Healthcare Cognitive Computing Market To Register At USD 5,064.8 Million By 2022
Posted by Neha Bora on January 27th, 2020
San Francisco, 27 January 2020: The Report Healthcare Cognitive Computing Market Analysis by Technology (Natural Language Processing, Machine Learning, Automated Reasoning, Data Extraction, Interpretation, Language Processing And Language Training, Automated Planning, Computer Vision, Handwriting Recognition/ Optical Character Recognition, Speech Recognition), by End-Use (Hospitals, Pharmaceuticals, Medical Devices, Insurance), and Segment Forecasts To 2022
Global healthcare cognitive computing market is expected to reach nearly USD 5,064.8 million by 2022, according to a new report by Grand View Research, Inc. Key factors attributing to the market growth are rapid growth in the scientific database, demand for personalized healthcare, and the need to reduce healthcare expenditure levels. Increasing geriatric population is a major factor increasing the prevalence rate of several diseases.
Information technology and big data analytics penetration in the healthcare industry is presently very less, and to tackle the increasing healthcare expenditure and improve customer experience, many manufacturers and research organizations are actively collaborating with technology firms to improve their products and services.
In 2015, big healthcare firms such as Johnson and Johnson (J&J) and Medtronic have partnered with IBM to utilize its cognitive computing platform Watson. J&J plans to utilize Watson to create a personal concierge service which can be used to prepare patients for knee surgery. Medtronic will use Watson to develop an internet of things (IOT) platform around its medical devices to collect data from patient’s personal use to understand product performance and patient response.
Furthermore, Apple has also invested significantly in the Watson platform to develop an IOS vendor ecosystem for its HealthKIT and ReasearchKit tool systems. These vendors would develop apps and other systems for personal health data collection, and utilizing the data for clinical trials and other healthcare applications.
In 2014, the natural language processing technology market accounted for the largest share at 46.5%, due to its ability to learn natural language key words, and different languages, thereby enabling easy user interface. Additionally, platforms such as IBM Watson are enabling the new startups to collaborate and develop new mobile and cloud applications. However, automated reasoning is expected to be the fastest growing with a over the forecast period, owing to its ability to apply logical reasoning and solve complex problems.
Access Research Report of Healthcare Cognitive Computing Market @ www.grandviewresearch.com/industry-analysis/healthcare-cognitive-computing-market
Further key findings from the study suggest:
Grand View Research has segmented the Healthcare Cognitive Computing market on the basis of application, and region:
Global Healthcare Cognitive Computing Technology Outlook (Market Revenue in USD Million, 2012 - 2022)
Global Healthcare Cognitive Computing End-Use Outlook (Market Revenue in USD Million, 2012 - 2022)
Healthcare Cognitive Computing Regional Outlook (Revenue, USD Million, 2014 – 2022)
Like it? Share it!
About the AuthorNeha Bora
Joined: September 16th, 2019
Articles Posted: 1,522
More by this author