Portland, OR -- (SBWIRE) -- 11/15/2017 -- Artificial intelligence assists the machines to perform any task without human interventions. It uses different algorithms and software that help the machine to inculcate perception and reasoning for various situations. AI is widely applicable in the healthcare sector for various purposes such as drug discovery and precision medicine. In addition, it is used to analyze patient's medical data, to predict disease onset, and personalize treatment provided to the patient. The global AI market was valued at $1,441 million in 2016, and is estimated to reach at $22,790 million by 2023, registering a CAGR of 48.0% from 2017 to 2023.

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The AI market is segmented based on offering, technology, application, end user, and geography. On the basis of offering, the market is divided into hardware, software, and services. By technology, it is classified into deep learning, querying method, natural language processing, and context aware processing. Applications covered in the study include robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. According to end user, the market is categorized into healthcare provider, pharmaceutical & Biotechnology Company, patient, and payer geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The market growth is driven by rise in adoption rate of AI systems and delete technological advancements in the AI field. In addition, the ability of these systems to improve patient outcomes, increase in adoption of precision medicine, and increase in need for coordination between healthcare workforce & patients are expected to fuel the market growth. However, lack of standard regulations and guidelines and reluctance among healthcare professionals to adopt AI-based technologies are expected to hinder the market growth.

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KEY BENEFITS FOR STAKEHOLDERS

This report offers a detailed quantitative analysis of the current market trends from 2016 to 2023 to identify the prevailing opportunities.

The market estimations provided are based on comprehensive analysis of the key developments in the industry.

In-depth geographical analysis facilitates to analyze the regional market to assist in strategic business planning.

The developmental strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market

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