Artificial Intelligence
The artificial intelligence in life sciences market was valued at USD 1,101.1 million in 2019, and it is estimated to be worth USD 4,893.1 million by 2025, registering a CAGR of 29.42% during the forecast period (2020 – 2025)
New York, Sept. 07, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Artificial Intelligence In Life Sciences Market – Growth, Trends, Forecasts (2020 – 2025)” – https://www.reportlinker.com/p05962021/?utm_source=GNW
– An emerging area of artificial intelligence (AI), specifically the analysis of small systems-of-interest specific datasets, can be utilized to improve drug development and personalized medicine. According to a study published in Science Translational Medicine, Quadratic Phenotypic Optimization Platform (QPOP), an AI platform is capable of substantially improving combination therapy in bortezomib-resistant multiple myeloma, which is used to identify the best drug combinations for individual multiple myeloma patients.
– Furthermore, complex diseases, such as cancer, often require effective drug combinations to make any significant therapeutic impact. As the drugs in these combination therapies become increasingly specific to molecular targets, designing effective drug combinations, as well as choosing the right drug combination for the right patient, becomes more difficult. With the high average development costs (around USD 2 billion for a new approved treatment), low clinical trial drug success rate (below 12%), low return-on-investment (ROI) due to reduced healthcare expenditure, and focus on rare diseases, drug discovery is becoming more inefficient.
– Clinical trial research is an extensive progress, which can be reduced with the help of AI in numerous ways. One is by using advanced predictive analytics on a broad range of data to identify candidates for clinical trials for target populations more quickly. Additionally, machine learning applications can make clinical trials more efficient by facilitating tasks, such as calculating ideal sample sizes, facilitating patient recruitment, and using medical records to minimize data errors.
– Artificial Intelligence (AI) presents one of the most promising and potentially transformative opportunities for the life sciences industry. AI will be a key investment target in the coming years, with myriad organizations hoping to capitalize on its potential. The number of applications is expected to continue to increase and the investors are expected to enter the AI industry early.
– The COVID-19 outbreak would have profound and lasting impacts on the health and life sciences industry. The outbreak has caused life sciences organizations to adjust to supply chain and clinical development disruptions and financial challenges that would have previously been unthinkable. In the near term, healthcare organizations would accelerate innovation to respond to the crisis. These investments would enable healthcare organizations post-COVID-19 to rethink care delivery and financing.
Key Market Trends
Clinical Trials is Expected to Hold a Significant Market Share
– Clinical trials are one of the most data-intensive tasks in the life sciences industry. They generate vast sets of data everyday monitoring, several variables of a patient under observation. Subjecting these data sets to intelligent AI algorithms can help the researchers to screen meaningful correlation even between loosely coupled data.
– This is encouraging many pharmaceutical companies and clinical research organizations to invest in technologies, like artificial intelligence. In the current market scenario, the rapid adoption of AI is widely seen in the pharmaceutical sector, who are responsible for almost 50% of the clinical trials conducted globally every year.
– Furthermore, the increasing number of clinical trials all over the world is producing colossal amounts of data that is available in the public domain. Over the forecast period, these numbers are expected to increase by at least 11%, creating new opportunities for AI in clinical trial applications, especially in Europe and North America.
– Such rapid growth in clinical trials and public availability of data is helping and encouraging many research institutes to prefer AI over traditional software solutions so that they can obtain specific results from data available in the public domain without having the entire trial procedure. Additionally, many countries, like China, the United States, and several European countries, are making clinical trial data available in the public domain supporting the growth of AI solutions, globally.
The United States is Expected to Hold a Major Share in the Market
– The United States is the largest market for AI solutions in the life sciences market, owing to the high demand for AI solutions from almost all the life sciences applications in the United States. In addition, the significant presence of pharmaceutical companies and the global demand for US pharmaceutical exports are increasingly motivating companies to invest in R&D activities.
– According to the Pharmaceutical Research and Manufacturers of America (PhRMA), the Pharmaceutical Manufacturers Association, the pharmaceutical companies in the United States spent approximately USD 80 billion worldwide on R&D in 2018, and expenditure in the companies’ domestic market of the United States contributed an overwhelming share.
– PhRMA also revealed that, on average, most pharmaceutical companies in the country spent over 19% of their total revenues in R&D activities. Moreover, PhRMA members spent around 19.5% of their combined global revenues on R&D in 2018. This share increased to approximately 22% when only considering the sales and R&D expenditure from the domestic market of the United States.
– Many pharmaceuticals companies, such as Pfizer and Johnson & Johnson, and several clinical research organizations in the country, are increasingly spending on AI solutions, and according to ClinicalTrials.gov, it is projected that by 2024 Johnson & Johnson will have the largest research and development spending among pharmaceutical companies. Also, companies, like Pfizer, despite collaborating with several AI vendors, are investing in updating their in-house AI operations to support their ongoing several drug discovery and patient monitoring processes.
Competitive Landscape
Artificial intelligence in the life sciences market is highly competitive and consists of several major players. The market appears to be moderately concentrated. The major players with prominent shares in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on artificial intelligence in life sciences technologies to strengthen their product capabilities.
– Jun 2020 – The University of Kentucky announced a research collaboration with Atomwise, an industry leader in using artificial intelligence (AI) for small molecule discovery, to explore potential COVID-19 therapies.
– Mar 2020 – IBM Watson Health and EBSCO Information Services (EBSCO) announced a strategic collaboration aimed toward enhancing clinical decision support (CDS) and operations for healthcare providers and health systems. The companies are combining their respective solution suites DynaMed and IBM Micromedex with Watson into a single, global solution called “DynaMed and Micromedex with Watson.” The combined solution suite will be designed to bring together drug and disease content, into a single source for evidence-based insights to help inform clinical decisions.
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Artificial Intelligence
Gilbarco Veeder-Root champions fuel efficiency, clean fuels and diesel rebate solutions in mining
JOHANNESBURG, March 28, 2024 /PRNewswire/ — Global leader in technology solutions OEM Gilbarco Veeder-Root (GVR) is dedicated to enhancing operational performance by delivering comprehensive end-to-end wetstock, industrial, mining, and business-to-business solutions, all tailored to meet the specific needs of the customer.
By encompassing every aspect of mining operations, GVR commercial and industrial Middle East and Africa director Westtar Kapito says, “the company is setting new benchmarks for fuel efficiency, safety and sustainability within the mining industry”.
As part of a holistic approach to mining excellence, Kapito explains that Gilbarco’s integrated fuel and fleet management technology solutions are designed to address the multifaceted challenges of the mining industry.
Some of these facets include wetstock control, equipment maintenance and management, fleet management and automation, compliance monitoring and environmental sustainability, as well as driving productivity and profitability through innovation.
In addition, the introduction of Gilbarco’s clean fuel solution exemplifies the company’s commitment to maintaining equipment integrity and performance.
This technology, GVR says, monitors in real-time the status of up to 16 “clean fuels” key performance matrices, thereby ensuring that dirty fuel is flagged and not transferred into mining equipment which would affect engines and injectors and thus lower productivity.
Gilbarco’s comprehensive site automation solutions empower mining companies with critical data analytic insights, facilitating efficient monitoring and management of fleet and fuel inventory. Gilbarco’s dataFLEX360 platform plays a pivotal role, offering near real-time reporting and analytics to drive informed decision-making and operational agility.
dataFLEX360 is a Web-based, cloud-hosted strategic operational insights platform. The system ensures accurate, reliable and relevant reporting of all fuel, fleet and asset transactions, and provides for proactive corrective measures to reduce complex reporting and gives a consolidated and comprehensive view across all sites and assets.
With reconciliations at its core, dataFLEX360 provides solution accuracy on operational data.
Integral to the company’s solutions is compliance with Global Industry Standards and environmental stewardship, from leak detection to vapour recovery and clean fuel technologies. Gilbarco’s products are designed to ensure compliance and minimise the carbon footprint of mining operations.
Additionally, through the company’s innovative telematics technology and the data generated, it can systematically and seamlessly generate South African Revenue Services- (SARS-) compliant fuel rebate reports for any selected tax period.
GVR’s technology provides a full audit trail required for eligibility for SARS rebates, and its reporting platform simplifies logbook and data gathering required, enabling successful rebate claims and return on investment.
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View original content:https://www.prnewswire.co.uk/news-releases/gilbarco-veeder-root-champions-fuel-efficiency-clean-fuels-and-diesel-rebate-solutions-in-mining-302102415.html
Artificial Intelligence
Invoca Wins CX Today Award for Best Conversational Intelligence Solution of 2024; Launches European Data Centre and Adds UK Sales Leader
CX Today recognises Invoca as the foremost visionary in the Conversational Intelligence category. Additionally, expands its European presence with a new Data Centre and the appointment of Duncan MacPherson as UK Director of Sales.
LONDON, March 28, 2024 /PRNewswire/ — Invoca, the leading revenue execution platform for revenue teams, has won the CX Today Award for ‘Best Conversational Intelligence Solution’ of 2024. CX Today, the leading international news publication honouring excellence in CX technology, hosted the CX Awards to honour excellence in CX leadership, technology innovation, and industry success.
“Invoca’s exceptional work in conversational intelligence has helped push the category forward, and we are thrilled to see their accomplishments acknowledged at CX Awards 2024,” said Charlie Mitchell, Senior Editor at CX Today and host of the awards.
The award recognises Invoca’s strength in empowering revenue teams across marketing, contact centre sales, and customer experience to enhance buying experiences, increase high-value leads, and boost revenue. For businesses that acquire customers over the phone, Invoca enables these digital marketing and contact centre teams to collaborate to drive revenue growth. Invoca stands out for capturing deep insights from consumer calls and digital interactions and ingesting revenue driven by calls and other metadata from CRM and contact centre solutions, making Invoca the source of truth for consumer engagements.
“We’re thrilled to be named the Best Conversational Intelligence Solution of 2024 by CX Today as we highlight our longstanding vision to help brands acquire customers and grow their revenue,” said Gregg Johnson, CEO of Invoca. “As AI pioneers in this space, having first introduced our broad base of patented AI technologies in 2015, artificial intelligence and machine learning are core to helping companies improve the customer experience and connect the buyer journey.”
The CX Awards’ judging panel, including Dan Miller, Lead Analyst at Opus Research, reviewed hundreds of applications for their organisation’s ability to improve overall customer experience through innovation and high-impact features.
“Invoca continues to demonstrate that they are a clear leader in conversational intelligence AI. We recognised Invoca for their ability to employ a sophisticated blend of AI technologies — including patented machine learning, generative AI, voice biometrics, and deep learning neural networks, to drive revenue,” said Dan Miller, CX Awards judge and Lead Analyst at Opus Research.
Invoca Launches New European Platform and Data Centre Amid U.K. Sales Leadership Expansion
Invoca continues to reinforce its commitment to maintaining data excellence with unwavering reliability and strict adherence to security standards. Protecting customer data privacy remains a top priority, particularly given the heightened concerns surrounding security and privacy. Invoca’s new European platform and localised data centres support its growing customer base by ensuring all customers can adhere to the highest level of enterprise-grade data privacy, and GDPR compliance standards. Invoca’s powerful EU-based infrastructure enables its customers to recreate the same Invoca experience using the full feature suite while maintaining the highest standards of quality.
Invoca has also welcomed Duncan MacPherson as UK Director of Sales. MacPherson brings extensive experience with large companies and start-ups selling customer engagement solutions. This is part of an overall expansion in the UK market, which includes hiring a localised sales and customer success team, sales development, and marketing support.
More Information:
See the results you can get with Invoca’s award-winning conversation intelligence: https://www.invoca.com/customersInvoca’s GDPR Compliance: Everything You Need to Know: https://www.invoca.com/blog/invocas-gdpr-compliance-everything-you-need-to-knowWatch the CX Today Awards winners revealed on demand: www.cxtoday.com/cxawardsJoin Invoca’s talented team today: https://www.invoca.com/company/careersAbout InvocaInvoca is a revenue execution platform that connects marketing and sales teams to help them track and optimise the buying journey to drive more revenue. By using a comprehensive revenue execution platform with deep integrations with leading technology platforms, revenue teams can better connect their paid media investments directly to revenue, improve digital engagement, and deliver the best buyer experiences to drive more sales. With Invoca, top consumer brands, including AutoNation, DIRECTV, Mayo Clinic, Mutual of Omaha, and Verizon, experience unbelievable results powered by undeniable data. Invoca has raised $184M from leading venture capitalists, including Upfront Ventures, Accel, Silver Lake Waterman, H.I.G. Growth Partners, and Salesforce Ventures. For more information, visit www.invoca.com.
About CX AwardsHosted by CX Today, the awards ceremony has become the beacon of recognition for companies and professionals pushing the envelope in the CX technology sphere.
The CX Awards 2024 is here for its fourth year and is bigger and better than ever before! Winners of the 2023 awards included Vonage, Calabrio, and UJET and more. Then, the ceremony included exclusive streams from our people winners, Jay Patel from Webex and Kimberley Wood from Ultimate. Yet, this year’s event featured many more CX leaders who shared their unique takes on the space.
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View original content:https://www.prnewswire.co.uk/news-releases/invoca-wins-cx-today-award-for-best-conversational-intelligence-solution-of-2024-launches-european-data-centre-and-adds-uk-sales-leader-302102358.html
Artificial Intelligence
ASC Achieves Certification for Webex Calling
ASC announces compliance recording and AI-driven analytics tool for Webex Calling
HÖSBACH, Germany, March 28, 2024 /PRNewswire/ — ASC Technologies, a leading provider of comprehensive recording and analytics tools, announces its successful certification for Webex Calling with Webex by Cisco, a leading provider of collaboration technologies powering hybrid work and customer experience. This certification distinguishes ASC as one of the few global vendors who are authorized to provide record capabilities for Webex Calling communications. This capability is essential for organizations in regulated industries that must adhere to strict compliance standards.
A key benefit of the ASC solution is the simple and fast configuration in the Webex Control Hub, which ensures a high level of user-friendliness. In addition, ASC enables the migration of on-premise solutions to the cloud by seamlessly transferring recordings to the cloud environment. This step enables organizations to accelerate their digital transformation and take advantage of cloud-based services. In addition, AI-driven analytics, powered by ASC’s solutions, help organizations gain a comprehensive view of their communications, enrich customer relationships, and streamline compliance and risk management processes.
“As a stable company that has been established in the market for 60 years, we see the certification for Webex Calling not only as a confirmation of our technological expertise, but also as a promise to our customers and partners,” says Dr. Gerald Kromer, CEO of ASC. “We are committed to providing innovative and reliable solutions that meet the demands of today’s communications technologies while ensuring our customers’ compliance requirements.”
This certification is a further milestone in ASC’s successful partnership with Cisco, which has already existed for 20 years. ASC will be exhibiting at Enterprise Connect in Gaylord Palms, and Cisco Live in Las Vegas, showcasing its innovative recording and analytics solutions and demonstrating the results of its collaboration with Cisco. These events offer a glimpse into how ASC’s solutions drive efficiency and insight.
About ASC
ASC is a worldwide leading provider of software and cloud solutions in the field of omni-channel recording, quality management, and analytics. Among our target groups are all companies that record their communications, especially financial service providers, contact centers, and public safety organizations. We offer solutions for recording as well as AI-based analysis and evaluation of all communications – with full flexibility as a cloud service, on-premise or as a hybrid solution. Headquartered in Germany with subsidiaries in 14 countries and experienced system integration partners in over 60 countries, ASC is the #1 Europe-based player in its industry.
About Webex by Cisco
Webex is a leading provider of cloud-based collaboration solutions which includes video meetings, calling, messaging, events, customer experience solutions like contact center and purpose-built collaboration devices. At Webex, we start with people and their experiences first. This focus on delivering inclusive collaboration experiences fuels our innovation, which leverages AI and Machine Learning, to remove the barriers of geography, language, personality, and familiarity with technology. Our solutions are underpinned with security and privacy by design. We work with the world’s leading business and productivity apps – delivered through a single application and interface. Learn more at webex.com.
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View original content:https://www.prnewswire.co.uk/news-releases/asc-achieves-certification-for-webex-calling-302102352.html
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