Cognitive/AI sys to grow 55.1% CAGR from $8B in 2016 to $47B in 2020, IDC

IDC has forecasted the cognitive artificial intelligence (AI) system market to see a compound annual growth rate (CAGR) of 55.1% over the period of 2016-2020 that is from $8.0 billion in 2016 to more than $47 billion in 2020. "Software developers and end user organizations have already begun the process of embedding and deploying cognitive/artificial intelligence into almost every kind of enterprise application or process," said David Schubmehl, research director, Cognitive Systems and Content Analytics at IDC. "Recent announcements by several large technology vendors and the booming venture capital market for AI startups illustrate the need for organizations to be planning and undertaking strategies that incorporate these wide-ranging technologies. Identifying, understanding, and acting on the use cases, technologies, and growth opportunities for cognitive/AI systems will be a differentiating factor for most enterprises and the digital disruption caused by these technologies will be significant." The other findings shared by IDC on this market includes : This market has the ability to identify and react to the data flows using algorithms and rule-based logic enables cognitive/AI systems to automate a large range of functions across many industries. The use cases attracting investment in 2016 are automated customer service agents, quality management investigation and...