "Heavily regulated markets such as banking and securities investment services are among the early growth drivers. Collectively, these two financial industries will represent a quarter of worldwide spending on cognitive/AI solutions. Stringent compliance requirements are key drivers for these industries as they seek new innovations in fraud and risk detection. In addition, companies in this sector are adopting cognitive-based program advisors and recommendations to better match products with clients. Elsewhere, manufacturing, retail, and healthcare are also expected to see very strong spending growth over the forecast period."