According to a new report, published by KBV research, The Global AI In Life Science Analytics Market size is expected to reach $2.5 billion by 2028, rising at a market growth of 10.9% CAGR during the forecast period.
The Medical Devices segment is showcasing a CAGR of 11.1% during (2022 - 2028). AI in medical devices is implemented to complement human capabilities in numerous roles with the help of deep learning techniques that uses neural networks. This way, AI can help in the identification and prediction of diseases, data analysis and classification for disease outbreaks, medical therapy optimization, and support applications for disease diagnosis.
The Sales & Marketing Support segment acquired maximum revenue share in the Global AI In Life Science Analytics Market by Application in 2021 thereby, achieving a market value of $905.6 million by 2028. AI technology supports sales and marketing activities by rendering process automation, error reduction, personalization, and quick decision-making capabilities. Such benefits have increased the application of AI in the sales & marketing departments as it benefits the companies by enabling them to meet the high demands of analytical solutions in general.
The On-premise segment has shown the growth rate of 7.9% during (2022 - 2028). On-premise services offer complete control of data to the company. It also enables accessibility of data even in instances of non-functioning internet as the server’s direct access remains with the firm. Furthermore, the availability of software customization allows the enterprise to amend the software as per its requirements.
The Services segment is generating highest revenue share in the Global AI In Life Science Analytics Market by Component in 2021 thereby, achieving a market value of $912.8 million by 2028. The rising trend of service outsourcing is the primary factor that drives the expansion of the segment. However, many companies lack the systems and analytic components, which makes the production of accurate results difficult and, thus, increases the uptake of services.
The North America market dominated the Global AI In Life Science Analytics Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1 billion by 2028.The Europe market is exhibiting a CAGR of 10.4% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 12.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/ai-in-life-science-analytics-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Wipro Limited, Lexalytics, Inc., Databricks, Inc., SAS Institute, Inc., Sisense, Inc., IQVIA Holdings, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, and Accenture PLC.
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