Cognitive computing has opened vast promising avenues in the healthcare industry in recent times and is rapidly transforming healthcare delivery world over. Cognitive computing systems simulate human thought process using computerized model. Worldwide, these have been instrumental in making sense of the extensive streams of healthcare data that is growing unhindered. Healthcare professionals and providers in various parts of the world are increasingly adopting cognitive systems to make faster and more informed decision, boost patient outcomes, and improve the overall quality of care.
The accelerated rise of cloud computing and Big Data, has made cognitive computing more affordable and accessible to various end-use industries at large, including the healthcare sector. Together with natural language processing (NLP) systems, data mining, and other aspects of machine learning technologies, cognitive computing continually seeks to expand the knowledge of clinicians in designing personalized treatment modules. On the other hand, cognitive computing has enhanced patient engagement and improved the access of services. Researchers are leveraging the potential of cognitive systems to make clinical trials more comprehensive and useful, unlocking abundant exciting prospects in the healthcare industry.
The report offers in-depth insights into the key growth dynamics, various factors boosting prominent segments, recent disruptive trends, and the competitive landscape. The study evaluates the scope of various technological advancements and emerging deploying models and services expected to influence the trajectory of the market over the forecast period of 2017 and 2025.
The exponential rise in healthcare data and information from a diverse range of sources and the pressing need to tap them for improving the quality of care in various parts of the world is a prominent factor stoking the demand for cognitive computing systems. The growing demand for automated information technology systems encapsulating various aspects of artificial intelligence in the healthcare industry is fortifying the application of cognitive computing. The growing number of potential benefits and the rising use cases in the healthcare sector are prominent factors continually boosting the market over the forecast period.
World over, the intensifying demand for personalized therapies in various branch of medicines, notably in oncology has triggered the popularity of a number of cognitive computing platforms in recent years. The wide popularity of IBM Watson and Cognitive Services by Microsoft among healthcare providers is accentuating the growth of the market. Leveraging the potential of self-learning systems to look for patterns and model possible solutions in understanding health and wellness is a notable aspect bolstering the uptake of cognitive systems in major regions.
The growing popularity of internet of things (IoT) and wearable and the staggering demand for cloud computing models are significant factors expected to provide substantial fillip to the cognitive computing in healthcare market. The emergence of potentially useful enterprise artificial intelligence platforms in the healthcare industry bodes well for the market.
Global Cognitive computing in Healthcare Market: Regional Outlook
Regionally, North America is one of the most prominent markets for cognitive computing for the healthcare industry. The prominent demand for cognitive computing solutions and services in the region can be attributed to the extensive demand for such systems among healthcare professionals and providers. A large number of early takers, coupled with substantial advancements in machine learning technologies in the region, is bolstering the uptake. Meanwhile, Asia Pacific is projected to rise at a prominent pace. The attractive growth of the market is fueled by the spiraling investment made in the healthcare sector on the uptake of automated information technology systems. The region is expected to present abundant lucrative opportunities market players over the coming years.
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The market is expected to witness heavy investments on developing better and more useful cognitive technology platforms for the healthcare industry. Prominent players are also focusing on launching unified platforms with simplified APIs to help end users leverage the potential of machine learning systems. They are entering into partnerships and collaborations with various stakeholders, in a move to gain a competitive edge over others. Key players operating in the cognitive computing in healthcare market include Apixio, MedWhat, Healthcare X.0, Apple Inc., Saffron Technology, Inc., Nuance Communications, Inc., Google LLC, Microsoft Corporation, and IBM Corporation.
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