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Healthcare Cognitive Computing Market Analysis with Key Players - Microsoft, Enterra Solutions, LLC, Intel Corporation, Alphabet Inc., Hewlett Packard Enterprise

01-28-2019 11:08 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: P&S Intelligence

Healthcare Cognitive Computing Market Analysis with Key

Global healthcare cognitive computing market is forecasted to attain revenue of $13.3 billion by 2024. The growth in the healthcare cognitive computing market size will be led by increasing burden of chronic diseases, technological advancements in the healthcare industry encouraging the use of cognitive computing in healthcare, and rising adoption of third computing platforms.

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The technologies used in the healthcare cognitive computing market have been categorized as natural language processing (NLP), machine learning, automated reasoning, and information retrieval, where NLP is expected to witness the fastest growth in demand, and is likely to garner a CAGR of 34.9% during the forecast period. This rising demand for the NLP technology can be attributed to its comprehensive evaluation process, which facilitates management of patient feedback and enables clinical staff to make informed decisions and respond to problems in real time. For instance, the U.S. based Intermountain Hospital uses the NLP technology to identify information associated with cardiac patients, cancer patients, and venous thromboembolism patients.

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Cloud and on-premise are the two major types of deployment models used in the healthcare cognitive computing market. Globally, the cloud computing deployment model is estimated to acquire a larger market share, standing at 71.0% in 2017. This growth in the cloud computing deployment model is mainly attributed to its increasing use in the development of healthcare applications, such as electronic health records (EHRs), which are affordable and easily accessible to the healthcare providers to store and access data remotely and provide the necessary care without any delay.

Globally, key players in the healthcare cognitive computing industry are developing advanced computing solutions for healthcare, to gain a larger market share. For instance, in November 2017, Nuance Communications Inc. unveiled Nuance AI Marketplace for Diagnostic Imaging at the Radiological Society of North America (RSNA) conference in Chicago. It is the first open platform for developers, data scientists, and radiologists to accelerate the development, deployment, and adoption of AI for medical imaging.

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Some of the other key players operating in the healthcare cognitive computing market include IBM Corporation, Microsoft Corporation, Enterra Solutions, LLC, Intel Corporation, Alphabet Inc., Hewlett Packard Enterprise (HPE), CognitiveScale, Healthcare X.0 GmbH, and MedWhat.com Inc.

GLOBAL HEALTHCARE COGNITIVE COMPUTING MARKET SEGMENTATION
Market Segmentation by Technology
• Natural language processing (NLP)
• Machine learning
• Automated reasoning
• Information retrieval
Market Segmentation by Deployment Model
• Cloud
• On-premise
Market Segmentation by End-User
• Healthcare providers
• Pharmaceutical companies
• Medical device companies
• Healthcare payers
• Others (research laboratories and contract research organizations [CROs])

About P&S Intelligence

P&S Intelligence, a brand of P&S Market Research, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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