Market Trends of Cognitive Operations Industry
IT and Telecommunication Segment to Grow Significantly
- Cognitive services help to transform the telecom back offices into an expert customer care team. Further, the telecommunications sector can improve its essential business operations by automating customer care bots' interpretation of natural language and text translation. Intelligent network operations, often called a cognitive network operations center, use artificial intelligence (AI), machine learning (ML), and advanced analytics to support self-healing, self-optimized, and autonomous transport networks.
- The IT and telecom vertical leverages cognitive operations solutions to extract valuable insights from the massive amounts of data user networks create. It thereby improves customer experience. Cognitive services enable the telecoms sector to perform its essential business functions better by automating assisting robots by understanding natural language and translating text.
- One of the top conversational AI firms, Jio Haptik, is enhancing the accuracy and efficiency of its existing Hindi conversational AI models by leveraging Microsoft Azure Cognitive Services. This industry-leading AI translation technology enables end-to-end dialogues in Hindi, English, and even Hinglish and is a crucial component allowing users to chat with the Intelligent Virtual Assistants at Jio Mobility.
- Due to the rise in cyberattacks, and the shortage of knowledgeable cybersecurity personnel, companies need contemporary techniques like cognitive computing to battle these cyber risks due to the growth in data volume. Cognitive algorithms will help prevent cyberattacks by offering a technical means of spotting false information and deceptive data. Hence customers will be less vulnerable to manipulation.
- Forbes claims that annual data production is increasing more quickly than ever. Every person will generate 3.2 GB of information every second by 2025. The total data worldwide will reach 64 trillion GB in just one year. The organization will include proper knowledge to make business decisions more quickly and accurately after adopting cognitive operations.
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Asia-Pacific is Expected to Witness Significant Growth
- Asia-Pacific is projected to be the fastest-growing data governance region because of the rising spending on technology in countries like Singapore, Australia, China, and India. Small and medium-sized organizations (SMEs) need affordable data management and governance solutions and services. It drives the region's cognitive operations market need.
- The region is further investing in smart manufacturing and digitization, driving the need for cognitive operations. With the help of cognitive manufacturing, businesses can maintain a laser-like focus on quality across all stages of a product's development, from design to production and warranty service.
- According to research from the IBM Institute for Business Value, Fortune 500 businesses can lose between 2% and 5% of revenue due to misplacing inventory or manufacturing the wrong SKU and channel mix. Companies can increase supply chain productivity by 10% to 15%, decrease non-value-added work by 50% to 60%, and reduce their response time to disruptions from days to hours or minutes as they develop their digital twin, prescriptive and cognitive capabilities.
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