What will be the role of the standards and regulations by governments and associations in the adoption of AI in healthcare ?

The AI in healthcare market is expected to grow from USD 2.1 billion in 2018 to USD 36.1 billion by 2025, at a CAGR of 50.2% during the forecast period. The huge availability of big data, growing number of cross-industry partnerships and collaborations is fueling the growth of the Artificial Intelligence market. In addition, demand to reduce the imbalance between healthcare workforce and patients is further supplementing the growth of the AI in healthcare market.

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Key Market Players

A few companies in the AI in healthcare market are NVIDIA (US), Intel (US), IBM (US), Google (US), Microsoft (US), AWS (US), General Vision (US), GE Healthcare (US), Siemens Healthineers (Germany), Medtronic (US). The market has active participation of start-ups. A few emerging start-ups in the market are CloudMedx (US), Imagia Cybernetics (Canada), Precision Health AI (US), and Cloud  Pharmaceuticals (US).

IBM is among the leading companies in the AI in healthcare market. The company’s Watson is widely used by end users for cognitive computing and data-driven applications. IBM follows organic as well as inorganic growth strategies to improve its position in AI in healthcare and other emerging AI markets. The company has invested ~USD 6 billion to make 15 acquisitions in cognitive, cloud, and security businesses. Also, partnerships/collaborations with AI solution providers/consumers remain the important aspects of the company’s strategy to enhance its footprint in the AI market. The company continues to strengthen its position through strategic organic investments and acquisitions in higher value areas, broadening its industry expertise and integrating AI into more of what the company offers. 

Processor to hold largest market in hardware segment

Increasing need for hardware platforms with high computing power to run various AI software is the key factor accelerating the growth for hardware devices in the AI in healthcare market. Demand for high-computing processors to run AI algorithms continues to surge its growth in the hardware segment. The processor segment consists of MPUs, GPUs, FPGAs, and ASICs. In processors, GPUs are expected to foresee strong growth owing to high parallel computing capabilities, and the same is expected to continue in the coming years.

Context-aware computing to witness higher growth during forecast period

The development of more sophisticated hard and soft sensors has accelerated the growth of context-aware processing. Increased processing power, innovative sensing capabilities, and improved connectivity have resulted in the growth of context-aware processing systems. A few core healthcare applications include lifestyle management and monitoring, in-patient care and hospital management, and virtual assistant.

In-patient care & hospital management to hold significant market size in AI in healthcare market

Artificial Intelligence in planning and scheduling methods can offer substantial support to the management of hospitals and patient care, thereby improving administrative workflow assistance. AI-enabled bots is an AI application that patients can interact with through a chat window on a website or through a telephone. Applications such as scheduling appointments; checking insurance coverage parameters; instantly accessing information about drug interactions and side effects; collecting the latest information about patient medications, care team, and recent procedures; designing special diet plans for patients with dietary restrictions; and engaging with discharged patients to follow up on treatment plans and adherence are supported by these bots. These applications are expected to lead the growth of in-patient care and hospital management systems.

North America to account for significant share followed by APAC in Artificial Intelligence in healthcare market during forecast period

North America, being a developed and technologically advanced region, is likely to be one of the key contributors to the overall AI in healthcare market growth during the forecast period. Moreover, high spending of GDP in healthcare, especially in the US and Canada, is likely to supplement the growth of next-gen technologies such as AI in the region. APAC is likely to closely pursuit the growth of North America and is expected to register the second-fastest growth rate. Improving IT infrastructure, demand for affordable healthcare, and favorable government norms are expected to boost the growth of healthcare AI in the region. 

Recent Developments

• In June 2018, Medtronic and its strategic technology partner, IBM (US) Watson Health, announced the commercial launch of Sugar.IQ smart diabetes assistant, a first-of-its-kind intelligent app designed to simplify and improve daily diabetes management. The Sugar.IQ smart diabetes assistant leverages AI and analytic technologies from IBM Watson Health to continually analyze how an individual's glucose level responds to food intake, insulin dosages, daily routines, and other factors, such as information provided by the app user.
• In July 2018, Micron and Intel announced an update to their 3D XPoint joint development partnership, which has resulted in the development of an entirely new class of nonvolatile memory with dramatically lower latency and exponentially greater endurance than NAND memory. The companies have agreed to complete joint development for the second generation of 3D XPoint technology, which is expected to occur in the first half of 2019. The 2 companies will continue to manufacture memory based on 3D XPoint technology at the Intel-Micron Flash Technologies (IMFT) facility in Lehi, Utah.
• In July 2018, ResMed (US), a global leader in sleep apnea treatment and connected health solutions, and Verily announced their agreement to form a new joint venture. Combining ResMed’s expertise in sleep apnea and Verily’s advanced health data analytics technologies, the US-based joint venture will study the health and financial impacts of undiagnosed and untreated sleep apnea, and develop software solutions that enable healthcare providers to more efficiently identify, diagnose, treat, and manage individuals with sleep apnea and other breathing-related sleep disorders.

Key questions addressed in the report

• Which are the major applications of AI in healthcare market? How big is the opportunity for their growth in the developing economies in the next 5 years?
• Which are the major companies in the AI in healthcare market? What are their major strategies to strengthen their market presence?
• Which AI technology will find its major application in healthcare?
• Which are the leading countries in the AI in healthcare market? What would be the share of North America and Europe in this market in the next 5 years?
• What will be the role of the standards and regulations by governments and associations in the adoption of AI in healthcare?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

 

Industrial Control and Factory Automation Market New Growth Opportunities worth $269.5 billion – Business Data 2024

New market research report "Industrial Control and Factory Automation Market by Solution (SCADA, PLC, DCS, MES, PLM, PAM, Functional Safety), Component (Industrial Robots, Industrial 3D Printing, Control Valves, Machine Vision, HMI), Industry and Geography - Global Forecast to 2024", The industrial control and factory automation market is likely to reach USD 269.5 billion by 2024 from USD 160.0 billion in 2018, at a CAGR of 9.08%.

About : Industrial Control and Factory Automation Market

The growth of this market can be attributed to the increasing use of enabling technologies in manufacturing, rising adoption of industrial robots in manufacturing sector, connected supply chain along with mass production to cater rising population, government initiatives towards, the adoption of industrial automation in various industries.

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Major Players operating in the industrial control and factory automation market Emerson (US), ABB (Switzerland), Siemens (Germany), General Electric (US), Schneider (France), Endress+Hauser (Switzerland), Yokogawa (Japan), Honeywell (US), WIKA (Germany), Azbil (Japan), Fuji Electric (Japan), 3D Systems (US), HP (US), FANUC (Japan), STRATASYS (US), Progea (Italy), Hitachi (Japan), Vega (Germany), Danfoss (Denmark), Tegan Innovations (Ireland), Krohne (Germany), Rockwell (US), Chaos Prime (US) and Dwyer (US), among many others.

Browse 119 market data Tables and 48 Figures spread through 222 Pages and in-depth TOC on "Industrial Control and Factory Automation Market"
“Articulated robots dominate the industrial robot market”

The industrial robots segment is growing at a significant pace during the forecast period and has the highest market share of components in the industrial control and factory automation market. Manufacturers are installing industrial robots to make production and distribution easy and efficient. The installation of industrial robots is lessening the human intervention in production process, thereby reducing the cost of manufacturing with increase in quality and production capacity.

“Process automation and control in industrial manufacturing plant drives the growth for DCS ”

DCS held the highest market share in the solutions of industry control and factory automation market. This growth is attributed to a high rate of industrialization rate in the developing economies. Developing countries have expansion and capacity addition plans related to the power sector, which would boost the demand for DCS. DCS provides process automation and control in industrial manufacturing plants that drive the industrial control and factory automation market. Advantages of using DCS systems in manufacturing plants are decision integrity, simplified operations, and increasing productivity. Some of the application areas of DCS are oil & gas, automobile, chemical, food & beverages, and pharmaceuticals industries.

“Process industries to lead the industrial control and factory automation market from 2018 to 2024”

Process industries had the higher market share in industry control and factory automation market in 2017. The rate of adoption of solutions related to the industrial control and factory automation is high in process industries owing to rising cost pressure on manufacturers to optimize the production process. Furthermore, increasing demand for real-time visibility and complex operations in oil and gas, power, metals and mining, and food & beverages industries is expected to drive the demand for industrial control and factory automation solutions in the process industry. Due to the complex nature of the automation in the process industry, the number of components and technologies deployed in the process industry is higher than the discrete industry. Particularly, control technologies, such as DCS, is employed only in the process industry and the number of PLCs and PACs is employed more in the process industry than the discrete industry.

“APAC to be the largest market for industry control and factory automation during the forecast period”

Asia Pacific (APAC) comprises Japan, China, India, and RoAPAC. APAC is the fastest growing region for industrial control and factory automation market due to the technological innovation and increasing adoption of the automation technologies in various industries. The major application industries for the industrial control and factory automation market in APAC are chemicals, oil & gas, water, semiconductor, electronics, food, and automotive. China is one of the major players from APAC region in the industry control and factory automation market. China has been working on an innovative industrial practice by implementing automation technologies in manufacturing. In addition, research institutes and corporates are collaboratively working to improve the Chinas manufacturing processes. Further, in China, industrial intellectualization and information integration remain the main focus of the government industrial policy. This initiative is expected to increase the demand for the industrial control and factory automation in this country.

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Home Automation System & Smart Home Automation likely to Grow at a High Rate During the Forecast Period : Smart Home Market

The growth of the smart home market is driven by factors such as the growing number of internet users and increasing adoption of smart devices; increasing awareness about fitness and rise in disposable incomes in developing economies; increasing importance of home monitoring in remote locations; rising need for energy–saving and low carbon emission-oriented solutions; cost reduction measures enabled by smart homes; rapid proliferation of smartphones and smart gadgets; large number of manufacturers expanding their smart home product portfolios; and growing concern about safety, security, and convenience among people.

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Browse 100 market data Tables and 65 Figures spread through 255 Pages and in-depth TOC on "Smart Home Market"

“Smart speakers likely to grow at a high rate during the forecast period”

Smart speaker is a wireless speaker enabled by Bluetooth, Wi-Fi, or other wireless protocols and powered by virtual assistant, which is driven by artificial intelligence. There has been continuous increase in demand for smart speakers, especially in smart homes, owing to increasing consumer demand for advanced and multifunctional devices. Moreover, the proliferation of smartphones has enabled the development of applications to stream music to a specific device, thus fueling the demand for smart speakers. The market for smart speaker market is primarily expected to be driven by the increased adoption of smart homes, high disposable income, the popular trend of personalization, and the rapid proliferation of multifunctional devices. Factors such as increasing focus of companies on enhancing customer experience and consumer preference for technologically advanced products over traditional products are expected to provide opportunities to smart speaker providers.  Further, recent developments in artificial intelligence and natural language processing to enhance voice recognition capabilities have increased the overall demand for smart speakers in smart homes.

“The market for proactive type software and services to grow at a higher rate during the forecast period”

The software and services pertaining to smart homes enable users to control smart appliances and devices installed in their homes. There is high competition between the software and service providers in the smart home market, which revolves around developing technically advanced and user-friendly software solutions as well as providing improved and real-time services to customers, on the back of the growing awareness about reducing energy consumption within households. Moreover, the environmental regulations implemented by government bodies in most countries, both developed and developing, are further driving the rate of smart home installations. The software and service industry is generating huge revenues from the installation and marketing of smart homes and is also providing services to the customers. These factors are expected to contribute to the high growth rate of the market for software and services during the forecast period.

The proactive type software and services facilitate the transmission of data, along with the best possible solutions, to end users for actions to be taken after receiving the information. The proactive type enables the transfer of a larger volume of data than the behavioral type; it can provide the inputs to end users regarding effective energy usage and required actions on the physical parameters to reduce energy consumption. Proactive solutions are more beneficial than the behavioral type as they can also send recommendation signals to end users to take necessary actions to reduce energy consumption; further, based on the user’s actions, measures to control electronic devices can be implemented. Owing to these advantages, the market for proactive type software and services is expected to grow at a higher rate during the forecast period.

“APAC expected to grow at a high rate during the forecast period”

APAC region is witnessing significant growth due to a number of new residential projects and efforts for strengthening building infrastructure at a significant rate. There is a considerable demand for smart homes in the APAC countries, such as Japan, South Korea, China, and Rest of APAC (RoAPAC). Currently, South Korea is considered a huge market for smart home systems owing to the high demand for various control devices pertaining to lighting control and entertainment control in the country. The overall smart home market in APAC has high growth potential, primarily driven by strong economic growth, rising population, and rapid urbanization, leading to a sophisticated infrastructure. Further, the major share of Japan and South Korea in the market in APAC can be attributed to their leading position in terms of technological advancements in smart homes. The market in China is expected to grow at the highest rate among other APAC countries during the forecast period, owing to the rising automation demand for a large number of new and existing residential projects. The presence of a large base of end users in advanced economies such as China, Japan, and South Korea and the high demand for energy management systems are the major factors that are likely to fuel the demand for smart homes in the APAC region.

Players such as Johnson Controls International (Ireland), United Technologies Corporation (US), Schneider Electric (France), Honeywell International, Inc. (US), and Siemens AG (Germany) are currently dominating the smart home market. Other key players operating in the smart home space are Amazon, Inc. (US), Apple Inc. (US), Google (US), ADT (US), Robert Bosch Gmbh (Germany), ASSA ABLOY (Sweden), ABB Ltd. (Switzerland), Ingersoll-Rand PLC (Ireland), ABB (Switzerland), Legrand S.A. (France), GE (US), Comcast Corp. (US), Hubbell Inc. (US), Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sony (Japan), Control4 Corp. (US), Lutron Electronics Co. Inc. (US), Vivint (US), and Axis Communication AB (Sweden), among others. Almost all companies, including key players, have adopted a few major strategies such as product developments and launches, mergers and acquisitions, and partnerships and collaborations to grow in the smart home market.

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Underfloor Heating Market Insights 2016-2023 by Players: Mitsubishi Electric Co.

According to the new report "Underfloor Heating Market by Component (Heating Cables, Heating Mats, Sensor & Thermostat, Heating Pipes, Manifolds), Type (Hydronic Underfloor Heating, Electric Underfloor Heating), Application and Geography - Global Forecast to 2023", The underfloor heating system market was valued at USD 2.53 Billion in 2016 and is expected to reach USD 4.23 Billion by 2023, at a CAGR of 7.5% during the forecast period. The key factors driving the underfloor heating market include tax credit program, automation in industrial, commercial and residential sectors, and increasing awareness about benefits of underfloor heating systems.

Leading players operating in the underfloor heating market include Danfoss A/S (Denmark), Uponor Corporation (Finland), Emersion Electric Co. (US), Honeywell International (US), and Robert Bosch (Germany). Pentair PLC (US), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (France), Siemens AG (Germany), and Nexans S.A. (France).

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Browse 64 Market Data Tables and 35 Figures spread through 143 Pages and in-depth TOC on "Underfloor Heating Market"

New installation to lead the underfloor heating market in the coming years

New installation held a major share of the underfloor heating market than other equipment in 2016. Underfloor heating is used for various applications, and there are prospects to use it in large-scale commercial properties in both new housing developments and new business premises. It has become the most popular choice of space heating for new build properties because of the significant growth of renewable energy systems. The underfloor heating system operates with a low-flow temperature, which can be easily achieved. It is being used largely in the development of flats and apartments, which are mainly suited to this type of heating system.

Market for hydronic systems to witness a high growth in the near future

Hydronic radiant heating systems are ideal for those homes that already use a water heater as the energy can be diverted to the floor in an efficient manner. In the hydronic underfloor heating system, heated water is propelled from a boiler through a link of tubing underneath the floor. Heat is conducted to the surface of the floor by hot water, and from there, radiant energy is emitted to the room. The system is controlled by one or more thermostats which control the manifold and boiler as required. Also, the hydronic underfloor heating system is suitable for most floor finishes such as carpet, ceramic, engineered and solid wood, laminate, stone, and vinyl. Including all of these benefits, it is expected to grow with highest CAGR during the forecast period.

Residential application is expected to grow at the highest CAGR during the forecast period

The high growth rate of the underfloor heating market in the residential application is mainly due to the growth in the self-build trend and custom-build trend in the domestic sector wherein house owners are involved in the specification of their new homes and are willing to invest more at the initial level to appreciate long-term benefits. The trend toward simple styling with clean, uncluttered lines, and open-plan living has supported the demand for invisible underfloor heating systems, particularly in kitchens and in bathrooms. For these areas, there are underfloor heating systems specifically designed for use under stones and ceramic tiles. Owing to all these trends, the underfloor heating market is showing an impressive growth.

The underfloor heating market in Europe held the largest share in 2016

The market is growing rapidly because Europe is moving toward a low-carbon economy and because of the increased awareness about environmental and energy efficiency concerns. Also, higher levels of insulation, driven by regulatory requirements and government initiatives are contributing to a reduction in the overall heating load, making underfloor heating a more practical and efficient heating solution in Europe.

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Remote Monitoring and Control Market Insights 2017-2023 by Players: Emerson Electric Co. - Market Study

According to the new market research report "Remote Monitoring and Control Market By Solutions (SCADA and Emergency Shutdown System), Field Instruments (Pressure Transmitter, Temperature Transmitter, Humidity Transmitter, Level Transmitter, Flowmeter), Industry and Region–Global Forecast to 2023", the remote monitoring and control market is expected to be valued at USD 27.11 Billion by 2023, at a CAGR of 4.47% between 2017 and 2023.

The Major Players involved in this market include Emerson Electric Co. (US), Honeywell International Inc.  (US), Schneider Electric SE (France), ABB Ltd. (Switzerland), Rockwell Automation, Inc.  (US), Yokogawa Electric Corporation (Japan), Endress+Hauser AG (Switzerland), General Electric Co. (US), and Fuji Electric Co., Ltd.  (Japan).

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Browse 66 Market Data Tables and 45 Figures spread through 155 Pages and in-depth TOC on "Remote Monitoring and Control Market"

The key driving factors for the growth of the remote monitoring and control market are increasing demand for industrial automation and optimum utilization of assetsand rising demand for industrial mobility for remotely managing the industrial process.

“Field instruments to hold the largest market share in the remote monitoring and control market during the forecast period”

Field instruments are basic building blocks for remote process parameters measurement such as mass flow, continuous level detection, point level detection, temperature, and pressure. Thus, their wide acceptance across different processes in industries such as power, chemicals, food & beverages, pulp & paper, and oil & gas amassed huge installation base for them globally.

“Power industry is expected to drive the growth for SCADA and emergency shutdown system between 2017 and 2023 in remote monitoring and control market”

Resources used for power generation are limited, and hence the optimum utilization of those resources is of prime importance. Emphasis on industrial safety and health is expected to drive the growth of emergency shutdown system in the power industry. Safety switches, safety valves, and safety sensors are widely used in the power industry. The application of SCADA systems in the power industry improves the productivity of the whole system by providing supervision and control. Every process in the power industry requires temperature measurement for controlled operation of the process. Pressure transmitters are usually used inside coal processing unit to monitor pressure inside dryer units.

“Market in APAC is expected to drive the growth of remote monitoring and controls between 2017 and 2023”

APAC is an emerging market for remote monitoring and controls. Power, chemicals, and water and wastewater industry are expected to drive the growth of the market in APAC lead by China and India. Growing energy demand, emphasis to conserve water, and firm regulation pertaining to industrial wastewater disposal are some key factors to foster the growth of the market in APAC.

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Safety Switch Market expected to reach 1.55 Billion USD by 2023

According to the new market research report "Safety Switch Market by Product (Contact Switch and Non-Contact Switch), Safety System (ESD, HIPPS, BMS, Fire & Gas Monitoring Systems, and Turbomachinery Control Systems), Vertical (Oil & Gas, Chemical), and Region - Global Forecast to 2023", the safety switch market is expected to grow from USD 1.24 Billion in 2018 to USD 1.55 Billion by 2023, at a CAGR of 4.5% between 2018 and 2023.

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About - Safety Switch Market : The factors driving the growth of this market are the growing adoption of automation in hazardous industrial areas, increasing government intervention for equipment and personnel safety in industries, and rising demand for non-contact door switches to improve the stability of doors and guards.  

       

Browse 63 market data Tables and 54 Figures spread through 140 Pages and in-depth TOC on "Safety Switch Market"

“Safety switch market for non-contact switch is expected to grow at the highest CAGR during the forecast period”

The safety switch market for non-contact safety switch is expected to grow at the highest CAGR between 2018 and 2023. Awareness regarding the benefits of non-contact safety switches, such as aligned measurement of guards and multiple door switching error identification, is one of the most significant factors projected to drive the growth of the non-contact safety switch market.

“Safety switch market for fire & gas monitoring systems expected to grow at the highest CAGR during the forecast period”

The safety switch market for fire & gas monitoring systems is expected to grow at the highest CAGR between 2018 and 2023. The safety switch market for fire & gas monitoring systems can be attributed to the increasing deployment of fire & gas monitoring solution at hazardous locations to avoid fire casualties and prevent gas leakages or explosions. With the expansion of process industries, such as oil & gas, pharmaceutical, chemical, food & beverage, and energy & power, the need for safety and security of equipment and personnel is growing.

“Safety switch market for food & beverage vertical expected to grow at the highest CAGR during the forecast period”

The safety switch market for food & beverage vertical is expected to grow at the highest CAGR between 2018 and 2023. Changes in consumer preferences have propelled manufacturers to focus on the production of food products with improved taste and quality. Companies in the food & beverage vertical are using advanced automation solutions to increase their production. The increase in automation, as well as plant expansion, is driving the need to deploy safety solutions in food processing units. Thus, the increasing use of safety systems in the food & beverage vertical is projected to drive the growth of the safety switch market.

“Europe expected to lead the safety switch market between 2018 and 2023”

Europe is expected to hold the largest share of the safety switch market during the forecast period. The demand for safety switches in the European region is increasing due to the implementation of safety systems in process industries. Companies operating in this region are focused toward occupational safety and automation. In addition, the stringent safety regulations in the region have propelled the installation of safety systems in hazardous environments.

The major players operating in the safety switch market are General Electric (US), Schneider Electric (France), Rockwell (US), Siemens (Germany), ABB (Switzerland), Eaton (Republic of Ireland), Honeywell (US), Omron (Japan), Pilz (Germany), and SICK (Germany).

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Text-to-Speech Market expected to reach $ 3.03 Billion USD by 2022

According to the new research report "Text-to-Speech Market by Vertical (Healthcare, Enterprise, Consumer Electronics, Automotive & Transportation, Finance, Education, Retail), and Geography(Americas, Europe, Asia Pacific) - Global Forecast to 2022", the global text-to-speech market was valued at USD 1.30 Billion in 2016 and is expected to reach USD 3.03 Billion by 2022, at a CAGR of 15.21% between 2017 and 2022.

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About Text-to-Speech : Rising demand for handheld devices and increase in government spending for the education of differently abled persons are the major factors driving the demand for the text-to-speech technology.

Browse 57 market data tables and 69 figures spread through 131 pages and in-depth TOC on "Text-to-Speech Market"
Consumer electronics vertical to hold the largest share of the text-to-speech market

Text-to-speech is widely used in smartphones for navigation and personal assistant apps. Laptops and televisions also use this technology to help blind and partially sighted people access the menu with the help of audible instructions. The consumer electronics vertical is one of the major application areas of the text-to-speech technology. According to the World Health Organization (WHO) Disability & Health report published in November 2016, over a billion people—about 15% of the world’s population—have some form of disability. Smartphones can help this group of people to live more independently. With text-to-speech, these people can easily communicate, seek assistance from others, and stay connected to the society.

Americas to hold the major share of the text-to-speech market during the forecast period

The Americas, which comprises the US, Mexico, Canada, and Brazil, among others, dominates the text-to-speech market in terms of geography. The US is expected to be the major contributor to the text-to-speech market in the Americas between 2017 and 2022. The increased adoption of machine learning in various end-user industries is driving the growth of the text-to-speech market in the Americas. The increased medical spending and government funding for education further contribute to the growth of this market in the region.

The companies covered in the text-to-speech market are Nuance Communication (US), Microsoft Corporation (US), Sensory Inc. (US), LumenVox LLC (US), NeoSpeech (US), Amazon.Com (US), SESTEK (Turkey), iSpeech Inc. (US), TextSpeak (US), NextUp Technologies (US), Acapela Group (France), CereProc (Scotland), ReadSpeaker (Netherlands), Nexmo (US), and rSpeak (Netherlands).

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MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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