SCADA Market is Growing Quickly, Worth $13.2 Billion : Here's What You Need To Know By 2026

 

According to the new market research report "SCADA Market with COVID-19 Impact by Offering (Hardware, Software, Services), Component (Programmable Logic Controller, Remote Terminal Unit, Human‒Machine Interface, Communication System), End User, and Region - Global Forecast to 2026", the global SCADA market size was valued at USD 9.2 billion in 2021 and is projected to reach USD 13.2 billion by 2026; it is expected to grow at a CAGR of 7.6% from 2021 to 2026. The key factors fueling the growth of this market include increased adoption of Industry 4.0 solutions using SCADA systems, high demand for industrial mobility solutions for efficient management of process industry, and use of software platforms such as IoT and artificial intelligence.

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Browse 158 market data Tables and 87 Figures spread through 230 Pages and in-depth TOC on "SCADA Market with COVID-19 Impact and Region - Global Forecast to 2026"
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Services offering accounted for the largest size of the SCADA market in 2020.

The services segment accounted for the largest share of the SCADA market in 2020. Many of the industries in the Americas and Europe have already implemented SCADA systems. Thus, there are fewer opportunities in terms of the implementation of new SCADA systems. However, in terms of modification of SCADA systems, there are huge opportunities. After the installation of SCADA systems, organizations need proper modification and maintenance throughout the life of SCADA systems. Service offerings, especially cybersecurity, are considered while customizing or modifying SCADA systems.

Process industry is expected to hold the largest size of the SCADAmarket in 2021.

Process industry is expected to account for the largest share of the SCADA market during 2021–2026. The rate of adoption of SCADA systems is high in process industries owing to the rising pressure on manufacturers to optimize the cost and production processes. Increasing demand for real-time visibility of complex operations in industries such as oil & gas, chemicals, pharmaceuticals, metals and mining, and food & beverages is expected to drive the demand for SCADA systems in the process industry.

APAC projected to grow at the highest CAGR of SCADA market from 2021 to 2026.

APAC is projected to hold the largest share of the SCADA market during the forecast period. APAC is the production hub for automation technologies due to the presence of major companies such as Yokogawa Electric, Mitsubishi Electric, and OMRON. Renewable energy, smart grids, water & wastewater, and transportation sectors are expected to drive the growth of the SCADA market in APAC. Automation is increasing in APAC because of the rising necessity for high-quality products, along with increased production rates.

Schneider Electric, Emerson Electric, Rockwell Automation, ABB, Siemens, Honewell International, and Mitsubishi Electric, among others, are some of the key players offering SCADA systems.

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NDT and Inspection Market Anticipated worth $11.7 billion by 2025, at a CAGR of 7.0%

 

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Stringent government regulations regarding public safety & product quality and continuous advances in electronics, automation, and robotics are among a few major factors driving the NDT and inspection markets growth. Moreover, the high adoption of IoT devices and rising need to assess aging assets health also propel the growth of the NDT and inspection market.

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What are the Driving Factors of Evolution of technologies and consolidation of NDT and Inspection Market?

The global NDT and inspection market size is estimated to grow from USD 8.4 billion in 2020 to USD 11.7 billion by 2025, growing at a CAGR of 7.0%.

The ultrasonic testing (UT) technique to hold the largest share of the NDT and inspection market

Ultrasonic testing (UT) is expected to account for the largest share of NDT and inspection market in 2019. It is the most widely used NDT technique due to its ability to identify defects and accurately determine their severity. Some advanced techniques such as ultrasonic immersion testing and guided-wave ultrasonic testing can also be used for applications especially in the oil & gas and aerospace industries. Ultrasonic testing has evolved significantly over the last few decades and is the most important NDT technique for identifying and quantifying surface and subsurface defects. Ultrasonic NDT inspection can be conducted by using a wide range of methods, a few of which are manual and cost-effective, while others need advanced automated equipment for determining faults in critical applications.

NDT and Inspection Market by Top Companies Profiles:
The market for the oil & gas vertical to hold the largest share of the NDT and inspection market

The oil and gas segment accounted for the largest size of the NDT and inspection market in 2019. The growth of this segment can be attributed to the increased use of NDT and inspection techniques to ensure that pipes, containers, and valves in oil and gas plants are functioning safely. They are also used for detecting leaks in oil and gas pipelines, identifying equipment operating beyond their normal temperature range, monitoring processes to protect water quality and air quality in oil and gas plants, and ensuring compliance with pollution control standards.

Major players in the NDT and Inspection Market are General Electric (US), Olympus Corporation (Japan), MISTRAS Group (US), Nikon Metrology (Belgium), and Ashtead Technology (Scotland), YXLON International (Germany), Sonatest (UK), Zetec, Inc. (US), T.D. Williamson Inc. (US), Bosello High Technology Srl (Italy), Eddyfi (Canada), and Magnaflux (US), Fischer Technology Inc. (US), Cygnus Instruments Ltd. (UK), NDT Global GmBH (Germany), Acuren (US), and LynX Inspection (Canada) are the key players in the market.

Regional Insight by Marketsandmarkets^TM Research:
NDT and Inspection Market in APAC to grow at the highest CAGR during forecast period

Asia Pacific is expected to be the fastest-growing region in the NDT and inspection market due to the rapid infrastructural development and automation adoption in manufacturing industries in countries such as India and China. Countries in Asia Pacific are involved in the manufacturing of defense aircraft, which is expected to increase NDT and inspection equipment and services in the defense & aerospace industry. Many infrastructural development projects are under construction and scheduled to be constructed in the region during the forecast period. The demand for automobiles is estimated to grow substantially by 2025.

Regions & Countries Covered:

North America - (U.S., Canada, Mexico)

Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)

Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)

Latin America - (Brazil, Argentina, Rest Of Latin America)

The Middle East & Africa - (GCC Countries, South Africa, Rest Of the Middle East & Africa)

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently, servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

 

 

Collaborative Robot (Cobot) Market Anticipated to Grow $9.2 Billion by 2028, at a CAGR of 41.5%

 

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The growth of this market is driven by factors such as high return on investment as compared to the traditional industrial robotic system, increasing demand in the e-commerce and logistics industries due to contingency of COVID-19, collaborative robots to benefit businesses of all sizes, and increased ease of programming of collaborative robots. However, higher preference for low payload capacity traditional industrial robots over cobots in heavy-duty industries restrain the growth of the collaborative robot (cobot) market.

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What are the Driving Factors of Evolution of technologies and consolidation of Collaborative Robot Market?

The global collaborative robot (cobot) market is projected to grow from USD 1.1 Billion in 2022 to USD 9.2 Billion by 2028, at a CAGR of 41.5% during the forecast period from 2022 to 2028

Collaborative robots with payload capacity up to 5 kg expected to hold the largest share of the market during the forecast period

Cobots with payload capacity up to 5 kg holds the largest market share and is expected to retain its position during the forecast period. First-time users prefer low payload capacity cobots, which are cheaper and take up less space than robots with higher payload capacity. For instance, COBOTTA, a cobot from DENSO Corporation (Japan), has an inherently safe design owing to its low weight and, therefore, does not require extensive use of sensors compared to higher payload cobots, thus keeping it more affordable. SAWYER and SAWYER Black Edition from Rethink Robotics GmbH (US) are both single arm cobots with a payload capacity of 4 kg and a maximum reach of 1,260 mm.

Collaborative Robot Market by Top Companies Profiles:
Automotive industry to maintain the largest share of collaborative robot market during the forecast period

The automotive industry is one of the largest users of collaborative robots. In automotive manufacturing, collaborative robots are used for a variety of applications such as handling, welding, assembling and disassembling, welding, dispensing extensively. Amongst these applications, welding has been one of the first and most popular applications of collaborative robots in the automotive industry.

Major players in the collaborative robot market are Universal Robots A/S (Denmark), FANUC Corporation (Japan), ABB (Switzerland), Techman Robot Inc (Taiwan), KUKA AG (Germany), Doosan Robotics Inc. (South Korea), Denso Corporation (Japan), Yaskawa Electric Corporation (Japan), AUBO (Beijing) Robotics Technology Co., Ltd (China), and Rethink Robotics GmbH (US), Omron Adept Technologies, Inc. (US), FrankaEmika GmbH (Germany), etc.

Regional Insight by Marketsandmarkets^TM Research:
Europe accounts for second-largest market share of collaborative robot (cobot) market in 2021

Europe held the second-largest share of the collaborative robot (cobot) market in 2021. Many of the early adopters of collaborative robots were from European countries. With the advent of Industry 4.0 in Europe, the manufacturing sector brought in collaborative robots to modernize and improve their production capabilities. SMEs in Europe are largely looking into automation to deploy collaborative robots to perform dirty and dangerous jobs. Polishing tasks, for example, are being done by collaborative robots, with workers performing the final inspection. Europe houses several key collaborative robot players such as Universal Robots A/S (Denmark) and KUKA AG (Germany). KUKA AG was one of the first manufacturers to offer cobots to the market, while Universal Robots has been the market leader for cobots for several years now.

Regions & Countries Covered:

North America - (U.S., Canada, Mexico)

Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)

Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)

Latin America - (Brazil, Argentina, Rest Of Latin America)

The Middle East & Africa - (GCC Countries, South Africa, Rest Of the Middle East & Africa)

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently, servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

 

 

Cleaning Robot Market worth $25.9 Billion - Global Forecast 2027

 

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The growth of the market is attributed to the increasing adoption of AI and IoT in household appliances, growing adoption of cleaning robots in commercial sector, rising demand for disinfecting robots in healthcare facilities. During the forecast period, development of AI-enabled and voice-controlled smart cleaning robots is expected to create growth opportunities for the market.

Have a glance of the ReportDownload PDF@https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=22726569

Industry Trends of the Global Cleaning Robot Market:

1. Amazon.com, Inc. (US) and iRobot Corporation (US) announced a definitive merger agreement under which Amazon will acquire iRobot Corporation under its expansion plan with a USD 1.7 billion offer. The acquisition will bolster Amazon’s line of smart home products and add to the retail giant’s vast store of consumer data.

2. Ecovacs Robotics Co., Ltd., (China) one of the world’s leading service robotics leaders, is making good on its new mission, “Robotics for all”, by reimagining floor cleaning with the new AI-powered DEEBOT T10 robotic vacuum cleaner. The new DEEBOT combines next-generation technologies, such as AIVI 3.0 Upgraded AI-based Object Recognition and Avoidance technology, that offer tech-savvy households’ unique advantages. It also ushers in a new era of human-bot interaction with YIKO Voice Assistant, making the DEEBOT T10 everyone’s intelligent butler.

3. Xiaomi (China) launched the Mi Robot Vacuum-Mop 2 series in Europe, which includes the Mop 2S, Mop 2 Pro, and the Mop 2 Ultra.

What are the Driving Factors of Evolution of consolidation in Cleaning Robot Market ?

The Cleaning Robot Market is projected to grow from USD 9.8 Billion in 2022 to USD 25.9 Billion by 2027; it is expected to grow at a CAGR of 21.5% during the forecast period

Personal cleaning robots type to account for a larger share of cleaning robot market in 2022

Personal cleaning robots account for a larger share of the cleaning robot market, which is attributed to the growing sales of floor-cleaning robots for domestic purposes. The busy lifestyle and the increase in automation have led to a growth in demand for floor-cleaning robots, which can easily perform the task of dry and wet cleaning. They can be scheduled and controlled using a smartphone or tablet. Apart from floors, personal cleaning robots can also be used for the cleaning of pools, lawns, and windows.

Cleaning Robot Market : Top Leading Companies Profiles Key Benefits For Stakeholders:
Residential application to lead cleaning robot market in 2022

The cleaning robot market for residential applications is expected to hold the largest market share during the forecast period. Technological advancements are enabling these robots to become more practical and usable day by day. This is driving consumer demand and acceptance of such products. Rising consumer demand for autonomous robotic technology and the minimization of human intervention are factors driving market growth.

The key players operating in the cleaning robot market include iRobot Corporation (US), Ecovacs Robotics Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Xiaomi (China), and Roborock (China) among others.

Cleaning Robot Market - Geographical Regional Vision by Marketsandmarkets^TM

Asia Pacific to hold significant opportunities for the market during forecast period

Asia Pacific is the fastest-growing market for cleaning robots. The rise in disposable income among consumers in countries of the region has led to the rapid adoption of cleaning robots in the residential segment. The increasing adoption of cleaning robots and the influx of global players, along with the emergence of native players, are driving market growth. China is one of the key countries for the cleaning robot market in Asia Pacific as the country is the major manufacturing hub for cleaning robots globally. The presence of several manufacturers and suppliers in China has helped the cleaning robot market to expand rapidly in the country. The country accounts for a share of more than 50% of the cleaning robot market in Asia Pacific.

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Regions & Countries Covered:

North America - (U.S., Canada, Mexico)

Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)

Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)

Latin America - (Brazil, Argentina, Rest Of Latin America)

The Middle East & Africa - (GCC Countries, South Africa, Rest Of the Middle East & Africa)

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently, servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

 

 

 

Compound Semiconductor Market worth $55.8 Billion - Global Forecast 2027

 

Attractive Opportunity: Supercharge your Visualization

The forecast period. Increasing use of compound semiconductors in LED applications and the rising demand for high-speed and advanced devices in datacom applications play a key role in driving the growth of compound semiconductor market in near future. Growing demand for SiC devices in power electronics, continuous emergence of technologies in GaN ecosystem are among the factors driving the growth of the compound semiconductor market.

Have a glance of the ReportDownload PDF@https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=178858112

Industry Trends of the Global Compound Semiconductor Market :

1. Qorvo, Inc announced the release of the highest gain 100-watt L-band (1.2–1.4 GHz) compact solution: a GaN-on-SiC PAM aimed for commercial and defense radar applications. The QPA2511 GaN-on-SiC PAM provides an integrated two-stage amplifier solution with 60% power-added efficiency in a circuit footprint 70% lower than analogous two-stage solutions. This exceptional performance cuts total system power usage dramatically.

2. GaN Systems released a new turnkey 140W AC/DC charger reference design with USB PD3.1 and a single port Type-C output. This design expands GaN Systems' range of turnkey charger solutions for the consumer electronics sector (65W, 100W, 140W, and 250W), allowing for quicker design cycles and the continued roll-out of smaller, lighter, and more powerful and efficient chargers.

3. Infineon Technologies AG and II-VI Incorporated recently signed a multi-year supply deal for silicon carbide (SiC) wafers. The former firm is acquiring additional access to this important semiconductor material to fulfill the significant rise in customer demand in this sector. The arrangement also helps Infineon Technologies AG's multi-sourcing strategy and strengthens its supply chain resiliency.

What are the Driving Factors of Evolution of consolidation in Compound Semiconductor Market ?

The Compound Semiconductor Market size is projected to reach USD 55.8 billion by 2027 from an estimated USD 40.5 billion in 2022, at a CAGR of 6.6% from 2022 to 2027.

Increasing use of GaN in general lighting, signage, and automotive applications to drive GaN segment

GaN is used in various applications, such as power drives, radio frequency, lighting and lasers, and supplies and inverters, which can be adopted in different verticals, including automotive, telecommunications, consumer display and devices, military, defense and aerospace, and datacom. One of the other major driving factors for the GaN material is the massive demand from the RF semiconductor device industry. The RF industry started its quest for alternate semiconductor materials. Owing to its ability to deliver high power amplification at high-frequency ranges, GaN semiconductor devices penetrated the RF power semiconductor device industry, bolstering its growth.

Compound Semiconductor Market : Top Leading Companies Profiles Key Benefits For Stakeholders:
Telecommunication segment dominates the compound semiconductor market

The growth of telecommunication application is driven by increasing demand for RF devices. To meet all the requirements for 4G and 5G, including saturated and linear efficiency, it is necessary to use a power amplifier manufactured with a compound semiconductor technology, which is expected to drive market growth during the forecast period. Skyworks Solutions, Inc. focuses on launching RF-based devices, planning to conquer the opportunities in the telecommunications sector. Similarly, NXP Semiconductors N.V. plans to invest in 5G and wireless infrastructure markets with its leadership in GaN, LDMOS, and 5G mm-Wave.

The key players operating in the compound semiconductor market include Nichia Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), ams OSRAM AG (Austria), Qorvo, Inc. (US), Skyworks Solutions, Inc. (US), Wolfspeed, Inc. (US), GaN Systems (Japan), Canon Inc. (Canada), Infineon Technologies AG (Germany), Mitsubishi Electric Corporation (Japan), are some of the key players in the compound semiconductor market.

Compound Semiconductor Market - Geographical Regional Vision by Marketsandmarkets^TM
North America accounted for the second-largest share of the market

The market in North America is expected to grow at the second highest CAGR during the forecast period. The growing electric and hybrid vehicle market in North America is expected to support the growth of the compound semiconductor market. North America is a regional hub for many renowned OEMs that deliver quality and high-performance vehicles. OEMs in North America, such as Tesla and GM, focus on developing faster, cleaner, and high-performance electric vehicles

Regions & Countries Covered:

North America - (U.S., Canada, Mexico)

Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)

Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)

Latin America - (Brazil, Argentina, Rest Of Latin America)

The Middle East & Africa - (GCC Countries, South Africa, Rest Of the Middle East & Africa)

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently, servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

 

 

Identify the Impact Analysis of Haptic Technology Market - Global Forecast to 2026

 

Attractive Opportunity: Supercharge your Visualization

Increasing integration of haptics into consumer devices is expected to fuel the demand for haptic technology. The growing demand for haptic technology for automobile safety applications is expected to play a vital role in the growth of the haptic technology market. Moreover, growing adoption of haptic technology in automobile safety applications will drive the demand for this technology in the near future.

Have a glance of the ReportDownload PDF@https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=443

Industry Trends of the Global Haptic Technology Market:

1. Ultraleap signed an agreement with IPlan Ideas Events and its division, IPlan Ideas Technologies (IPI Tech), a subsidiary of UAE-based Hawas Group, to bring Ultraleap’s hand tracking and mid-air haptic technologies to clients in the UAE. IPI Tech will introduce the technology to a range of sectors, including kiosk makers, retail, advertising and marketing, and cinemas, among others.

2. Immersion signed a multi-year license renewal with LG Electronics (South Korea) for continued use of Touch Sense software and haptic technologies in its mobile devices. LG is expected to continue the use of Immersion haptic software in its entire range of smartphones.

3. Microchip Technology announced the opening of a new R&D center in Chennai, India. The new R&D center is aimed at catalyzing the development of the local ecosystem for integrated circuit design and specialized embedded systems development and employs around 1,200 employees.

What are the Driving Factors of Evolution of technologies and consolidation of Haptic Technology Market?

The haptic technology market is expected to grow from USD 2.6 billion in 2021 to USD 4.6 billion by 2026, at a CAGR of 12.0%.

Haptics hardware component expected to hold the largest market share during the forecast period

Haptics hardware component is estimated to have the largest market share by value and are expected to exhibit a similar growth trend during the forecast period. Increased adoption of haptic technology in various devices has been observed owing to factors such as increased accuracy, increased input command speed, and improved user satisfaction. Technological advancements in devices is one of the driving factors for market growth.

Haptic Technology Market : Top Leading Companies Profiles Key Benefits For Stakeholders:
Consumer devices application is estimated to be the largest market

The haptic technology market for the consumer devices application is expected to hold the largest market share during the forecast period. The increasing demand for consumer devices such as smartphones, tablets, and other wearable devices is one of the major driving factors for the haptic technology market. Almost all smartphones and tablets are inbuilt with haptics, and the trend has been shifting to smartwatches and wristbands.

Major players in the haptic technology market include Texas Instruments (US), Johnson Electric (Hong Kong), AAC Technologies (China), TDK (Japan), Microchip Technology (US), Immersion (US), ON Semiconductor (US), Precision Microdrives (UK), Ultraleap (UK), and Synaptics (US).

Haptic Technology Market - Geographical Regional Vision by Marketsandmarkets^TM
Asia Pacific, likely to emerge as the largest haptic technology market

The market in APAC is expected to hold the largest market share during 2021–2026. The global market players are experiencing increased demand for haptic solutions from countries such as China, Japan, and South Korea. Increasing demand for consumer electronic devices such as smartphones, tablets, and wearables in China, Japan, South Korea, and India is expected to drive the growth of the haptic technology market in the region.

Regions & Countries Covered:

North America - (U.S., Canada, Mexico)

Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)

Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)

Latin America - (Brazil, Argentina, Rest Of Latin America)

The Middle East & Africa - (GCC Countries, South Africa, Rest Of the Middle East & Africa)

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently, servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Artificial Intelligence in Healthcare Market worth $67.4 Billion - Global Forecast 2027

 

Attractive Opportunity: Supercharge your Visualization

The industry participants extensively focused on leveraging AI technology in their healthcare offerings as it helped them to achieve process automation, improve workflows across healthcare facilities, and high-end patient health monitoring. Adding to this, the rising potential of artificial intelligence in precision medicine, diagnostics, imaging, drug discovery, and genomics to fight against COVID-19 pandemic will support the market growth over the forecast timeframe. Improving computing power and declining hardware cost, increasing need to reduce healthcare costs, and surging need for improvised healthcare services due to imbalance between health workforce and patients are the factors driving the growth of the artificial intelligence in healthcare market.

Have a glance of the ReportDownload PDF@https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=54679303

Industry Trends of the Global Artificial Intelligence in Healthcare Market:

1. Hitachi Ltd. (Japan) acquired a 9.99% share in Yungtay Engineering (Taiwan) to strengthen its elevator and escalator market. Till date, Hitachi has acquired a ~51% share in Yungtgay.

2. OTIS Elevator (US) acquired Bay State Elevator (US) to expand in the northeast, US. The acquisition includes the company service portfolio and operations in Massachusetts, Connecticut, Vermont, and upstate New York.

3. Thyssenkrupp AG (Germany) entered an agreement with Advent, Cinven, and RAG Foundation to sell its Elevator Technology business segment to strengthen its cash flow and lower its structural costs.

What are the Driving Factors of Evolution of consolidation in Artificial Intelligence in Healthcare Market?

The Artificial Intelligence in Healthcare Market is projected to grow from USD 6.9 billion in 2021 to reach USD 67.4 billion by 2027; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 46.2% from 2021 to 2027.

The software segment is projected to account for the largest share of the artificial intelligence in healthcare market during the forecast period.

Many companies are developing software solutions for various healthcare applications; this is the key factor complementing the growth of the software segment. Strong demand among software developers (especially in medical centers and universities) and widening applications of AI in the healthcare sector are among the prime factors complementing the growth of the AI platform within the software segment. Google AI Platform, TensorFlow, Microsoft Azure, Premonition, Watson Studio, Lumiata, and Infrrd are some of the top AI platforms.

Artificial Intelligence in Healthcare Market : Top Leading Companies Profiles Key Benefits For Stakeholders:
The market for machine learning segment is expected to grow at the highest CAGR during the forecast period

The increasing adoption of machine learning technology (especially deep learning) in various healthcare applications such as inpatient monitoring & hospital management, drug discovery, medical imaging & diagnostics, and cybersecurity is driving the adoption of machine learning technology in the AI in healthcare market.

The key players operating in the artificial intelligence in healthcare market include Intel (US), Koninklijke Philips (Netherlands), Microsoft (US), IBM (US), and Siemens Healthineers (Germany).

Artificial Intelligence in Healthcare Market - Geographical Regional Vision by Marketsandmarkets^TM
North America region is expected to hold the largest share of artificial intelligence in healthcare market during the forecast period.

Increasing adoption of AI technology across the continuum of care, especially in the US, and high healthcare spending combined with the onset of COVID-19 pandemic accelerating the adoption of AI in hospital and clinics across the region are the major factors driving the growth of the North American market.

Regions & Countries Covered:

North America - (U.S., Canada, Mexico)

Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)

Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)

Latin America - (Brazil, Argentina, Rest Of Latin America)

The Middle East & Africa - (GCC Countries, South Africa, Rest Of the Middle East & Africa)

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently, servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441