Market Trends of Cognitive Analytics Industry
This section covers the major market trends shaping the Cognitive Analytics Market according to our research experts:
Healthcare Segment to Witness High Growth
- The rapidly increasing adoption of big data and cloud computing has made cognitive analytics more accessible and give accurate results to various end-user industries at large, including the healthcare sector which is expected to witness increased adoption of these solutions during the forecast period.
- With the increase in the burden of chronic diseases, the advancements in technology in the healthcare industry and increasing clinical tests have generated a significant need for data assimilation and advanced data analytics solutions to know the different patterns of the disease and find out the new drug for treatment.
- With data mining, natural language processing (NLP) systems, and other aspects of machine learning technologies, which is used to find out the valuable insights from the unstructured data, the healthcare sector is expected to create increased demand for these solutions. Also, cognitive analytics has enhanced patient engagement and improved access to services.
- Furthermore, researchers are leveraging the potential of cognitive solutions to make clinical trials more comprehensive and useful, unlocking abundant exciting prospects in the healthcare industry.
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Asia-Pacific is Expected to Witness Significant Growth
- The Asia-pacific region is expected to witness the fastest growth in demand, during the forecast period, primarily owing to the rising geriatric population, increasing healthcare expenditure, growing private and public investments in the healthcare sector to counter the unmet medical needs of the rising population, and growing pharmaceutical industry in the region.
- According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), people aged 65 years and above in the Asian countries are expected to witness an increase by nearly two and half times in the next decades to reach 20.5% in 2050, which is one of reason driving the market.
- Moreover, owing to factors such as globalization, rapid economic developments, digitalization, foreign direct investments, and increased adoption of high-end technologies across major APAC countries, the market is expected to witness bosst in demand
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