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Artificial Intelligence

Artificial Intelligence in Healthcare Market Size to Hit US$187.95 Bn By 2030

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Ottawa, April 11, 2022 (GLOBE NEWSWIRE) — The global artificial intelligence in healthcare market was valued at US$ 11.06 billion in 2021. With the introduction of the digital technologies in the healthcare sector, it has gained a rapid traction across the globe. The outbreak of the COVID-19 pandemic has increased the dependence of the healthcare sector on the virtual technologies. The emergence of the novel artificial intelligence and machine learning technology has paved its way in the healthcare industry. The rising volume of patient admissions owing to the increasing prevalence of various chronic diseases and rapidly growing geriatric population across the globe is fueling the growth of the AI in healthcare market.

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Furthermore, the governments’ rising initiatives to reduce healthcare costs and offer enhanced and quick care services to the patients is driving the demand for the artificial intelligence technology in the healthcare sector across the globe. In several countries li9ke US, Australia, and UK, the adoption of the digital health records of the patients is mandatory. These health records help the healthcare professionals in early diagnosis of disease and offer quick treatment services. Therefore, the cost efficiency and time savings are the major benefits of adopting Ai in healthcare sector, which is significantly spurring the growth of the artificial intelligence in healthcare market across the globe.

Scope of the Artificial Intelligence in Healthcare Market

Report Attributes Details
Market Size in 2021 USD 11.06 Billion
Growth Rate from 2022 to 2030 CAGR of 37%
Largest Market North America
Fastest Growing Region Asia Pacific
Companies Covered Intel, Koninklijke Philips, Google, Microsoft, IBM, Siemens Healthineers, Nvidia, General Electric Company, Micron Technology, Amazon Web Services, Johnson & Johnson, Medtronic, General Vision, CloudmedX, Oncora Medical, Enlitic, Lunit

Report Highlights

  • On the basis of component, the software is the leading and the fastest-growing segment in the global AI in healthcare market. Software is a major component of AI systems and its increased adoption among the healthcare providers, payers, and patients has led to the dominance of this segment.
  • By application, the virtual assistant segment is expected to exhibit the highest CAGR during the forecast period. Elimination of human errors, time saving, and accurate results are the major features of the AI-based virtual assistants that is expected to foster the growth of this segment in the upcoming years.

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Regional Snapshot

North America was the leading artificial intelligence in healthcare market that accounted for over 58% of the market share in 2020. The adoption of the innovative and digital technologies in the healthcare sector of North America is higher as compared to any other region. The high healthcare expenditure, increased number of hospital admissions, higher prevalence of chronic diseases, and the favorable government policies are the prominent growth drivers of the Ai in healthcare market in North America. The presence of developed healthcare infrastructure coupled with the increasing investments in the telecommunications and IT infrastructure are supporting the adoption of the artificial; intelligence technologies. North America is the home to several top market players such as Google, Intel, Microsoft, General Electric Company, Amazon Web Services, and IBM, who are playing an exceptional role in the growth of the North America AI in healthcare market.

Asia Pacific is projected to be the most lucrative and opportunistic market during the forecast period. The rising government investments in the development of smart hospitals, developing IT and telecommunications infrastructure, growing number of multispecialty hospitals, increasing corporate investments in digitization of the healthcare sector, and growing pool of patients. The rising prevalence of chronic diseases and surging elderly population in the region is resulting in higher number of hospital admissions, which is generating a huge volume of data. The adoption of the AI in healthcare will facilitate the hospitals in offering enhanced and quick patient care services to the patients, which will reduce the burden from the hospitals.

Recent Developments

  • In August 2021, Philips launched its two HealthSuite solutions tofacilitate the integration of informatics with the health systems.
  • In April 2021, Nvidia launched its A10 and A30 GPUs for application in enterprise servers. Morpheus is another system launched by Nvidia that enables the cybersecurity developers to determine cyber breaches suing AI technology.

Market Dynamics

Driver

Declining costs of hardware and improved computation

The manufacturers of GPUS and CPUs such as Nvidia, Intel, Huawei, and Samsung have heavily invested in the development of AI compatible chipsets. Furthermore, they have also developed field-programmable gate arrays and application-specific integrated circuits that are compatible with the artificial intelligence technology. These AI compatible chipsets can easily integrate with the AI and the computation functions can be enhanced. The technological advancements in the field of hardware manufacturing has resulted in the decrease in the costs. Therefore, the declining costs of hardware and development of AI-enable chipsets are expected to be the major drivers of the AI in healthcare market during the forecast period.

Restraint

Reluctance in the adoption of AI technology

The misconception among the healthcare professionals/doctors that the AI will replace doctors in future makes them reluctance to adopt the AI-based tools in treatment of patients. The rising adoption of digital health technologies among the consumers has forced the healthcare professionals to adopt the digital technologies and the misconceptions among the doctors may act as a restraint.

Opportunity

Development of human-aware artificial intelligence system

The major purpose of developing AI was to develop a model that can match human thinking. The developers of AI are focusing on the development on human aware artificial intelligence systems. The rising investments towards the improvement of interaction, presentation, and interpretation of the AI systems is expected to offer lucrative growth aspects to the market players as well as it would facilitate more automated and enhanced services in the healthcare sector.

Challenge

Data privacy and cybersecurity

The rising technological advancements have led to the emergence of various threats like cybersecurity and data privacy. The increasing number of cyberattacks may result in financial losses to the healthcare units and may also put the life of the patient in danger. Therefore, the data privacy and cybersecurity are the major issues or challenges faced by the market players.

Market Segmentation

By Component

  • Software
  • Hardware
  • Services

By Application

  • Virtual Assistants
  • Diagnosis
  • Robot Assisted Surgery
  • Clinical Trials
  • Wearables
  • Administrative Workflow Assistants
  • Cybersecurity
  • Dosage Error Reduction
  • Fraud Detection
  • Connected Machines

By Technology

  • Machine Learning
  • Natural Language Processing
  • Context-aware Computing
  • Computer Vision

By End User

  • Hospital & Healthcare Providers
  • Patients
  • Pharmaceuticals & Biotechnology Companies
  • Healthcare Payers

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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Artificial Intelligence

Wego and Tourism Authority of Thailand Partner for The Fourth Consecutive Year, Showcasing the Beauty of Thailand

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DUBAI, UAE, April 25, 2024 /PRNewswire/ — Wego, the largest online travel marketplace in the Middle East and North Africa (MENA), is thrilled to announce its continued partnership with the Tourism Authority of Thailand (TAT) for the fourth consecutive year, showcasing the unparalleled beauty and charm of Thailand as a premier travel destination.

 
 
Building upon the success of their previous collaborations, Wego and the Tourism Authority of Thailand are once again teaming up to promote Thailand’s diverse attractions, rich culture, and breathtaking landscapes to travelers worldwide. Through this strategic partnership, Wego aims to inspire travelers to explore the wonders of Thailand and experience its unique blend of tradition and modernity.
Over the past campaigns, Wego and the Tourism Authority of Thailand have successfully amplified Thailand’s appeal as a top travel destination, reaching millions of travelers and driving significant interest in visiting the country. From its pristine beaches and vibrant cities to its lush jungles and cultural heritage sites, Thailand offers an array of experiences that cater to every traveler’s preferences.
“We are delighted to continue our partnership with the Tourism Authority of Thailand for the fourth consecutive campaign,” said Mamoun Hmedan, Chief Business Officer, Wego. “Thailand is a beloved destination for travelers worldwide, and we are committed to showcasing its beauty and diversity through our platform. Together with the Thailand Tourism Board, we look forward to inspiring even more travelers to explore all that Thailand has to offer.”
The success of the previous campaigns underscores the effectiveness of Wego and the Thailand Tourism Board’s collaborative efforts in promoting Thailand as a must-visit destination. By leveraging Wego’s extensive reach and innovative marketing capabilities, the partnership aims to further elevate Thailand’s profile and attract more travelers to experience the magic of the Land of Smiles.
“We are thrilled to continue our partnership with Wego for the fourth campaign,” said Mr. Chaiwat Tamthai, Director of TAT Dubai office. “Thailand offers an unparalleled travel experience, from its stunning beaches and vibrant cities to its rich cultural heritage. Through our collaboration with Wego, we are excited to showcase the beauty of Thailand to travelers in the MENA region and invite them to discover the wonders of our country.”
As travelers seek unforgettable experiences and breathtaking landscapes, Wego and the Tourism Authority of Thailand are committed to showcasing Thailand’s unique charm and allure, inviting travelers to embark on an unforgettable journey to this enchanting destination.
About Wego
Wego provides award-winning travel search websites and top-ranked mobile apps for travelers living in the Asia Pacific and the Middle East regions. Wego harnesses powerful yet simple to use technology that automates the process of searching and comparing results from hundreds of airlines, hotels, and online travel agency websites.
Wego presents an unbiased comparison of all travel products and prices offered in the marketplace by merchants, both local and global, and enables shoppers to quickly find the best deal and place to book whether it is from an airline or hotel directly or with a third-party aggregator website.
Wego was founded in 2005 and is dual headquartered in Dubai and Singapore with regional operations in Bangalore, Riyadh, Cairo, Lahore, and Kuala Lumpur.
 
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Artificial Intelligence

Building Energy Management Systems Market Projected to Reach $67.69 billion by 2030 – Exclusive Report by 360iResearch

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PUNE, India, April 24, 2024 /PRNewswire/ — The report titled “Building Energy Management Systems Market by Component (Hardware, Services, Software), Type (Integrated Building Energy Management Systems, Standalone Building Energy Management Systems), Application, Deployment Mode, End-Use – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $34.52 billion in 2023 to reach $67.69 billion by 2030, at a CAGR of 10.09% over the forecast period.

 
“Revolutionizing Energy Efficiency Globally With The Evolution of Building Energy Management Systems (BEMS)”
In an era where energy conservation and efficiency have become paramount, building energy management systems (BEMS) are at the forefront of this transformation, offering solutions that monitor, control, and optimize energy usage within buildings. These advanced systems, leveraging real-time data analytics, automate energy control, enhance energy savings, reduce costs, and contribute to a greener planet. Primarily utilized in commercial spaces, residential areas, and industrial sectors, BEMS has a broad application scope, covering HVAC, lighting, and security systems. Factors driving the expansion of the BEMS market include escalating energy expenses, heightened awareness of environmental impacts, and the increasing incorporation of Internet of Things (IoT) and cloud-based technologies, coupled with supportive government initiatives promoting energy-efficient infrastructures. Although challenges such as high initial costs and technology integration barriers exist, the advent of AI and IoT technologies within BEMS heralds a future of predictive energy management and remote operational capabilities, with a growing emphasis on integrating renewable energy sources. Regions such as the United States, Canada, the European Union, and emerging economies such as China and India are witnessing significant growth in BEMS adoption, spurred by regulatory policies and a shift towards sustainable building practices. This global movement toward BEMS signals a step toward reducing carbon footprints and highlights the collective effort to embrace technology for a sustainable future.
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“Harnessing Energy Management for Sustainability and Efficiency”
Data centers are pivotal infrastructures in the digital transformation era, consuming up to 50 times more energy than typical commercial spaces. This energy demand positions data centers as key contributors to the U.S.’s overall electricity consumption. Recognizing this, implementing building energy management systems (BEMS) is crucial in mitigating the environmental impact and operational costs associated with data centers. BEMS optimizes cooling systems to prevent equipment overheating, thereby enhancing energy efficiency by leveraging real-time data. Such systems reduce the power usage effectiveness (PUE) ratio, highlighting a move toward more sustainable consumption patterns and ensuring data centers’ operational continuity. Integrating seamlessly with existing infrastructure, BEMS offers a comprehensive approach to energy management, enabling more innovative cooling, efficient power usage, and predictive maintenance. This transition highlights a commitment to environmental responsibility and fosters operational efficiency, setting a new standard for data center operations worldwide.
“Revolutionizing Building Efficiency With Advanced Energy Management Systems Optimized Usage”
In push toward sustainability, building energy management systems (BEMS) stands at the forefront of innovation, integrating sophisticated hardware such as sensors, actuators, controllers, and more to manage and reduce energy consumption in buildings meticulously. These systems work in concert to monitor environmental conditions and adjust heating, ventilation, and air conditioning (HVAC) settings in real time, leading to significant energy savings. BEMS provides valuable data that helps identify savings opportunities, while networking tools ensure seamless communication between devices by precisely tracking energy flow through meters. Servers process vast amounts of data, enabling detailed analysis and actionable insights to refine energy use further. Additionally, comprehensive services, including customized consultations and dedicated support, ensure that each BEMS is tailored to a building’s unique needs, providing efficient operation and extended system longevity. BEMS exemplifies the strategic shift toward more sustainable and operationally excellent building management through the collaborative synergy of hardware, software, and expert services.
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“Schneider Electric SE at the Forefront of Building Energy Management Systems Market with a Strong 13.97% Market Share”
The key players in the Building Energy Management Systems Market include Schneider Electric SE, Honeywell International Inc., Azbil Corporation, Emerson Electric Co., Johnson Controls International PLC, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Building Energy Management Systems Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Building Energy Management Systems Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Building Energy Management Systems Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
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“Dive into the Building Energy Management Systems Market Landscape: Explore 180 Pages of Insights, 566 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsBuilding Energy Management Systems Market, by ComponentBuilding Energy Management Systems Market, by TypeBuilding Energy Management Systems Market, by ApplicationBuilding Energy Management Systems Market, by Deployment ModeBuilding Energy Management Systems Market, by End-UseAmericas Building Energy Management Systems MarketAsia-Pacific Building Energy Management Systems MarketEurope, Middle East & Africa Building Energy Management Systems MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/building-energy-management-systems
Related Reports:
Home Energy Management System Market – Global Forecast 2024-2030Energy Management System Market – Global Forecast 2024-2030Intelligent Building Automation Technologies Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
Contact 360iResearchMr. Ketan Rohom360iResearch Private Limited,Office No. 519, Nyati Empress,Opposite Phoenix Market City,Vimannagar, Pune, Maharashtra,India – 411014.Email: [email protected]: +1-530-264-8485India: +91-922-607-7550
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Terra Drone, Unifly, and Aloft Launch UTM Development for AAM Targeting Global Markets

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TOKYO, April 25, 2024 /PRNewswire/ — Terra Drone Corporation, a leading drone and Advanced Air Mobility (AAM) technology provider headquartered in Japan, announced today the launch of joint development with its Group companies Unifly NV (“Unifly”) and Aloft Technologies Inc. (“Aloft”) focused on UAS Traffic Management (UTM) for AAMs targeting global markets. Terra Drone has been making strides in its pioneering UTM business via strategic investments in Unifly, a leading UTM technology provider based in Belgium, and Aloft, which has the top UTM market share in the U.S. This collaboration marks the world’s first-ever joint UTM development for AAMs by multiple companies with extensive track records in UTM implementation and operation.

The three companies pursue joint UTM development to capitalize on the rapid global progress in electric vertical take-off and landing aircrafts (eVTOLs), set to revolutionize transportation. Morgan Stanley forecasts the Urban Air Mobility (UAM) market to reach $1 trillion by 2040 and $9 trillion by 2050 (1), with eVTOLs gaining global recognition through test flights and prototype showcases.
The companies proudly announce initiatives to enhance their existing UTM platforms in anticipation of the surge in eVTOL aircraft and drone activities. The shared vision for the UTM platform is to enable safe and efficient flight operations for eVTOLs and drones in the foreseeable future.
Recognizing the evolving needs of the AAM industry, they are dedicated to extending their platform by incorporating crucial additional functions. These enhancements, designed with automation at their core, aim to streamline operational efficiencies and pave the way for the integration of their increasingly automated UTM technology into the design and operational framework of AAMs. Through these efforts, they aim to set new standards in UTM and to facilitate the seamless integration of eVTOLs and drones into the national airspace, bolstering the potential for the AAM industry.
Through this initiative, they aim to build a global UTM infrastructure that kickstarts the AAM industry worldwide, creating a cohesive ecosystem that supports AAM growth and addresses broader challenges of urban mobility, sustainability, and air traffic safety.
Notes to Editor:
Research by Morgan Stanley in a report titled “eVTOL/Urban Air Mobility TAM Update: A Slow Take-Off, But Sky’s the Limit” https://advisor.morganstanley.com/the-busot-group/documents/field/b/bu/busot-group/Electric%20Vehicles.pdf] 
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