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Healthcare Cognitive Computing Market - Global Industry Analysis, Trends, Strategies, and Forecasts, 2014 to 2024
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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.
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.
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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.
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.
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