Artificial Intelligence
Electronic Health Records Software Market is anticipated to progress at a CAGR of 9.1% from 2022 to 2030, Data by Contrive Datum Insights
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Farmington, Jan. 30, 2023 (GLOBE NEWSWIRE) — The Electronic Health Records Software Market was valued at USD 14.2 Billion in 2022 and is projected to grow at a CAGR of 9.1% during the forecast period 2023-2030. The global market for software that maintains electronic health records is anticipated to increase by hundreds of millions of dollars between 2023 and 2030. Electronic health record (EHR) software is typically used to collect and digitally store patients’ medical information in a systematic manner. This software makes it easy to obtain more information about a patient, hence improving the overall productivity and effectiveness of patient care.
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It is anticipated that the use of EHR will increase over the next few years because to its various capabilities, ease of use, and applicability in numerous healthcare settings. Additionally, the use of artificial intelligence (AI) to anticipate clinical outcomes based on HER has altered the patient experience by improving care, and AI’s role in the creation of EHR software has contributed to the market’s expansion. During the COVID-19 outbreak, electronic health record software played a crucial role in maintaining patient records.
Electronic Health Records Software Market Recent Developments:
- In June of 2021, Datavant and Ciox Health agreed into a definitive agreement to build the largest health data ecosystem in the country. It will facilitate the interchange of patient-level data between patients, providers, payers, health data analytics firms, patient-facing applications, government entities, and life science companies.
- In May 2021, the federal Centers for Medicare and Medicaid Services (CMS) issued a proposed regulation titled “the Inpatient Prospective Payment Systems Rule” that will alter the way electronic health records support care. The modifications would update how hospitals share information through electronic health records systems, allowing physicians and nurses to give the best possible care.
- In April of 2021, Microsoft Corporation bought Nuance Communications, Inc. with the intention of empowering healthcare providers via ambient clinical intelligence and other Microsoft cloud services.
Electronic Health Records Software Market Segmentation Analysis:
By type, the global market for electronic health record software is divided into the Ambulatory, Acute, and Post-Acute segments. In 2021, it is projected that the acute EHR category will hold the biggest market revenue share. This market sector is rising due to the implementation of electronic health records in small-scale services. In the United States, for instance, acute care clinics qualify for the Medicare incentive payment programme under the Prospective Inpatient Billing System (IPPS). The electronic health record for acute care generates patient data that include all clinical facts. In addition, these details are applicable to intensive care, emergency services, hospitalisation, and operating room requirements.
Based on product insights, the global electronic health record software market is segmented into web-based and client-server software. In 2021, it is projected that web-based EHR would have the biggest market revenue share. The growth of this market segment is due to its popularity among small-scale healthcare providers and physicians. Web-based EHRs can be installed without requiring in-house servers and provide considerable customization and enhancement options.
By End-User, the global electronic health record software market is segmented into Hospitals and Ambulatory. The Hospital EHR sector is predicted to hold a sizable percentage of market revenue in 2021. This segment’s growth can be attributed to hospitals’ collection of huge amounts of medical data. In addition, the installation cost of EHR software is far less than that of ambulatory care centres, which are the driving force of the market..
Regional Outlook:
In 2021, North America dominated the global market for electronic health record software and held the biggest revenue share. Government initiatives that encourage the adoption of EHR software and the presence of a robust healthcare infrastructure with high levels of digital literacy have contributed to the expansion. In March 2021, TELUS HealthCare will launch the next step of the digital integration of its employer-focused virtual care service, Akira by TELUS Health, with its electronic medical records.
Europe is second to North America in terms of electronic health record software market revenue share. Increasing research and development in healthcare and EHR industry need. The Digital Single Market policy of the European Commission enables the spread of the digital network and related services, which is anticipated to contribute to the expansion of the European economy. In February 2022, the European Commission, for instance, announced plans to invest €292 million in digital technology. Examples include blockchain infrastructure in Europe, digital solutions for improved government services, Artificial Intelligence (AI) for crime prevention, and AI testing facilities.
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Scope of Report:
Report Attributes | Details |
Growth Rate | 9.1% from 2023 to 2030 |
Market Size in 2022 | USD 14.2 Billion |
By Type | Ambulatory, Acute, Post-Acute |
By Product | Web Based, Client-Server Based |
By End User | Hospital, Ambulatory, (Physicians Clinic, Pharmacy, Laboratories) |
By Companies | Allscripts Healthcare, LLC, GE Healthcare, Cerner Corporation, Epic Systems Corporation, McKesson Corporation, NextGen Healthcare, Inc., CureMD Healthcare, Medical Information Technology, Inc., AdvancedMD, Inc., Greenway Health, LLC, and Others |
Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2023 to 2030 |
Market Drivers:
During the forecast period, technological advancement is predicted to drive the market for electronic health record software. AI-generated software integrates flawlessly and offers a variety of features. Machine learning and natural language processing can aid in documenting a patient’s medical history, organising massive databases to retrieve vital documents, and assessing patient satisfaction. The combination of machine learning mode and natural language processing can aid healthcare professionals in translating speech-to-text recognition systems.
Market Restraints:
The cost of software for electronic health records inhibits market expansion. It is exceedingly costly to develop, implement, and maintain software for electronic health records. Due to their high cost, EHRs are difficult to implement in most emerging economies. In addition, developing AI-based algorithms and programmes is too costly for underdeveloped nations, which has hampered the business somewhat. Lack of qualified personnel and information on how to employ complicated AI and machine learning algorithms, as well as a lack of IT infrastructure in low-income nations, are anticipated to hinder the growth of the electronic health record software industry. Therefore, the high cost of EHR technology hinders industry expansion.
Market Opportunity:
As a result of government initiatives, industry acquisitions, collaborations, and implementations, electronic health record (EHR) software is increasingly utilised throughout the world. Governments are implementing measures to alleviate the administrative costs that EHR imposes on healthcare providers.
Electronic Health Records Software Market Key Segments Covered:
Top Market Players:
Allscripts Healthcare, LLC, GE Healthcare, Cerner Corporation, Epic Systems Corporation, McKesson Corporation, NextGen Healthcare, Inc., CureMD Healthcare, Medical Information Technology, Inc., AdvancedMD, Inc., Greenway Health, LLC, and Others.
By Type:
- Ambulatory
- Acute
- Post-Acute
By Product:
- Web Based
- Client-Server Based
By End-User:
- Hospital
- Ambulatory
- Physicians Clinic
- Pharmacy
- Laboratories
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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Artificial Intelligence
Iridium to Collaborate with Nordic Semiconductor on Iridium NTN Direct integration
MCLEAN, Va., Oct. 9, 2024 /PRNewswire/ — Iridium Communications Inc. (NASDAQ: IRDM), a leading provider of global voice and data satellite communications, today announced its collaboration with Nordic Semiconductor for early integration of its Iridium NTN Direct℠ service into Nordic’s LTE-M/NB-IoT modules and chipsets. Nordic Semiconductor is a global leader in low power wireless connectivity solutions including cellular IoT (LTE-M, NB-IoT), Wi-Fi, Bluetooth LE, and Thread and is trusted by world leading brands across the consumer, industrial, and healthcare segments. Nordic’s complete cellular IoT solutions are ideally suited for connected devices for global tracking, utility metering and industrial remote monitoring and control.
Iridium NTN Direct is planned to be the world’s first truly global NB-IoT service. The product of Iridium’s Project Stardust initiative, Iridium is developing this capability in coordination with the 3rd Generation Partnership Project’s (3GPP) recent decision to accept Iridium enabling enhancements in its next release. This would allow Iridium’s satellite service to be accessible by any device with a 3GPP release 19 compliant chipset. Nordic plans to incorporate the Iridium NTN Direct service’s truly global communication capability as part of its 3GPP release 19 NTN roadmap, taking advantage of the established reliability and experience of the Iridium® network.
“Nordic Semiconductor is an industry leader that continues to be at the forefront of innovation with its low power LTE-M and NB-IoT modules and chipsets,” said Bryan Hartin, executive vice president, Iridium. “The integration of Iridium NTN Direct into its modules and chipsets marks a new chapter in Nordic’s storied history and will create a universe of consumer and industrial devices with the capability to stay connected from anywhere on earth. We look forward to working with Nordic Semiconductor and them bringing both their chipset- and device-side experience to the Iridium ecosystem.”
“Iridium is a global leader in satellite communications,” said Oyvind Birkenes, executive vice present for the Long Range BU at Nordic Semiconductor. “It is exciting that Iridium is taking the step to enable low-cost, 3GPP-standard NB-IoT modules and chipsets like Nordic’s nRF9151 to connect to its network of satellites. This helps bring the vision of universal connectivity for global and massive IoT to life.”
The Iridium network is ideal for D2D and NB-IoT services with its truly global coverage, weather-resilient, globally coordinated spectrum, and history of providing safety of life services with the highest reliability. 3GPP Release 19 is expected to be formally completed by the end of 2025. Iridium will share more information about Iridium NTN Direct at Mobile World Congress Las Vegas’s NTN Summit on Wednesday October 9, 2024.
For more information about Iridium NTN Direct visit: www.iridium.com/ntn-direct
About Iridium Communications Inc.
Iridium® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations, and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2024, Iridium acquired Satelles and announced the Iridium Satellite Time and Location service. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services, and partner solutions, visit www.iridium.com.
Forward-Looking Statements Disclosure
Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The Company has based these statements on its current expectations and the information currently available to us. Forward-looking statements in this press release include statements regarding 3GPP Release 19, the capabilities, benefits and timing of the proposed Iridium NTN Direct service, and the planned integration of Iridium NTN Direct technology by Nordic Semiconductor. Forward-looking statements can be identified by the words “anticipates,” “may,” “can,” “believes,” “expects,” “projects,” “intends,” “likely,” “will,” “to be” and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, whether the final 3GPP Release 19 includes NB-IoT NTN specifications compatible with the Iridium network, the timing of 3GPP Release 19, the successful technical development of Iridium NTN Direct, the successful integration of Iridium NTN Direct by Nordic Semiconductor, and uncertainties regarding the company’s ability to maintain the health, capacity and content of its satellite constellation, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on February 15, 2024, and the Company’s Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on July 23, 2024, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium’s expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium’s underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium’s forward-looking statements speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.
Press Contact:Jordan HassinIridium Communications [email protected]+1 (703) 287-7421X: @Iridiumcomm
Investor Contact:Kenneth LevyIridium Communications [email protected]+1 (703) 287-7570
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Artificial Intelligence
Infosys and Microsoft Expand Strategic Collaboration to Accelerate Customer Adoption of The Microsoft Cloud and Generative AI
In conjunction with Microsoft, Infosys Cobalt, Topaz, and Aster will aim to enhance customer experiences and drive global adoption of enterprise AI
BENGALURU, India, Oct. 9, 2024 /PRNewswire/ — Infosys (NSE: INFY), (BSE: INFY), (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced an expansion of its collaboration with Microsoft to help accelerate customer adoption of generative AI and Microsoft Azure, globally. The strategic collaboration is aimed at helping Infosys’ and Microsoft’s joint customers realize the value of their technology investments and secure transformative outcomes.
Infosys and Microsoft’s generative AI collaboration commenced when Infosys became an early adopter of GitHub Copilot, which enabled them to realize significant efficiencies in code modernization and completion. Infosys is a top GitHub Copilot “customer zero” with currently over 18,000 developers who have generated and used more than 7 million lines of code from Copilot. Coupled with its recently launched, an industry-first, GitHub Center of Excellence (CoE), Infosys is uniquely positioned to offer enterprise AI innovation to customers around the world.
In addition, Infosys was chosen as a strategic supplier to support Cloud and AI workloads for Microsoft’s enterprise customers. Infosys will infuse Microsoft’s generative AI suite of offerings across its Solution IP portfolio to bring unique capabilities to market, helping clients achieve cost-efficiency, scalability, and agility.
In conjunction with Microsoft’s technology and its own industry-leading AI and Cloud suite of offerings, Infosys Topaz and Infosys Cobalt, as well as its AI-powered marketing suite Infosys Aster, the collaboration will help enhance customer experiences and drive the global adoption of enterprise AI.
The scope of this expanded collaboration will include:
Financial Services – Infosys’ domain expertise with Finacle, alongside Microsoft’s advanced capabilities will enable financial institutions to engage, innovate, operate, and transform more efficiently.Healthcare – Infosys Helix, a next-gen healthcare payer platform built on Microsoft Azure, uses AI/ML automation to optimize patient outcomes, will provide access to care, and enhance constituent experiences, while streamlining processes and reducing costs.Supply Chain – This sector will see optimized processes and increased agility through the combined strengths of TradeEdge and Azure OpenAI service.Telecommunications – Microsoft’s generative AI and Infosys Live Operations platforms will deliver enhanced connectivity and customer experiences.Infosys Energy Management Solution, coupled with Microsoft’s commitment to sustainability, will accelerate the NetZero journey for customers.Customer service – Infosys Cortex, an AI-driven customer engagement platform, integrates Microsoft GenAI and Copilot to deliver specialized and individualized copilot assistance to every member of a customer service organization.Many of these solutions will be available on Azure Marketplace, allowing customers to utilize their Microsoft Azure Consumption Commitment (MACC), creating a mutually beneficial market proposition.
As the collaboration grows, both companies are also focusing on sharing best practices for Responsible AI. Infosys is a key partner in The Microsoft Responsible AI Partner Initiative, contributing to the development of ethical AI guidelines through Infosys’ Responsible AI (RAI) Office. Skilling efforts are also part of the collaboration, ensuring that the workforce is equipped with the necessary expertise to support these initiatives.
Anand Swaminathan, EVP and Global Industry Leader – Communications, Media and Technology, Infosys, said, “This collaboration addresses various business problems by delivering heightened value to clients through a customer-centric approach, providing scalability, agility, and cost-efficiency across key sectors like Finance, Healthcare, Supply Chain, and Telecommunications. As Infosys and Microsoft embark on this transformative journey together, we are poised to redefine industry standards and empower organizations to thrive in the era of generative AI.”
Nicole Dezen, Chief Partner Officer at Microsoft, said, “Our expanded collaboration with Infosys will transform industries, enhance business operations, elevate employee experiences, and deliver new value for customers. Together, we will harness the power of generative AI to deliver innovative solutions, drive AI Adoption and enable unprecedented innovation for customers.”
About Infosys
Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.
Safe Harbor
Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, and cybersecurity matters. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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Artificial Intelligence
Fractal Achieves The AWS Generative AI Competency
NEW YORK, Oct. 9, 2024 /PRNewswire/ — Fractal (www.fractal.ai), a global provider of artificial intelligence and advanced analytics solutions to Fortune 500® companies, announced today that it has achieved the Amazon Web Services (AWS) Generative AI Competency. This milestone recognizes Fractal’s expertise and commitment to leveraging AI technologies to drive innovation and transformation for its global clients.
The AWS Generative AI Competency identifies partners who have demonstrated technical proficiency and customer success in areas critical for deploying generative AI technologies. Fractal’s achievement of the AWS Generative AI Competency highlights its technical expertise and customer success in areas like minimizing hallucinations, prompt engineering, and model customization.
“We are honored to achieve the AWS Generative AI Competency, which underscores our commitment to pushing the boundaries of AI innovation,” said Dylan Dias, Chief Alliance Officer, Fractal. “This recognition from AWS is a testament to our team’s hard work and expertise in developing and deploying generative AI solutions that create tangible value for our clients. We look forward to continuing our partnership with AWS to empower businesses with AI technologies that drive meaningful transformation.”
With experience in Generative AI projects, Fractal helps clients drive digital transformation by enhancing customer experiences, delivering personalized content, streamlining workflows, and providing actionable insights powered by AWS technology. Through AI-driven insights, Fractal enables organizations to achieve faster decision-making, greater efficiency, and deeper customer engagement.
With this accomplishment, Fractal joins a group of partners recognized by AWS. With this competency Fractal aims to drive new business opportunities and reinforce its trusted partnership with AWS. Fractal continues to build on its existing AWS competencies in data and analytics, retail, and financial services, further establishing its credentials as a AI-powered solution provider.
The AWS Competency Program connects customers with trusted AWS Competency Partners, recognized for their expertise and ability to deliver reliable solutions on AWS. These partners are essential in helping organizations of all sizes efficiently adopt, develop, and implement complex AWS projects while following industry best practices.
About Fractal
Fractal is one of the most prominent providers of Artificial Intelligence to large global enterprises. Fractal’s vision is to power every human decision in the enterprise, and bring AI, engineering, design & domain to help the world’s most admired companies.
Fractal’s businesses include Asper.ai (AI for revenue growth management) and Flyfish (Generative AI for Sales). Fractal incubated Qure.ai, a leading player in healthcare AI for detecting Tuberculosis, Lung cancer, heart failure and stroke.
Fractal has over 4600 employees across 18 global locations, including the United States, UK, India, Singapore, Middle East and Australia. Fractal has been recognized as “Great Workplace” and “India’s Best Workplaces for Women” in the top 100 (large) category by The Great Place to Work® Institute; featured as a leader in Data Engineering services 2024 & Data Science Services 2024 by Information Services Group, Leader in AI and Analytics Services Specialists Peak Matrix Assessment 2024 by Everest Group, Leader in Customer Analytics Service Providers Wave™ 2023 by Forrester Research, Inc.
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