Speech and Voice Recognition Market worth $28.1 Bn by 2027

 

According to a research report "Speech and Voice Recognition Market by Deployment Mode (On-Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition), Vertical and Geography (Americas, Europe, APAC, Rest of the World) - Global Forecast to 2027" published by MarketsandMarkets, the global speech and voice recognition market size is projected to grow from USD 9.4 billion in 2022  to USD 28.1 billion by 2027;  it is expected to grow at a CAGR of 24.4% from 2022 to 2027.

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The key factors contributing to the growth of the speech and voice recognition market include increasing demand in healthcare for improving efficiency and the growing use of smart appliances are among the factors driving the growth of the speech and voice recognition market.

Consumers are likely to register high CAGR

In 2021, the consumer segment the largest share of the speech and voice recognition market. The growing requirement for mobile device and application authentication and the increasing use of voice-controlled wearable devices are expected to drive the speech and voice recognition market growth. Apac region is expected to achieve the highest CAGR during the forecast period owing to the high demand of mobile and wearables devices in the region.

The consumer sector is expected to register the highest CAGR during the forecast period. The demand for speech and voice recognition solutions in this sector is primarily attributed to the growing use of speech recognition technology in consumer products such as smartphones, laptops, tablets, and smart home devices. This factor is likely to drive the growth of the market during the forecast period as well.

APAC exhibit the highest CAGR during the forecast period

The market in the APAC is expected to grow at the highest CAGR from 2022 to 2027. The growing focus on integrating artificial intelligence (AI) into industrial devices is expected to contribute to the growth of the voice recognition market for enterprise applications in the Asia Pacific during the forecast period. Additionally, the governments focus on bringing digitalization and technological innovations in industries is also expected to propel the growth of the market in the Asia Pacific.

Voice recognition to hold the higher CAGR during the forecast period.

Voice recognition is projected to grow at the highest CAGR during the forecast period Data security concerns due to cyberattacks, data breaches by intruders and issues related to illegal migrants are some of the major factors contributing to the higher growth rate of the market for voice recognition technology.

On-cloud segment is projected to dominate the speech and voice recognition market

The on-cloud segment is expected to account for a larger market share due to the ability of the cloud infrastructure to provide self-service applications at a minimal cost. The cloud-hosted deployment mode offers easy accessibility to data from anywhere at any time. Cloud-hosted speech and voice recognition solutions can also be easily integrated with the existing server, which operates on its physical hardware in minimal time.

The key players in this market are Apple (US), Microsoft (US), IBM (US), Alphabet (US), Amazon (US), Baidu (China), iFlytek (China) and SESTEK (Turkey), speak2web (US), and Verint (US). The players in this market have adopted various strategies to expand their global presence and increase their market shares.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Light Control Switches Market expected to reach USD $10.1 billion

 

According to the new market research report, "Light Control Switches Market by Product Type (Switches, Dimmers), Communication Technology (Wired, Wireless), End-use Application, Switch Solutions (Standalone, Integrated), Light Source, Geography - Global Forecast to 2025", The light control switches market is estimated to grow from USD 6.6 billion in 2020 and projected to reach USD 10.1 billion by 2025, at a CAGR of 8.9%. The major factors driving the growth of the light control switches market include the advent of integrated lighting control systems, ongoing and upcoming smart city projects in developing economies, increasing adoption and reduction in prices of LEDs, and growing awareness about energy savings among consumers and governments worldwide.

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“DALI protocol to hold the largest size of light control switches market for wired communication technology during the forecast period.”

In 2019, the DALI protocol held the largest share of wired communication technology. As of now, DALI is the predominant communication technology used owing to its ease of installation, open protocol, and requirement of less branch wiring than traditional controls. However, technology is not seen as a dominant protocol in the future due to the escalated demand for wireless technologies.

“Light control switches market for electronic switches is expected to exhibit high growth during the forecast period.”

Electronic switches include wireless switches, sensor-based switches, and others. The adoption of electronic switches is increasing owing to their ability to control lights effectively and ensure higher energy savings, leading to very high growth during the forecast period.

“APAC to hold the largest share of light control switches market during the forecast period.”

APAC accounted for a significant share of the light control switches market in 2019. APAC is expected to be the fastest-growing region for the light control switches market during the forecast period owing to the rapid infrastructure-related activities being undertaken in this region, mainly in China, where smart lighting paves the way for the modernization of infrastructure. Factors such as the ever-growing population, increasing per capita income, as well as vast geographic expansions, have indirectly contributed to the growth of the market for light control switches in the Asian countries.

Some of the major players in the light control switches market are Signify (Philips Lighting) (Netherlands), Legrand S.A. (France), Eaton Corporation (Ireland), General Electric Company (US), and OSRAM Licht (Germany), Acuity Brands, Inc. (US), Leviton Manufacturing Company, Inc. (US), Lutron Electronics (US), Schneider Electric (France), Honeywell International Inc. (US), Ideal Industries (US), Adesto Technologies (Echelon Corporation), Panasonic (Japan), Helvar (Finland), LightwaveRF PLC (UK), RAB Lighting (US), Synapse Wireless (US), and Dialight PLC (UK).

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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 painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Neuromorphic Computing Market expected to reach $550,593 thousand by 2026

 

According to a research report "Neuromorphic Computing Market With Covid-19 Impact by Offering, Deployment, Application (Image Recognition, Signal Recognition, Data Mining), Vertical (Aerospace, Military, & Defense, Automotive, Medical) and Geography - Global Forecast to 2026"The neuromorphic computing market is expected to be valued at USD 22,743 thousand in 2021 and is projected to reach USD 550,593 thousand by 2026; it is anticipated to grow at a CAGR of 89.1% during the forecast period.

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The major factors driving the growth of the neuromorphic computing market are need for better performing ICs, increase in demand for artificial intelligence and machine learning, and increasing number of cross-industry partnerships and collaborations. However, several factors, such as lack of knowledge about neuromorphic computing and complex algorithms increasing complexity of designing hardware of neuromorphic chips are hindering the growth of neuromorphic computing market. Moreover, matching a human’s flexibility and ability to learn from unstructured stimuli data can act as a key challenge in the market during the forecast period.  

Hardware segment is expected to hold the biggest market share during the forecast period

Hardware consist of microprocessors configured similar to brains rather than traditional chips. The chips include microcontroller units (MCUs) and field-programmable gate arrays (FPGAs). Neuromorphic chips are called so as they are modeled on biological brains, designed to process data such as images and sound, and respond to changes in data without being specifically programmed. A decent amount of computing power is required to run the software used for neuromorphic computing. Hence, companies within the market ecosystem are ramping up their hardware infrastructure to cope up with the increasing demand. Therefore, the hardware segment is expected to hold the largest share of market during the forecast period

Cloud Computing segment to grow at the highest CAGR during forecast period.

Cloud computing involves decentralized applications running in data centers. It offers several advantages over edge computing. Cloud services are basically handled in a vendor-managed cloud or a collection of data centers and can be accessed from any device over the Internet. Moreover, COVID-19 pandemic has accelerated the deployment of cloud computing as people are working remotely. Hence, the cloud computing segment is expected to witness the highest growth during forecast period.

Consumer Electronics segment is expected to grow at the highest CAGR during the forecast period.

The consumer electronics vertical comprises wearable devices such as smartwatches as well as smart homes, and image and voice recognition for security systems. Smart homes have various real-time applications such as image recognition, signature recognition, and speech recognition based on stored data. To increase the speed of recognition pattern, neuromorphic chips can be deployed, as the neural network executes the command in parallel. Consumer drones and embedded systems are some other examples where the processors can replace their existing chips and deploy these neuromorphic chips instead. As there is an increasing boom for smart wearables, among youth, the market for smart werables is also growing at a tremendous pace. Hence, consumer electronics segment is expected to grow at the highest rate during the forecast period.

North America is expected to hold the largest share of neuromorphic computing market during the forecast period.

North America is expected to hold the largest share in the neuromorphic computing market in 2021, with the US being the major contributor to the market in the region. The higher penetration of devices with unique voice and image identification capabilities in defense, wearables, IoT, and robotics technologies for interactive experience is driving the growth of the neuromorphic computing market in the region. The presence of prominent technology providers, such as IBM (US) and Intel (US), contributes to the market’s growth in this region. The growing concerns about the security of critical infrastructure and sensitive data have led to increased government spending in recent years and resulted in the adoption of neuromorphic chipsets in security applications in this region.

Key Market Players

The neuromorphic computing market was dominated by Intel Corp. (US), IBM Corporation (US), BrainChip Holdings Ltd. (US), Qualcomm (US) and HP Enterprise (US).

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Growth Opportunities and Challenges for the Haptic Touch Industry

 

Haptic technology and haptic touch market have been growing rapidly in recent years and are expected to continue to do so in the future. The increasing demand for more immersive and engaging experiences in industries such as gaming, automotive, healthcare, and consumer electronics. Haptic technology provides a more intuitive and natural way of interacting with devices, which is increasingly important as more people use technology in their daily lives.

According to a report by MarketsandmarketsTM, the global haptic technology market size is expected to grow from USD 2.6 billion in 2021 to USD 4.6 billion by 2026, at a CAGR of 12.0%. The report cites the increasing adoption of haptic technology in consumer electronics, healthcare, and automotive industries as key drivers of this growth. In addition to this, the rising trend of wearable devices and the increasing use of haptic technology in VR/AR devices is also expected to contribute to the growth of the haptic technology market.

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How Haptic Technology Market is Going To Impact In haptic touch?

The growth of the haptic technology market is expected to have a positive impact on the development and adoption of haptic touch technology. As more companies invest in haptic technology, there is likely to be a corresponding increase in the number of devices and applications that incorporate haptic touch. As the demand for more immersive and engaging experiences continues to grow, haptic touch can help to bridge the gap between the physical and digital worlds by providing a more tactile and realistic experience.

In addition to this, haptic touch technology can also provide important feedback to users, such as confirming a button press or indicating the presence of an obstacle in a VR environment. This can enhance safety and improve the overall user experience.

Some Futuristic Growth Use-cases Of haptic touch Market?

There are many potential future use-cases of haptic touch technology that could drive growth in the market. Here are a few examples:

1. Medical Training and Rehabilitation - Haptic touch technology can be used to simulate the feeling of different medical procedures and allow medical professionals to train in a safe and controlled environment. It can also be used in rehabilitation to help patients regain motor function by providing targeted haptic feedback.

2. Autonomous Vehicles - As autonomous vehicles become more common, haptic touch technology can be used to provide drivers with feedback on the status of the vehicle, such as indicating when it is safe to change lanes or alerting the driver to potential hazards.

3. Virtual Reality - Haptic touch can provide a more immersive and realistic experience in virtual reality environments by simulating the feeling of objects and surfaces. For example, haptic touch could allow users to feel the texture of a virtual object or the sensation of wind blowing past them.

4. Gaming - Haptic touch technology can be used to provide more immersive and realistic gaming experiences, such as simulating the feeling of a weapon recoiling or the sensation of driving over rough terrain.

5. Accessibility - Haptic touch technology can be used to provide important feedback to users with visual impairments or other disabilities, enabling them to more easily and effectively interact with digital devices and environments.

Industries That Will Be Impacted In The Future By haptic touch

Haptic touch technology has the potential to impact a wide range of industries in the future. Here are a few examples:

1. Automotive - Haptic touch can be used to provide feedback to drivers in cars, such as indicating when it is safe to change lanes or alerting the driver to potential hazards.

2. Healthcare - Haptic touch can be used in medical training and rehabilitation to simulate the feeling of different medical procedures or provide targeted haptic feedback to patients during therapy.

3. Consumer Electronics - Haptic touch is already widely used in consumer electronics, but as the technology continues to evolve, we can expect to see even more innovative applications in smartphones, smartwatches, and other wearable devices.

4. Gaming - Haptic touch can provide a more immersive and realistic gaming experience, simulating the feeling of a weapon recoiling or the sensation of driving over rough terrain.

5. Virtual and Augmented Reality - Haptic touch can be used to provide more immersive and realistic experiences in virtual and augmented reality environments by simulating the feeling of objects and surfaces.

6. Aerospace - Haptic touch can be used to provide feedback to pilots in aircraft, such as indicating when the plane is level or alerting the pilot to potential hazards.

7. Education - Haptic touch can be used in educational settings to provide tactile feedback to students, such as indicating when they have answered a question correctly or providing feedback on their writing or drawing.

There are several growth opportunities and key challenges facing the haptic touch industry in the future:

Growth Opportunities:

1. Integration in New Devices - Haptic touch technology is already widely used in smartphones and other consumer electronics, but there is potential for it to be integrated into new types of devices, such as wearables, home appliances, and automotive interfaces.

2. Adoption in Gaming and Entertainment - Haptic touch can provide a more immersive and engaging experience in gaming and entertainment, and as these industries continue to grow, there will be increased demand for haptic technology.

3. Expansion in Healthcare - Haptic touch can be used in medical training and rehabilitation to simulate the feeling of different medical procedures or provide targeted haptic feedback to patients during therapy, and as the healthcare industry continues to innovate, there will be opportunities for haptic touch to play a greater role.

4. Innovation in Materials and Technologies - Advances in materials science and haptic technology will enable the development of new and more advanced haptic touch devices and applications.

Key Challenges:

1. Cost - The cost of haptic touch technology is still relatively high, which may limit adoption in some industries or by some consumers.

2. Standardization - There is a lack of standardization in the haptic touch industry, which can make it difficult for developers to create applications that work across different platforms and devices.

3. Power Consumption - Haptic touch devices can be power-intensive, which can limit battery life and impact user experience.

4. Complexity - Haptic touch technology can be complex to develop and integrate into devices, which may limit adoption by some manufacturers.
   

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. Also, APAC is home to several major players in the haptic technology market such as Johnson Electric (Hong Kong), TDK (Japan), AAC Technologies (China), and SMK Corporation (Japan), which further aids the growth of the market in the region.

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).

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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 painpoints around revenues decisions.

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Factory Automation Market to Reach $218.8 billion by 2027: Growing Demand for Advanced Manufacturing Processes

 

The report "Industrial Control & Factory Automation Market by Component, Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Industry (Process Industry and Discrete Industry) and Region (North America, Europe, APAC, RoW) – Global Forecast to 2027" The global industrial control & factory automation market size is estimated to be USD 147.9 billion in 2022 and is projected to reach USD 218.8 billion by 2027, at a CAGR of 8.2%. Increasing adoption of technologies such as AI and IoT in industrial environments, increasing number of government initiatives to promote industrial automation, and rising need for augmented reality and virtual reality technologies are major factors driving the growth of the industrial control & factory automation market. Additionally, growing adoption of smart manufacturing techniques across process and discrete industries is another key driver for the market.

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Industrial 3D printing to grow at the highest growth rate during the forecast period

Industrial 3D printing is used in tooling, robotics, and special machinery applications. The manufacturing of tools is an expensive and time-consuming process, but it can be simplified using industrial 3D printing. Tools with highly complex designs can be easily manufactured, thereby eliminating the need for an assembly line, and helping to reduce labor costs. The development of new materials is expected to contribute to the increased adoption of industrial 3D printing globally.

PAM is expected to register the highest growth rate and MES is expected to register the second highest growth rate during the forecast period

PAM solutions enable users to determine possible failures at the production level well in advance and provide them the required corrective actions to be taken in real-time. PAM solutions offer predictive and proactive maintenance approaches for predicting future failures with a high degree of accuracy, thereby increasing the adoption of PAM across sectors such as oil & gas and energy & power. MES enables cost-savings and improvements in operations and delivery of high-performance production assets across the supply chain of industries for local manufacturers. Demand for MES across different industries is expected to increase with quantifiable improvements in their production and efficiency. Potential improvements in supplier and inventory management are also expected to attract most industries toward implementing MES in their manufacturing units.

Among discrete industries, the medical device industry is expected to register the highest growth during the forecast period

The growth of the medical device industry is driven by continuous innovations and technological advancements in the field of healthcare. The industry has witnessed significant growth owing to the development of state-of-the-art medical devices equipped with novel technologies. Manufacturers operating in this industry are adopting innovative solutions to enhance their overall manufacturing processes and increase operational efficiency, thereby increasing the adoption of industrial control & factory automation solutions in this domain.

The industrial control & factory automation market in Asia Pacific held the largest share and is expected to grow significantly from 2022 to 2027

The growth of the market in Asia Pacific can be attributed to the efforts being made to boost the region’s manufacturing sector through the adoption of innovative practices and implementation of automation technologies. Research institutes and corporates in countries like China and Japan are collaborating to improve the manufacturing processes of different industries in the country. Industrial intellectualization and information integration remain the focus of the industrial policies formulated by the government. Owing to the rising competition from China and South Korea, Japan is focusing on the adoption of advanced and highly precise automation solutions in its industrial sector, especially in the consumer electronics, semiconductors, automotive, and food & beverage industries. Industries in the country are increasingly adopting manufacturing robots, sensors, wireless technologies, and machine vision systems to transform their factories into smart factories. This, in turn, is leading to the growth of the industrial control & factory automation market in Japan.

Major companies operating in the industrial control & factory automation market include ABB (Switzerland), Emerson (US), Siemens (Germany), Schneider Electric (France), Mitsubishi Electric (Japan), Yokogawa Electric Corporation (Japan), Endress+Hauser (Switzerland), Honeywell (US), Rockwell Automation (US), and General Electric (US).

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Next-Generation Data Storage Market expected to reach $86.2 billion by 2028

The report "Next-Generation Data Storage Market by Storage System (Direct-Attached, Network-Attached, Storage Area Network), Storage Architecture, Storage Medium, Storage Systems, Deployment Type, End-user and Region - Global Forecast to 2028" The Next-Generation Data Storage market is projected to grow from USD 60.7 billion in 2023 and is projected to reach USD 86.2 billion by 2028; it is expected to grow at a CAGR of 7.3% from 2023 to 2028. The growth of this market is driven by factors such as rising use of 5G technology, surging adoption of IoT technologies and connected devices, and rising data generation with surge in use of mobile and smart wearable devices.

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NAS segment is expected to grow at the high CAGR from 2023 to 2028

NAS segment is expected to grow at high rates over the forecast period. A NAS device is connected to a network that allows storage and retrieval of data from a central location for authorized network users and varied clients. It helps enterprises to scale their storage capacities without upgrading or replacing the existing servers. With the high adoption rate of smart home automation in growing countries such as the US, Germany, China, and Japan, the demand for NAS storage systems for home cloud servers is growing rapidly. This will further fuel the segment growth over the forecast timeframe.

The SSD segment in Next-Generation Data Storage market is expected to be the fastest growing storage medium segment during the forecast period

The SSD segment is projected to be the fastest growing storage medium segment during the forecast period. SSDs use non-volatile solid-state chips that feature flash memory cells to store data on a long-term basis. The storage solution depends entirely on flash memory to store data, making them much faster at reading and writing data in ad hoc and sustained operations. Next-generation SSDs do not require an additional power source that always maintains an electrical current in the device to preserve data. This makes them more reliable than traditional HDDs. SSDs come with a storage capacity ranging from 120 GB to 30.72 TB. The high-end scalability feature provided by the SSDs will propel the market growth over the forecast period.

Cloud service providers segment of the Next-Generation Data Storage market to record highest CAGR from 2023 to 2028

The cloud service providers segment is expected to account for the highest CAGR of the Next-Generation Data Storage market from 2023 to 2028. Many organizations are opting for cloud solutions to drive down data storage costs. The challenge of dealing with burgeoning volumes of data—often unstructured—is likely to be a key factor for users interest in the cloud. The adoption of solid-state drives (SSDs) by cloud providers continues to be a major trend. The availability of cloud storage solutions and services has eliminated the need to maintain on-premises storage infrastructures, such as disk storage and tape devices. Cloud storage solutions offer enterprises the flexibility to scale up or down the storage capacity, depending on the business requirements.

North America will hold the largest share in the Next-Generation Data Storage market during the forecast period

North America will hold the largest Next-Generation Data Storage market share from 2023 to 2028. Leading companies in North America, such as Dell Technologies, HPE, and NetApp, Inc., provide the most developed data storage solutions to various industries. Enterprises in North America are increasingly spending on IT infrastructure to gain a competitive advantage and increase business productivity. The region has a large number of prominent players offering server-attached networks and storage systems, namely Dell, HPE, and Hitachi. Additionally, the market for data centers has been evolving through administration and federal mandates for data center optimization. Also, increasing cloud adoption is driving the demand for data centers. This trend of having well-optimized data centers boosts the demand for next-generation data storage solutions in this region.

Key players in the Next-Generation Data Storage market include Dell Technologies Inc. (US), HPE (US), NetApp, Inc. (US), Huawei Technologies Co., Ltd. (China), Pure Storage, Inc. (US), Hitachi Ltd. (Japan), Fujitsu Ltd. (Japan), IBM Corporation (US), DataDirect Networks (US), and MicronTechnology Inc. (US). Apart from these, Cloudian (US), Drobo, Inc. (US), Quantum Corp. (US), Western Digital Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Nutanix (US), Seagate Technology LLC (US), Scality (US), NETGEAR, Inc. (US), Inspur Group (China), SK Hynix (South Korea), LucidLink (US), DataCore (US), KIOXIA Holdings Corp. (Japan), and Infinidat (US) are among a few emerging companies in the Next-Generation Data Storage market.

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Artificial Intelligence in Healthcare Market expected to reach $102.7 Billion by 2028

 

The report "Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), Application, End User and Region - Global Forecast to 2028" according to MarketsandMarketsTM. The AI in Healthcare Market is projected to grow from USD 14.6 Billion in 2023 to USD 102.7 Billion by 2028; it is expected to grow at a CAGR of 47.6% during the forecast period. The market growth is attributed to the increasing generation of large and complex healthcare datasets, growing computing power, declining hardware costs, and rising need to reduce healthcare costs. The growing potential of AI technology in genomics, drug discovery, and imaging & diagnostics is expected to create growth opportunities for the market.

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Browse 206 market data Tables and 70 Figures spread through 300 Pages and in-depth TOC on "Artificial Intelligence in Healthcare Market by Application, End User and Region - Global Forecast to 2028"
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Software to account for a larger share of AI in Healthcare market in 2023

Software is expected to hold the majority of the share during the forecast period. Increasing developments in AI software and related software development kits will further propel the market growth in the coming years. The software integrated into computer systems carries out complex operations. It synthesizes the data received from hardware systems and processes it in an AI system to generate an intelligent response. The software is developed using AI technologies, such as machine learning, natural language processing, and deep learning.

In most cases, the software can run in the existing system without any additional requirements for specific hardware. The software can run the specific application without additional hardware, especially for patients, payers, ACOs, and MCOs. AI-related additional hardware is needed in case of faster calculations in healthcare, for example, in medical imaging, drug discovery, and precision medicine.

Machine Learning to hold for the majority of the share in AI in Healthcare market in 2023

Machine Learning is expected to account for the largest market share throughout the forecast period. This is attributed to the enormous availability of data, also called big data, and the increasing adoption of ML by hospitals, research centers, pharmaceutical companies, and other healthcare institutions to improve patient health. ML is being implemented in healthcare to deal with large volumes of data. The time previously dedicated to creating charts and spreadsheets is now being used to seek intelligent ways to automate data analysis. It is used to streamline hospital administrative processes, map and treat infectious diseases, and personalize medical treatments.

Medical Imaging & Diagnostics segment to grow at highest CAGR in AI in Healthcare market

In healthcare, medical imaging generates a large volume of data, and this data is also the most challenging of all in terms of understanding and interpretation. Healthcare AI startups are raising venture capital and have been working in the field of imaging and diagnostics (especially pathology) and extracting insights using machine learning. Zebra Medical Vision, for instance, provides radiologists with AI-enabled assistants that receive imaging scans and automatically analyze them for various clinical findings they have studied. The results are passed onto radiologists, who consider the assistant’s reports when diagnosing.

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

China, Japan, South Korea, and India are among the major countries driving the AI in Healthcare market in Asia Pacific. In 2022, China held the largest share of the AI in Healthcare market among all countries in Asia Pacific. It is the highest spender on healthcare among the countries in Asia Pacific and is planning to digitize medical records. The healthcare sector in China is rapidly growing, resulting in the introduction of new medical technologies. All these factors, coupled with burgeoning population growth in the country, are expected to increase the healthcare data volume in their respective healthcare systems. This represents a significant untapped opportunity for AI companies operating in the hospitals and healthcare providers segment.

Major vendors in the AI in Healthcare market include Intel Corporation (US), Koninklijke Philips N.V., (Netherlands), Microsoft (US), Siemens Healthineers (Germany), and NVIDIA Corporation (US) among others.

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