Worldwide Spending on Cognitive Systems, cognitive applications, cognitive software platforms, and more

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It is clear that, we are still at the early stage when it comes to Cognitive Systems, cognitive applications, cognitive software platforms, and increasingly we talk about cognitively enabled solutions that will improve and transform our living and working conditions. 
 
In the new Worldwide Semiannual Cognitive Systems Spending Guide, IDC forecasts global spending on cognitive systems to reach nearly $31.3 billion in 2019 with a five year compound annual growth rate (CAGR) of 55%. 

Cognitively enabled solutions are being developed and implemented on cognitive software platforms that offer the tools and capabilities to extract and build knowledge bases and knowledge graphs from unstructured and semi-structured information as well as provide predictions, recommendations, and intelligent assistance through the use of machine learning, artificial intelligence, and deep learning.

Possibilities and applications are endless. According to IDC, more than 40% of all cognitive systems spending throughout the forecast will go to software, which includes both cognitive applications (i.e., text and rich media analytics, tagging, searching, machine learning, categorization, clustering, hypothesis generation, question answering, visualization, filtering, alerting, and navigation) and cognitive software platforms, which facilitate the development of intelligent, advisory, and cognitively enabled solutions. 

Cognitive-related services (business services and IT consulting) represent the second largest spending category while hardware spending (primarily on servers and storage) is expected to grow nearly as fast as software spending. 

Banking, Retail and healthcare are leading use cases for cognitive systems as wide, varied, and rich as the imagination.
"Wherever cognitive systems are in play, workers and organizations can expect to be impacted by the power of more information, intelligence, and automation." said Jessica Goepfert, Program Director, Customer Insights and Analysis at IDC.

North America (the United States and Canada) is expected to lead the momentum for cognitive systems spending with Asia/Pacific including Japan Europe as the powerful emerging region.  The Middle East and Africa (EMEA) is currently the second largest region, according to IDC.