Newark, June 26, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 5.16 billion healthcare cognitive computing market will reach USD 103.74 billion by 2032. Improved patient care and safety are increasingly in demand in healthcare facilities worldwide. This, together with the growing use of healthcare BPOs, which offer improved data security, lessen workloads, and manage time-consuming chores in an organization, is boosting the market's expansion. Additionally, the market is expanding as machine learning (ML) and artificial intelligence (AI)-based solutions that improve the efficiency of the drug discovery process become more prevalent.
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North America to account for the largest market size during the forecast period.
North America is expected to have the most significant healthcare cognitive computing market share. North America dominates the market for healthcare cognitive computing due to the presence of high-tech technology companies and ongoing regional investments in R&D. The presence of high-tech technology companies, ongoing R&D expenditures, more robust reimbursement policies, and extensive use of information technology to lower healthcare costs and enhance patient care are all factors that have contributed to the market's growth in the region.
The natural language processing segment dominated the market with the most significant revenue of USD 1.59 billion.
The natural language processing segment dominated the market with the most significant revenue of USD 1.59 billion. The search procedure has been simplified by including natural language terms, aiding in planning and analyzing complex situations. The user can quickly feed queries into the computer interface, train the system to handle particular data sets, and extract insightful conclusions.
The hospital segment dominated the market with the most significant revenue of USD 1.96 billion.
The hospital segment dominated the market with the most significant revenue of USD 1.96 billion. Technology advancements in the healthcare sector and an increase in clinical trials, combined with the burden of chronic diseases, have created a significant need for data assimilation and advanced data analytics solutions to understand the various patterns of the disease and identify new drugs for treatment. The healthcare industry is anticipated to grow in demand for these products due to data mining, natural language processing (NLP) systems, and other components of machine learning technologies, which are utilized to extract essential insights from unstructured data. Additionally, cognitive analytics has improved service accessibility and patient involvement.
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Market Dynamics:
Drivers: Rising Demand
The demand for cognitive computing is rising significantly worldwide due to the ongoing improvements in predictive analytics and the unending desire for workplace performance advantages by giving real-time answers with the additional capability of searching through enormous volumes of data and information, making sense of context, and computing the most likely answer, a cognitive solution system can give the firm a competitive advantage over its rivals.
Restraint: Lack of Experienced Technicians
One major element driving the use of cognitive computing systems is the rising expense of drug discovery and clinical trials. A significant barrier to the industry is the lack of experienced technicians that can fix system failures.
Opportunity: Rising Technology
To address the rising cost of healthcare and enhance the customer experience, many manufacturers and research organizations are actively working with technology firms to improve their products and services. Information technology and big data analytics must be utilized more in the healthcare industry.
Challenge: Government Restrictions
The healthcare cognitive computing market is expected to experience limitations throughout the forecast period due to government restrictions on using the product.
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Some of the major players operating in the healthcare cognitive computing market are:
● IBM
● Microsoft
● CognitiveScale
● Numenta
● Vicarious
● Enterra Solutions
● Deepmind
● SparkCognition
● TIBCO Software Inc
● NakaTech
● Wipro Limited
Key Segments cover in the market:
By Technology:
● Natural Language Processing
● Automated Planning
● Machine Learning
● Computer Vision
● Automated Reasoning
● Data Extraction
● Interpretation
● Handwriting Recognition/ Optical Character Recognition
● Language Processing & Language Training
● Speech Recognition
By End-User:
● Hospitals
● Medical Devices
● Pharmaceuticals
● Insurance
About the report:
The global healthcare cognitive computing market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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