Over the Forecast Period to 2030, the Cognitive Computing Market
Cognitive Computing Market
According to the conclusions of a recent market research analysis by Persistence Market Research, the global cognitive computing market reached US$14.8 billion in 2019 and is expected to grow at a strong CAGR of 23% from 2020 to 2030.
Artificial intelligence (AI), neural networks, machine learning (ML), natural language processing (NLP), and analytical models are all used alongside cognitive computing solutions to address common problems. These technologies have the ability to identify new patterns, identify commercial opportunities and address pressing process-centric problems in real time.
They analyze a lot of data, help streamline company procedures, lower risk and adapt to changing conditions as needed. The global market for cognitive computing is expanding due to the increasing demand for cognitive solutions from both large and small businesses seeking to improve customer experiences.
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The development of cutting-edge remote clinical monitoring systems and clinical communication platforms for home and outpatient remote monitoring is the primary focus of major players in the healthcare IoT market.
Smart healthcare is now the most promising solution to the rising per capita cost of healthcare due to developments in mobile data connectivity, wearable devices, sensor technologies, application development, cloud computing and big data analytics.
Local businesses are investing heavily in research and development in information and communication technology, broadband data connectivity, e-location technology and data management technology to advance smart sensing healthcare. All these indications suggest that the healthcare IoT market size is growing over the coming years.
Healthcare IoT Market Trends
The accommodation of a smart healthcare infrastructure using IoT is increasing at a very rapid pace during the ongoing COVID-19 crisis. Healthcare IoT is being adopted globally by hospitals, CROs, rehabilitation centers and residential end users. The
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Integrated deployment of solutions to improve IoT market attractiveness for healthcare: Significant growth in the wearables market is expected to lead to greater opportunities for the integration of IoT sensors in the healthcare industry, to develop smarter wearables for patient monitoring and diagnostic purposes .
There is integration of other connectivity platforms such as Bluetooth, RFID, ZigBee and HomeRF to connect IoT sensors in healthcare to network infrastructure in households and workplaces. In this way, more IoT sensors in healthcare can be added to the system, and remote access distance can be increased.
A well-managed IoT solution and service provider can focus holistically on a healthcare setting and derive a suitable end-to-end approach. This approach can include device management, connectivity, network management, deployment, and logistics processes for the provider, providing lucrative growth opportunities in the healthcare IoT market.
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Initiatives taken by governments fueling the growth of the healthcare IoT market: Use of cloud computing in healthcare helps to reduce costs and maintain the quality of healthcare services. Various reforms initiated worldwide aim to reduce costs and improve the quality of healthcare services.
According to the Healthcare Information and Management Systems Society (HIMSS), which focuses on better health services using information technology, total IT spending in hospitals across Europe in 2012 was approximately USD 1.65 billion. In December 2012, the European Commission approved the eHealth Action Plan 2012 – 2020, which focuses on empowering patients and healthcare workers with modern healthcare IoT devices and technology to promote personalized medicine in the region.
With the increase in programs initiated by governments to encourage the use of IoT for healthcare, the healthcare cloud computing market is expected to grow rapidly.
The highly contagious nature of the pandemic motivates residential end-users to acquire healthcare IoT for self-quarantine measures. During the ongoing pandemic, the adoption of IoT for healthcare is increasing significantly among other end users in correctional facilities and hospitality industry.
COVID-19 motivates end users to acquire effective clinical communication and collaboration tools to ensure rapid diagnostics and quarantine measures. An increase in remote patient monitoring solutions and service deployment has been observed in developing economies of India, Spain, Italy and Brazil.
Regional Outlook of the Healthcare IoT Market
In terms of value, North America and Europe have a large healthcare IoT market share, due to increasing investments by healthcare IoT companies to accelerate the upgrading of smart sensing healthcare through continuous developments in information and communication technology, broadband data connectivity , as well as e. -location technology, in these regions.
However, the growth of the healthcare IoT market in the Asia Pacific region is expected to occur at a significant rate due to the increasing adoption of wearable devices such as smart watches, augmented reality glasses and fitness bands in the healthcare sector.
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