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Flourishing Healthcare System Opening Plethora of Opportunities for Software as a Medical Device Manufacturers, States Fact.MR

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Dublin, Ireland, Sept. 12, 2022 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global software as a medical device market is estimated at US$ 1.1 billion in 2022 and is expected to surge ahead at a CAGR of 16.7% between 2022 and 2032.

Demand for software in the healthcare sector has increased rapidly in the recent past. Software that make use of cloud computing have helped end users with respect to speed, security, and reliability. This is amplifying the need for software as a medical device (SaMD) as an alternative in the healthcare sector for monitoring and digital therapeutics purposes. The market is also observing high demand due to government standards and safety requirements in applications by end users.

Moreover, product improvisation by market players is enhancing its use for chronic diseases that require continuous monitoring and diagnosis. Fact.MR suggests that AI-based software will offer the most opportunistic market for new players in the software as a medical device market. However, they may observe stiff competition from leading companies owing to the regular monitoring of their software after being approved for sale. Post-market surveillance provided by leading players will observe long-term revenue generation after passing through the approval process.

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Key Takeaways from Market Study

  • The global software as a medical device market is projected to expand at a high-value CAGR of 16.7% to reach US$ 5.4 billion by 2032.
  • The market expanded at 12% CAGR between 2017 and 2021.
  • Under software technology, artificial intelligence (AI) dominates the market and is currently valued at US$ 849.1 million.
  • North America dominated the global market with 32.7% share in 2021.
  • Demand for software as medical devices is expected to rise rapidly at CAGRs of 16.3% and 17.1% in Europe and East Asia, respectively.

Rising customer inclination for health support & accuracy and favourable government standards will create high demand for software as medical devices,says a Fact.MR analyst.

Market Development

The software as a medical device market is consolidated with a number of key companies. Market leaders such as GE Healthcare, Star, Ideagen, Orthogonal, BrightInsight Inc., and S3 Connected Health are competing with each other for market dominance.

Market leaders are trying to introduce new innovations in software as medical devices. They are competing with each other in terms of product approvals from FDA and healthcare authorities. Apart from this, key players are also adopting inorganic growth strategies such as mergers and acquisitions to enhance their global presence and strengthen their distribution channels in untapped regions.

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Competitive Landscape

Prominent software as a medical device companies are GE Healthcare, iCAD Inc., Hyperfine Research, Star, Tietronix Software, Inc., S3 Connected Health, Ideagen, BrightInsight, Inc, Inzentiz, Zühlke Group, and Orthogonal.

Major players in the software as a medical device market are adopting organic growth strategies such as product innovations and launches to sustain their position in the market. Product approval across different geographical legislations is a bottleneck to the entrance of emerging players into the market.

Industry players are concentrating on capacity expansion as well as enhancement of their global reach, using both organic and inorganic growth tactics such as acquisitions and collaborations.

  • In July 2021, Star, a global technology company, announced the acquisition of Pro 4 People, a leading player in MedTech solutions. The acquisition helped Star expand its existing offerings.
  • In August 2019, FutureNeuro, in a partnership with S3 Connected Health, adopted the co-design approach for epilepsy treatment by using software technological solutions.

Fact.MR has provided detailed information about the price points of key manufacturers of software as medical devices positioned across regions, sales growth, and speculative technological expansion, in the recently published report

Segmentation of Software as a Medical Device Industry Research

  • By Device Type :
    • Smartphones
    • Laptops/Desktops
    • Wearable Devices
  • By Software Technology :
    • Artificial Intelligence
    • Machine Learning
  • By Application :
    • Screening and Diagnosis
    • Monitoring and Alerting
    • Chronic Condition & Disease Management
    • Digital Therapeutics
  • By Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global software as a medical device market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of device type (smartphones, laptops/desktops, wearable devices), software technology (artificial intelligence, machine learning), and application (screening & diagnosis, monitoring & alerting, chronic condition & disease management, digital therapeutics), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

Check out more related studies published by Fact.MR Research:

Software Defined Perimeter Market – The growing use of interconnected devices with the developments in new age technology like the internet of things (IOT) and over-the-top adoption of reliable storage options like cloud-based applications is pushing the software defined perimeter market forth and increasing the overall ROI, creating a win-win scenario for the businesses as well as vendors.

Clientless Remote Support Software Market – The demand of clientless remote support software is poised to remain high among the customer care centres, service providers, and IT departments. The escalating use of multiple electronic gadgets such as desktops, mobile devices, and laptops is leading to augmented customer support regarding technical complications.

Public Safety Software Market – The global public safety software market reached a valuation of around US$ 7 Bn in 2020, and is slated to rise at a CAGR of 11% to top US$ 20 Bn by 2031. Demand for computer-aided dispatch solutions is set to increase at a CAGR of 9% across the assessment period of 2021 to 2031.

Location Intelligence Market – North America and Europe, collectively account for more than 56% of the total market value. The compounded annual growth rate of all six regions are stupendous double digits. This points to the fact that location intelligence is a corner stone technology of the coming decade. Market players must invest in developing products that offer prodigious leaps in data security.

Open Source Intelligence Market – The open source intelligence market is set to witness significant growth of 15% during 2021-2031, owing to increasing adoption of Open Source Intelligence (OSINT) techniques, methods, and tools to acquire information from publicly available online sources. This growth is also attributed to the rise of cyber-attacks and evolving threat landscape targeting enterprise resources for critical security breaches.

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Artificial Intelligence

Redefining Data Storage in the Data Awakening Era

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BERLIN, May 14, 2024 /PRNewswire/ — At the Huawei Innovative Data Infrastructure Forum 2024 in Berlin, Dr. Peter Zhou, Vice President of Huawei and President of Huawei Data Storage Product Line, presented Huawei’s latest thinking in his talk  “Redefining Data Storage in the Data Awakening Era.”

AI looks to disrupt traditional data storage, by not only focusing on performance, reliability, and data paradigm, but also on scalability, sustainability, and data fabric, Zhou said. In the data awakening era, he added, Huawei will redefine data storage through leading innovation in these six dimensions:
Ultra performance: Huawei enhances storage performance by a factor of 10, compared to traditional storage. The storage also supports bandwidth in PB/s and 100 million IOPS, which greatly improves the efficiency of the entire generative AI process.Data resilience: Innovative architecture and technologies boost high reliability of 99.9999%. The built-in ransomware detection engine raises the detection accuracy to 99.99%. Even the checkpoint recovery time during AI training is shortened to less than a minute.New data paradigm: The multi-dimensional tensor data is enabled to support fast data retrieval via an intelligent search engine. The retrieval-augmented generation (RAG) technology works with the embedded knowledge base to eliminate hallucination in large AI models.Scalability: A single storage cluster can be scaled out for EB-level capacity and each engine can be scaled up with more GPUs, DPUs, or NPUs for near-storage computing.Sustainability: Innovations in storage media and devices have brought about outstanding storage energy efficiency (less than 1 watt/TB) and storage density (greater than 1 PB/U).Data fabric: The capabilities of storage metadata management and search enable global data visibility and manageability, as well as data mobility that is 10 times more efficient.These six dimensions guide the philosophy behind the recent launch of the high-performance OceanStor A800, which is a powerful addition to Huawei OceanStor A series storage models. Tailored for AI applications, OceanStor A800 can increase AI cluster utilization by 30%, and as for performance, it delivers high bandwidth and IOPS, which are four and eight times better than its peer vendor’s. Regarding scalability, OceanStor A800 supports scaling out to EB-level capacity with up to 512 controllers, as well as scaling up to a maximum of 4,096 computing cards. As for conserving space and energy, it achieves an outstanding storage density of 1 PB/U and energy efficiency of 0.7 watt/TB. It also provides a new data paradigm with vector index, tensor data, and RAG. In terms of data resilience, the accuracy of ransomware detection is improved from 99.9% to 99.99%. In addition, the data fabric capability facilitates data asset management.
At the same time, storage media innovations are driving sustainable development. Huawei’s newly released high-capacity SSDs provide 10 times more capacity with the same disk size, which can further reduce energy consumption of a data center. With 128 TB capacity per disk, the new SSDs consume 88% less storage space and 92% less energy than the peer vendor’s SSDs when storing every one PB of data.
To be AI-ready, enterprises must get data-ready. The Omni-Dataverse global file system built in the DME makes enterprise data assets visible, manageable, and mobile across regions, thereby building a solid AI data lake storage foundation for enterprises.
Dr. Peter Zhou ended by emphasizing Huawei’s commitment to redefining data storage that focuses on customer challenges and demands in the data awakening era, and building leading AI-ready data infrastructure for greater customer value.
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UCloud partners with HGC to provide high-quality cloud services to enterprises and OTT in Southeast Asia

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HONG KONG, May 14, 2024 /PRNewswire/ — HGC Global Communications Limited (HGC), a fully-fledged ICT service provider and network operator with extensive global coverage and UCloud Technology Co., Ltd. (UCloud), a neutral cloud computing service provider, have announced the strategic partnership to jointly expand into the cloud market in Southeast Asia, starting in Thailand. This collaboration aims to provide enterprises and OTT with efficient, flexible, and reliable cloud services, enabling and accelerating their digital transformation.

This collaboration marks a promising beginning for HGC and UCloud to jointly develop the market in Southeast Asia. With UCloud’s comprehensive suite of cloud products and secure, stable technical solutions, HGC will swiftly establish an asset-light public cloud infrastructure and enhance its cloud service portfolio in EdgeX by HGC, a one-stop-shop solution that includes Global Connectivity, Data Center, Cybersecurity, Managed Services, and Cloud Connection. It will enable us to deliver exceptional, flexible, and customized cloud computing services along with comprehensive spectrum of Internet Services such as Eyeball-as-a-Service and AMS-IX backed by a robust Telecom infrastructure.
UCloud, as a leading cloud technology company, has been actively expanding its presence in international markets since 2013. Through years of dedicated efforts, UCloud has developed the capabilities of robust and reliable overseas infrastructure operation, gaining recognition from over 60,000 global users. With 30 years of experience as a network operator with extensive global coverage, HGC has profound insights and understanding of customer need in Southeast Asia. Moreover, HGC has rich local service experience in Thailand, playing a crucial role in accelerating the rapid deployment of UCloud’s advanced cloud technology solutions in the region. By combining UCloud’s technology prowess with HGC’s local market expertise, the partnership is uniquely positioned to deliver tailored and effective integrated cloud solutions. 
Steven Xu Tan, CEO, Oversea Business of UCloud said: “This collaboration represents a significant milestone in the integration of cloud computing and telecommunications ecosystems. It also marks the beginning of a comprehensive collaboration between UCloud and HGC’s overseas team to effectively serve global customers. As one of the leading cloud service providers in China expanding globally, UCloud has achieved extensive overseas infrastructure coverage by establishing availability zones in Southeast Asian countries such as Thailand, Singapore, Indonesia, Vietnam, and the Philippines. HGC has extensive global network infrastructure and expertise in digital services, enabling the delivery of customized solutions for customers across industries. We firmly believe that UCloud and HGC can work together to drive the adoption of cloud computing in Thailand and other regions.”
Cliff Tam, Senior Vice President, Global Data Strategy & Operations, International Business of HGC said: “We are delighted to embark on this strategic collaboration with UCloud, leveraging their cutting-edge cloud infrastructure and service capabilities to swiftly establish EdgeX with HGC cloud service portfolio in overseas markets. With decades of expertise under our belt, we are committed to delivering excellence to Internet community and OTT customers, catering to their diverse requirements on the digital transformation of the region’s agile environment. Building upon our collaboration in Thailand, we are confident that we will replicate this advanced experience and achieve greater breakthroughs across various industries and in other overseas regions.
About HGC Global Communications Limited
HGC Global Communications Limited (HGC) is a leading Hong Kong and international telecom operator and ICT solution provider. The company owns an extensive network and infrastructure in Hong Kong and overseas and provides various kinds of services. HGC has 19 overseas offices and staff presence in 31 cities worldwide. It provides telecom infrastructure service to other operators and serves as a service provider to corporate and households. The company provides full-fledged telecom, data centre services, ICT solutions and broadband services for local, overseas, corporate, SME and mass markets. HGC owns and operates an extensive fibre-optic network, five cross-border telecom routes integrated into tier-one telecom operators in mainland China and connects with hundreds of world-class international telecom operators. The company is committed to further investing and enriching its current infrastructure and, in parallel, adding on top the latest technologies and developing its infrastructure services and solutions. In 2019, HGC Group completed the acquisition of Macroview Telecom Limited (Macroview), a leading digital technology solution and managed services provider. The addition of Macroview further accelerates HGC Group’s digital transformation path and positioning as a pioneering ICT and digital services leader. HGC is a portfolio company of I Squared Capital, an independent global infrastructure investment manager focusing on energy, utilities, transport, social infrastructure, digital infrastructure, and environmental infrastructure in North America, Europe, Latin America and Asia.
To learn more, please visit HGC’s website at: www.hgc.com.hk
About UCloud
Established in 2012, Shanghai-based UCloud (UCloud Technology Co., Ltd.) is a neutral and secure computing service platform. Continuously achieving breakthroughs in key and core technologies, UCloud offers a comprehensive range of cloud products, including public, private, hybrid, and edge cloud solutions. The company has independently developed IaaS, PaaS, and the SafeHouse big data exchange platform, along with various AI terminals and service platforms. UCloud operates 31 cloud available zones globally, spanning 24 countries and regions such as China, Southeast Asia, Europe, North America, South America, and Africa. These data centers form the foundation of UCloud’s digital information infrastructure, characterized by its seamless integration of cloud and network, security and stability, intelligent agility, and environmental sustainability.
UCloud adheres to the customer-first service principle, offering a wide array of products and application scenario solutions related to cloud computing, big data, and AI technology. Catering to users in diverse sectors such as industrial internet, education, healthcare, retail and finance etc., UCloud aims to accelerate digital transformation and innovation, enhance total factor productivity, and advance industry digitalization and digital industrialization.

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Artificial Intelligence

Quobyte Introduces High-Performance File Query Engine for Large-Scale Storage Clusters and AI Workloads

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Quobyte’s File Query Engine Redefines Large-Scale Storage Management with High-Performance Metadata Queries
SANTA CLARA, Calif., May 14, 2024 /PRNewswire/ — Quobyte, the innovator in high-performance storage solutions, has unveiled its new distributed File Query Engine at ISC High Performance 2024, enhancing its storage platform for enterprises and researchers. This engine allows users to query file system metadata at exceptional speeds, making it ideal for environments with massive data sets.

The File Query Engine offers a range of capabilities, including the ability to query user-defined metadata for AI/ML training, enabling users to label files with data directly instead of managing small “metadata files.” Additionally, administrators can quickly answer questions such as identifying space-consuming cold files or locating files owned by specific users. The File Query Engine replaces slow file system tree walks (“find”), offering a faster and more efficient alternative for large volumes.
Key to the File Query Engine’s performance is its integration with Quobyte’s distributed and replicated key-value store, which stores metadata. Unlike other products, Quobyte’s File Query Engine does not require an additional database layer, resulting in faster queries and significant resource savings. Queries are executed in parallel across all metadata servers for fast scans across the entire cluster or select volumes. This engine never operates on outdated data.
“The File Query Engine is a game-changer for our customers,” said Bjorn Kolbeck, CEO of Quobyte. “It streamlines the process of querying file system metadata, offering fast and efficient results even for large datasets, AI, and machine-learning workloads.”
The File Query Engine is part of Quobyte release 3.22 and is automatically available without any configuration. Users can run file metadata queries using the command-line tool “qmgmt,” which supports output in CSV or JSON formats. Additionally, queries can be initiated via the Quobyte API, providing flexibility and ease of use.
For more information about Quobyte’s File Query Engine and its storage solutions, visit www.quobyte.com.
About Quobyte:Quobyte provides a unified storage platform engineered for simplicity and high performance, suitable for enterprises and researchers pushing the frontiers of innovation. It ensures exceptional reliability and enterprise-level features, enabling rapid deployment and streamlined operations for organizations of various sizes, making HPC accessible for all. Quobyte empowers small teams to run large-scale infrastructures, advancing today’s most groundbreaking research.
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