Artificial Intelligence
The global virtual visits market is expected to grow at a CAGR of 27.15% during 2022-2027
New York, Aug. 11, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Virtual Visits Market – Global Outlook and Forecast 2022-2027” – https://www.reportlinker.com/p06313606/?utm_source=GNW
Virtual visits are available to Health Action Council members and their employees from various vendors and providers. With the increasing telehealth utilization, there is also an increase in the adoption of virtual visit platforms. From 2017 to 2019, the virtual visit doubled for Health Action Council members.
Virtual care offers an easier, faster way to find and see a provider. Less than 2% of outpatient behavioral health and medical claims have been for virtual visits. According to CDC reports, virtual care has seen a 50% increase in March 2020 and continued to increase as lockdowns continued worldwide. According to studies, about 54% of respondents prefer to use virtual health as an option for consultation or diagnosis.
Throughout the COVID-19 pandemic, people have shifted to virtual care for medical and behavioral care because of convenience, ease of schedule, and have been found safe to avoid crowded waiting rooms. A recent report shows that about 76% of people are interested in using telehealth. Even after the pandemic ends, it is expected that about 83% of patients will use virtual care.
The following factors are likely to contribute to the virtual care market growth during the forecast period:
• Rising reimbursements by insurers and the government during the COVID-19 pandemic
• Rising adoption of patient care technology and growing digitalization
• Increasing demand for personalized care in remote areas
• Increasing Prevalence of chronic diseases and aging population
Advantages of Virtual Visits
• Reduced waiting time
• It saves the traveling time
• Easy access to expertise and specialty physicians
• Reduces overall cost of healthcare and treatment
• Better disease management
The development of the telecommunication system has increased the scope of virtual care services immensely. With the introduction of virtual visit services, the growth of traditional medical diagnosis is growing at a moderate pace, especially in high-income countries where virtual visit has become a widespread practice for a consultation. The introduction of virtual visits has led to cost-effective treatment, adoption of home healthcare services, and low expenditure on infrastructure development. The virtual visit has revolutionized the healthcare industry as it reduces hospital visits, reduces patient wait time, and decreases the physical discomfort caused to patients. Further, globally, higher expenditure on healthcare IT by the major stakeholders in the healthcare industry is contributing to the global virtual visits market growth.
The rising incidences of chronic medical conditions such as diabetes and hypertension influence market growth. Virtual care is a valuable tool for continuous monitoring of chronic diseases and treatment. The adoption of virtual visit services is expected to rise with advancements in technology and high penetration of internet connectivity with more incredible speed & smart gadgets. Communication technologies (ICTs) and Modern information, such as computers, laptops, the Internet, and smartphones, are revolutionizing the communication among people that seek and exchange information and enriching their lives.
Artificial intelligence (AI) will add value and promote the virtual visit market growth. Artificial Intelligence paired with telehealth had been on the rise before the COVID-19, which created increased virtual visits capacity.
VENDORS’ ACTIVITIES IN THE MARKET
The global virtual care market is highly dynamic and fragmented, with the presence of several international, regional, and local players. The key players in the market are AMD Global Telemedicine, American Well, Koninklijke Philips, and Teladoc Health.
• Expansion activities (facility expansions and regional business) are helping players strengthen their market share and global distribution networks, thus allowing them to explore untapped opportunities.
• Large-scale investments in the single-use bioprocessing probes and sensors market through varied conglomerates and investments firms
• Forging partnerships and collaborations with well-established manufacturers cementing the footprints of the players
• Active mergers and acquisitions play a vital role in the smooth functioning of the growth cycle.
• The market is experiencing a surge in technological advancements in virtual care and the launch of new software and integrated hardware or devices or connected healthcare devices.
• Vendors invest highly in integrating hardware or connected devices, software, and applications.
• Key vendors operating in the market have demonstrated that they can provide reliable healthcare platforms to a large pool of patients at low cost or even zero cost per visit with the qualifying insurance plan in the US, depending on the type of visit.
• Some key vendors offer services 24/7 in urgent care and provide on-demand video visits.
• Many start-up companies are entering the market with the increased funding being received by the government and the private entities with innovative virtual visits platforms and solutions to gain traction among end-users
• The key players make substantial R&D investments and develop innovative and technologically advanced products, thereby restricting small and medium-sized vendors from capturing higher market shares.
Major Vendors
• AMD Global Telemedicine
• American Well
• Koninklijke Philips
• Teladoc Health
Other Prominent Vendors
• Banner Health
• Beato
• Blue Sky MD
• Careclix
• Cerner
• CHI Health
• Chiron Health
• CVS Health
• Dialogue
• Doctor On Demand
• Doxy(.) ME
• Eagle Telemedicine
• Edgemed Healthcare
• eVisit
• HealthTap
• Health at Hand
• HealthHero
• Instapract
• MDLive
• MediBuddy
• MFine
• NeuroSynaptic Communications
• Nextcare
• Optum
• Plushcare
• Piedmont Healthcare
• Practo
• RO
• Reecuro Health
• SteadyMD
• SOC Telemed
• TRUDOC Healthcare
• Vidyo
• VSee
• Walmart Health Virtual Care
• Zipnosis
MARKET GROWTH ENABLERS
• Rising reimbursements by insurers and the government during the COVID-19 pandemic
• Rising adoption of patient care technology and growing digitalization
• Increasing demand for personalized care in remote areas
• Increasing Prevalence of chronic diseases and aging population
IMPACT OF COVID-19 PANDEMIC
Before the COVID-19 pandemic, the adoption of virtual visits remained low due to a lack of reimbursement, awareness, and internet connectivity. Also, there was a limited number of healthcare providers offering virtual visit services to medical professionals and patients. Telehealth had been around for years before the COVID-19 crisis; there are many regulatory bodies and state parity laws that limited reimbursement by Medicare, Medicaid, and private insurers, curbed allowable sites of care, and placed licensure restrictions on who can provide telehealth services.
Virtual visit services have increased during the COVID-19 pandemic worldwide; the government is permitted to make consultations via virtual visit platforms by relaxing the regulations and increasing reimbursements.
With the surge in COVID-19 cases, the virtual care market jumped from 30% in 2020 to 33% in 2021, while satisfaction with asynchronous telehealth services leveraging pictures and videos grew from 41% to 54% in the same period. In 2020, 53% of US patients said they were more satisfied with live video than with previous in-person interactions.
MARKET SEGMENT ANALYSIS
The service segment is the fastest-growing segment by component, with the highest revenue of USD 10.35 billion in 2021, whereas hardware and software generated $2.91 billion. Several vendors offer a wide range of services in various specialties. The healthcare providers provide services giving both the options of a scheduled or on-demand visit. The services have widely been adopted in high-income countries and are also expected to gain momentum in low-and-middle-income countries. The hardware and software segment is expected to grow at an excellent pace in the forecast period, with a CAGR of 26.20%.
General consultation is the fastest-growing segment, with a CAGR of 25.90%. There were full restrictions worldwide to go outside, and fear of getting COVID-19 infection within hospitals led to increased virtual visits worldwide. The chronic care management market is expected to grow due to the increasing prevalence of chronic diseases and the increasing elderly population. Chronic care management services also give cost-benefit as most of the service fee is cut to as low as $0, depending on the patient’s insurance plan, thus saving the overall visit cost. Also, initiatives are increasing support for chronic care management virtual visit services.
Adults are the fastest-growing patient group because of their increasing use of virtual visits. The high population and increasing chronic diseases among adults, especially in the geriatric population, have increased the demand for virtual visits. The use of virtual visit platforms and services is very high among adults from high-income countries with good infrastructure, good internet access, and awareness. The pediatric group is expected to grow at a CAGR of 23.85% during the forecast period.
Segmentation by Component:
• Service
• Hardware
Segmentation by Application:
• General Consultation
• Behavioral Health
• Chronic Care Management
• Urgent Care
• Others
Segmentation by Patient Group
• Adults
• Paediatric
GEOGRAPHICAL ANALYSIS
North America and Europe have the highest adoption rate of telehealth services due to high internet connectivity, increasing reimbursements, and full insurance coverage. In addition, North America dominates the critical vendor’s presence. APAC, Latin America, and the Middle East & Africa region witnessed an increase in the adoption during a pandemic. However, limited reimbursement coverage, data security, privacy concern, lack of infrastructure, and a lack of consumer awareness of telehealth services are hindering the growth of the virtual visits market in these regions.
Segmentation by Geography
• North America
o US
o Canada
• Europe
o UK
o France
o Germany
o Italy
o Spain
• APAC
o Japan
o China
o Australia
o South Korea
o India
• Latin America
o Brazil
o Mexico
o Argentina
• The Middle East and Africa
o Turkey
o UAE
o South Africa
KEY QUESTIONS ANSWERED
1. HOW BIG IS THE GLOBAL VIRTUAL VISITS MARKET?
2. WHAT IS THE GROWTH RATE OF THE GLOBAL VIRTUAL VISITS MARKET?
3. WHO ARE THE LEADING PLAYERS IN THE GLOBAL VIRTUAL VISITS MARKET?
4. WHICH REGION HAS THE HIGHEST NUMBER OF VIRTUAL VISITS SERVICE PROVIDERS?
5. WHAT IS THE GROWTH RATE OF THE HARDWARE AND SOFTWARE SEGMENT OF THE GLOBAL VIRTUAL VISITS MARKET?
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Artificial Intelligence
Overseas Expansion Strategy of K-OTT Introduced in France, KOCCA holds the ‘2024 Korea-France Content Forum’
– The ‘Korea-France Content Forum’ held to establish the Foundation for K-OTT’s oversea expansion
PARIS, May 24, 2024 /PRNewswire/ — The Ministry of Culture, Sports and Tourism (Minister Yu In-chon) and the Korea Creative Content Agency (President, Jo Hyun-rae, hereafter KOCCA) held the ‘2024 Korea-France Content Forum’ on May 24th during the Korea Expo in Paris, France.
The ‘2024 Korea-France Content Forum’ featured a keynote session (K-OTT’s Strategies in Global market) presenting K-OTT’s strategies for international expansion and a roundtable session (Strategies in the Era of Streaming) discussing the growth of OTT platforms and collaborative approaches with production companies.
The forum featured participation from various industry leaders including Kun hee Park (CEO, Wavve Americas), Sangjin Lee (Head of content IP Business, LG U+), Seung ae Sohn (Executive Director, Showbox), Ji ae Sohn (Ambassador for Cultural Cooperation), Moonju Kim (General Director, France Business Center, KOCCA), Isabelle Degeorges (President, Gaumont Television France) which produced the French Netflix original series, participated.
Strategy announcement by Wavve Americas (KOCAWA), the first K-OTT’s launched in Europe
During the Keynote Session, Park Kun Hee – CEO of Wavve Americas, the first domestic OTT Platform to launch services in Europe, Took the stage to discuss the international expansion strategy of KOCOWA, which started offering services in 39 countries including Europe since April of this year. Following this, Lee Sangjin, Head of Content IP Business of LG U+, presented the expansion strategy of LG U+ Mobile TV, encompassing diverse original content.
During the round-table session, participants shared thoughts and solutions regarding the survival strategies of local OTT platforms and production companies amidst the rapid waves of change brought about by the emergence of global OTT platforms.
In particular, through this forum, we were able to observe the proactive implementation of IP protection policies by local production companies in France, aimed at sustainable content creation. Isabelle Degeorges, CEO of Gaumont Television France, noted, “With the introduction of the European Audiovisual Media Services Directive (AVMSD), platforms and production companies can share IPs three years after supplying the content.” Kim Moon-joo, Director of the Korea Creative Content Agency’s France Business Center, participated as a panelist, introducing policies aimed at enhancing the competitiveness of K-OTT and fostering collaboration with production companies.
Park Kun Hee, CEO of Wavve Americas, who participated in the event, stated, “It was a meaningful opportunity to introduce our platform locally in Europe in line with KOCOWA’s expansion into the region”. Additionally, Kyoungbon Koo, Director Broadcasting & Video Content Division at KOCCA commented, “It was a meaningful occasion to not only introduce K-OTT’s strategies to Europe but also to exchange ideas on collaboration between Korea and France. We will continue to focus on activating various forms of collaboration with major international partners in the future”.
KOCCA supports the overseas expansion of excellent domestic OTT content and platforms through the newly established Local OTT Specialized Support Program this year. This initiative aims to enhance the competitiveness of domestic OTT platforms and content by adapting to the changing industrial environment.
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Artificial Intelligence
IoT Node and Gateway Market worth $604.7 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, May 24, 2024 /PRNewswire/ — The IoT Node and Gateway market is projected to grow from USD 424.6 billion in 2024 and is estimated to reach USD 604.7 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the IoT Node and Gateway market is driven by the Provision of increased IP address space through IPv6, Emergence of 5G technology, and Increasing need for data centers.
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Browse in-depth TOC on “IoT Node and Gateway Market”
410 – Tables70 – Figures390 – Pages
IoT Node and Gateway Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 424.6 billion
Estimated Value by 2029
$ 604.7 billion
Growth Rate
Poised to grow at a CAGR of 7.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Hardware, End-use Application and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Requirement for wireless spectrum and licensed spectrum
Key Market Opportunities
Accelerated IoT adoption in healthcare sector
Key Market Drivers
Rising use of wireless smart sensors and networks
By Hardware, the Logic Devices are projected to grow at a high CAGR of IoT Node and Gateway market during the forecast period.
Logic devices can adapt to changing requirements even after deployment. As new features or functionalities are needed, the logic within the device can be reprogrammed to accommodate these changes, extending the useful life of the product and reducing the need for hardware revisions. The integration of FPGA technology into IoT devices further enhances these advantages. The integration of FPGAs into IoT nodes and gateways empowers manufacturers to develop highly optimized, customizable, and scalable solutions that meet the diverse needs of IoT applications. Tesla’s Full Self-Driving (FSD) computer utilizes FPGAs to handle complex neural network computations for autonomous driving algorithms. This allows them to potentially improve their FSD capabilities through software updates that reconfigure the logic within the FPGAs.
BFSI segment in IoT Node and Gateway Market is projected to grow at a highest CAGR during the forecast period.
BFSI sector can use IoT technology to provide more convenient solutions for customers. IoT can be used to perform data collection in real time and for instant communication between devices. For instance, it can facilitate cashless payments using an RFID scanner to identify products in the shopping cart and mobile wallet. The adoption of mobile point of sale (mPOS) systems and kiosks is fundamentally reshaping the landscape of the BFSI market. mPOS facilitates transactions anytime, anywhere, benefiting unbanked populations and enabling temporary service points for events. Kiosks offer convenient banking functionalities, reducing wait times and freeing up staff for complex inquiries. These technologies drive cost savings by requiring less investment and automating routine tasks, allowing resources to be reallocated strategically. They provide rich data for personalized services, fraud detection, and operational optimization. mPOS systems and kiosks promote financial inclusion by extending services to remote areas, fostering economic activity and well-being.
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North America accounts for the largest share in IoT Node and Gateway Industry.
The North American IoT market is poised to grow, driven by government efforts to transition cities into smart urban centers. The growing need for sophisticated IoT solutions, fueled by the widespread availability of high-speed data, will further propel market expansion in this region. Furthermore, North America’s dynamic IoT node and gateway ecosystem features established players like Intel Corporation (US), Texas Instruments Incorporated (US), Dell (US), and Cisco Systems (US), driving competition, innovation, and affordability. Increasing research and development at industry levels is broadening the application areas of IoT in various industries, such as retail, consumer electronics, automotive and transportation, and healthcare, especially in the US. The increased demand for effective solutions and focus on early, accurate, and fast diagnosis of diseases has led to huge investments in technological developments in the healthcare sector.
Key Players
Key companies operating in the IoT Node and Gateway companies are Intel Corporation (US), Qualcomm Technologies, Inc. (US), Texas Instruments Incorporated (US), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Huawei Technologies Co., Ltd. (China), NXP Semiconductors N.V. (Netherlands), Cisco Systems, Inc. (US), Hewlett Packard Enterprise Development LP (US), TE Connectivity Ltd (Switzerland), Advantech Co., Ltd. (Taiwan), Dell Technologies (US), among others.
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Related Reports:
IoT Technology Market by Node Component (Sensor, Memory Device, Connectivity IC, Processor, Logic Devices), Software Solution (Remote Monitoring, Data Management), Platform, Service, End-use Application, Geography – Global Forecast to 2029
Industrial IoT Market Size, Share & Industry Growth Analysis Report by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography – Global Growth Driver and Industry Forecast to 2026
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Artificial Intelligence
atNorth Wins ‘Colocation Provider of the Year’ and ‘Digital Infrastructure Project of the Year’ at Industry Award Events
AtNorth recognized at the Electrical Review & Data Centre Review Awards and the Tech Capital Awards.
REYKJAVÍK, Iceland, May 24, 2024 /PRNewswire/ — atNorth, the leading Nordic colocation, high-performance computing, and artificial intelligence service provider has today announced further acknowledgement in the industry as it wins two significant awards.
The business has been awarded the `Colocation Provider of the Year’ award at the Electrical Review & Data Centre Review Awards. atNorth has undertaken a significant expansion strategy in recent years, that has ensured that the business can offer high performance infrastructure at speed and scale. This award reflects the business’ growth journey as it continues to innovate and adapt to technological advancements and client requirements.
atNorth has also won the `Digital Infrastructure Project of the Year’ at the Tech Capital Awards for its work with client, Shearwater Geoservices. The global marine imaging and processing leader achieved a 92% reduction in CO2 output and an 85% reduction in cost by moving a portion of its UK HPC infrastructure to one of atNorth’s Icelandic data center sites.
Fueled by the abundant renewable power sources of the Nordics, atNorth`s services deliver performance and efficiency for high density workloads in a sustainable way that enables clients to decarbonize their IT footprint and reduce overall costs.
Winners are voted for by a panel of industry experts for both awarding bodies in a process that aims to recognize the outstanding achievements within the digital infrastructure industry.
“We are thrilled to receive these acknowledgments for our data center services”, says Eyjólfur Magnús Kristinsson, CEO at atNorth. “atNorth has experienced significant growth over the last couple of years and this industry recognition is a testament to our dedication to delivering excellence across the board. We are determined to continue decarbonizing the world’s most demanding workloads in an efficient, sustainable, and cost-effective way.”
The news follows atNorth’s announcements of colocation clients Crusoe, BNP Paribas and Advania. The business has also received recent recognition from multiple other awarding bodies including; the Datacloud Global Awards, the Energy Awards, TechRound’s Sustainability60 and the UK Green Business Awards.
About atNorth
atNorth is a leading Nordic data center services company that offers sustainable, cost-effective, scalable colocation and high-performance computing services trusted by industry-leading organizations. The business acquired leading High-Performance Computing (HPC) provider, Gompute, in 2023 enabling a compelling full stack offering tailored to AI and other critical high-performance workloads.
With sustainability at its core, atNorth’s data centers run on renewable energy resources and support circular economy principles. All atNorth sites leverage innovative design, power efficiency, and intelligent operations to provide long-term infrastructure and flexible colocation deployments. The tailor-made solutions enable businesses to calculate, simulate, train and visualize data workloads in an efficient, cost-optimized way.
atNorth is headquartered in Reykjavik, Iceland and operates seven data centers in strategic locations across the Nordics, with additional sites to open in Helsinki, Finland and in Denmark in Q4 2024, as well as its tenth site ready for operation in Kouvola, Finland in 2025.
For more information, visit atNorth.com or follow atNorth on LinkedIn or Facebook.
Press Contact:Caroline BruntonKite Hill PR for atNorth+44 (0) 7796 274 [email protected]
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