Newark, June 26, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates the $5.16 billion healthcare cognitive computing market will reach $103.74 billion by 2032. Improving patient care and safety it is increasingly required in healthcare facilities around the world. This, coupled with the growing use of healthcare BPOs, which offer greater data security, reduce workloads, and manage time-consuming tasks in an organization, is driving market expansion. In addition, 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 widespread.
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North America to account for the largest market size during the forecast period.
North America is expected to have the largest share of the healthcare cognitive computing market. North America dominates the healthcare cognitive computing market due to the presence of high-tech technology companies and continued regional investment in research and development. The presence of high-tech technology companies, ongoing R&D expenditures, more robust reimbursement policies, and the extensive use of information technology to reduce healthcare costs and improve patient care are all contributing factors to market growth in the region.
The natural language processing segment dominated the market with the most significant revenue of $1.59 billion.
The natural language processing segment dominated the market with the most significant revenue of $1.59 billion. The search procedure has been simplified by including natural language terms, helping in planning and analyzing complex situations. The user can quickly input queries into the computer interface, train the system to handle particular data sets, and draw insightful conclusions.
The hospital segment dominated the market with the most significant revenue of $1.96 billion.
The hospital segment dominated the market with the most significant revenue of $1.96 billion. Technological advances in healthcare and an increase in clinical trials, combined with the burden of chronic disease, have created a significant need for data assimilation and advanced data analytics solutions to understand various disease models and identify new drugs for treatment. The healthcare industry is expected to increase demand for these products due to data mining, natural language processing (NLP) systems, and other components of machine learning technologies, which are used to extract essential insights from unstructured data. Furthermore, cognitive analytics improved the accessibility of services and patient engagement.
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Market dynamics:
Drivers: growing demand
The demand for cognitive computing is increasing significantly worldwide due to continued improvements in predictive analytics and the never-ending desire for performance benefits in the workplace by providing real-time answers with the added ability to search massive volumes of data and information, making sense of context, and calculating the most likely response, a cognitive solution system can give your business a competitive edge over its rivals.
Limitations: lack of expert technicians
A major driver of the use of cognitive computing systems is the growing expense of drug discovery and clinical trials. A significant barrier facing the industry is the lack of skilled technicians capable of repairing system failures.
Opportunity: technology on the rise
To address rising health care costs and improve customer experience, many manufacturers and research organizations are actively collaborating with technology companies to improve their products and services. Information technology and big data analytics need to be used more in the healthcare industry.
Challenge: government restrictions
The healthcare cognitive computing market is expected to remain constrained throughout the forecast period due to government restrictions on product usage.
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Some of the major players operating in the Healthcare Cognitive Computing market are:
IBM
Microsoft
cognitive scale
Nument
Vicar
Enter Solutions
Deep mind
SparkCognition
TIBCO Software Inc
Naka Tech
Wipro Limited
The key segments cover in the market:
By technology:
Natural language processing
Automated scheduling
Machine learning
Computer vision
Automated reasoning
Data extraction
Interpretation
Handwriting Recognition/Optical Character Recognition
Language processing and language training
Vocal recognition
For end user:
hospitals
Medical devices
Pharmaceutical products
Insurance
About the report:
Global Healthcare Cognitive Computing Market Segmented by Value (Billion USD). All segments were analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each part. The report offers an in-depth analysis of the drivers, opportunities, restraints, and challenges to gain critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, commodity analysis, supply, demand analysis, competitor location grid analysis, distribution and marketing channels analysis.
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About Brainy Insights:
The Brainy Insights is a market research company, dedicated to providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimating model to meet clients’ goals of high quality outcomes in a short time frame. We provide both custom (customer specific) reports and syndication reports. Our syndicate report repository is diversified across all domain categories and sub-categories. Our customized solutions are tailored to meet the needs of customers, whether they are looking to expand or planning to launch a new product into the global market.
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