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Global Cognitive computing in Healthcare Market: Overview

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.

Global Cognitive computing in Healthcare Market: Trends and Opportunities

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.

Global Cognitive computing in Healthcare Market: Competitive Landscape

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.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Cognitive Computing In Healthcare Market

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