The Global Healthcare Cognitive Computing Market size is expected to reach market growth in the forecast period of 2020 to 2025, with a CAGR of 28 % in the forecast period of 2020 to 2025.
The latest report pertaining to Healthcare Cognitive Computing Market provides a detailed analysis regarding market size, revenue estimations and growth rate of the industry. In addition, the report illustrates the major obstacles and newest growth strategies adopted by leading manufacturers who are a part of the competitive landscape of this market.
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Market Analysis of Healthcare Cognitive Computing –
The data which is amassed in a structured format adds up only for 20–25% and the rest is in an unstructured form. The digital info is accessible in the form of published blogs, articles, images, books, video, and audio and analyzing these info is a very hard process and needs the employment of high-level computing solutions.
Cognitive computing is the recreation of human thought techniques in an automated way. Cognitive computing comprises self-learning techniques that employ data mining, pattern recognition, and natural language processing to mimic the way a human brain operates. The goal of cognitive computing is to create computerized IT systems that are capable of solving issues which do not require human help. Cognitive computing is employed in different artificial intelligence applications, which comprise robotics, natural language programming, neural networks, expert systems, and virtual reality. The term cognitive computing is associated directly with the cognitive computer system by IBM.
The healthcare cognitive computing market is divided by technology as automated reasoning, machine learning, natural language processing, and others. Pharmaceuticals, hospitals, insurance and clinical research organizations, and medical devices are the major end-users of this market.
Healthcare Cognitive Computing Manufacturers
The major players included in the global healthcare cognitive computing market forecast are,
Key Market Segments:
By Technology: Natural Language Processing, Machine Learning, Automated Reasoning, Others
By Application: Healthcare, BFSI, Retail, Government, IT & Telecom, Security, Others
By End-User: Large Enterprises, Small and Medium Businesses
By Deployment Type: On-Premises Software, Cloud-Based Services
Different Applications Of Cognitive Computing Tech In The Healthcare Sector To Power Growth In The Market
Major growth factors comprise information explosion of technological advancements in the field of data analytics & mining, unstructured and structured data, requirement for tailored healthcare services, and increasing employment of cloud services. The data which is amassed in a structured format adds up only for 20–25% and the rest is in an unstructured form. The digital info is accessible in the form of published blogs, articles, images, books, video, and audio and analyzing these info is a very hard process and needs the employment of high-level computing solutions.
Rising disease burden owing to chronic diseases such as diabetes, cancer, and cardiovascular diseases is a huge concern for healthcare providers and governments all over the world. The personalized medicine initiative by US government together with other favorable laws is expected to power the market growth. As fraction of this initiative, huge patient info is predicted to be created and the requirement for cognitive computing and big data analytics is predicted to be extremely high over the coming period.
The cognitive computing domain is attaining a lot of traction from players such as IBM, Google, Apple, and Facebook. These companies are scouting actively for possible start-ups and some latest purchases in the year 2015, comprise IBM’s purchase of Phytel and Explorys, Google’s purchase of DeepMind technologies, and PTC’s purchase of Coldlight.
Moreover, the cognitive computing tech has different applications in the healthcare sector and some major focus regions are personalized medicine, oncology, EHR data analysis, melanoma screening, management of other chronic disorders, and medical imaging analysis. The complication in studying defects in patient gene for a specific disease has been extremely lowered owing to the arrival of cognitive computing and these applications are predicted to positively impact market development in the coming years.
North America Added Up For The Biggest Share Of The Global Healthcare Cognitive Computing Market
North America added up for the biggest share of the global healthcare cognitive computing market. Some factors supporting such high market growth comprise continuous investments in R&D, the attendance of high-tech tech firms, high employment of information tech to lower healthcare prices, better reimbursement scenario, and improve patient care.
Market by Regional Analysis
North America (USA, Canada, Mexico), Europe (UK, France, Germany, Russia, Rest of Europe), Asia-Pacific (China, South Korea, India, Japan, Rest of Asia-Pacific), LAMEA, Latin America, Middle East, Africa
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