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The global AI in healthcare market is estimated to increase from USD 4.9 billion in 2020 to USD 45.2 billion by 2026, with a CAGR of 44.9 percent expected over the forecast period. The increasing volume of healthcare data and increasing complexities of datasets driving the need for AI, the intensifying need to reduce soaring healthcare costs, improving computing power and declining hardware costs, growing number of cross-industry partnerships and collaborations, and rising imbalance between h and h are the major factors driving the artificial intelligence in healthcare market growth.
Many companies are developing software solutions for a variety of healthcare applications, which is a crucial reason in the software segment's growth. The services segment is predicted to rise in the latter half of the projection period as hospitals and other healthcare service providers implement AI-driven healthcare informatics solutions and healthcare operational support.
The usage of various sensors and devices to track a patient's health state in real time, as well as the expanding acceptance of deep learning in various healthcare applications, particularly in the fields of medical imaging, disease diagnostics, and drug discovery, are augmenting the market's expansion.
The presence of a huge volume of imaging data, the advantages offered by AI systems to radiologists in diagnosis and treatment management, and the influx of a large number of startups in this category have all contributed to the expansion of the medical imaging & diagnostics segment.
North America is an important artificial intelligence in healthcare industry since it is home to some of the world's top multinational firms, including IBM, Microsoft, Google, NVIDIA, Intel, GE Healthcare, and Johnson & Johnson (US). In 2019, the United States had the biggest market share in North America. The United States has the most registered hospitals in the region, but it is anticipated to face a shortage of healthcare workers in the coming years. AI can assist in the management of patient data, patient care, and hospital management apps, all of which can help to ease such issues. Furthermore, North America's ageing population and dwindling healthcare workforce are factors to consider.
IBM Watson Health and EBSCO Information Services teamed in March 2020 to provide physicians and individuals with access to evidence-based medicine and illness information that can help them cope with infectious diseases like COVID-19.
RedHat was acquired by IBM in July of this year. Red Hat's open hybrid cloud technologies are now combined with IBM's industry experience and innovation. By creating a next-generation hybrid multi-cloud platform, IBM and Red Hat will speed innovation. The platform, which is based on open source technologies like Linux and Kubernetes, will enable enterprises to securely deploy, execute, and manage data and applications on premises as well as in private and multiple public clouds.
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