Artificial Intelligence in Healthcare Market worth $67.4 billion by 2027 - Exclusive Report by MarketsandMarkets

According to the new market research report "Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), Application, End User and Geography - Global Forecast to 2027", published by MarketsandMarkets, the market is projected to grow from USD 6.9 billion in 2021 to USD 67.4 billion by 2027; it is expected to grow at a CAGR of 46.2%from 2021 to 2027. The key factors fueling the growth of the market include market influx of large and complex healthcare datasets, growing need to reduce healthcare costs, improving computing power and declining hardware cost, rising number of partnerships and collaborations among different domains in healthcare sector, and surging need for improvised healthcare services due to imbalance between health workforce and patients. Additionally, growing potential of AI-based tools for elderly care, increasing focus on developing human-aware AI systems, and rising potential of AI technology in genomics, drug discovery, and imaging & diagnostics to fight COVID-19 is expected to create a growth opportunity for the artificial intelligence in healthcare market. The software segment is projected to account for the largest share of the artificial intelligence in healthcare market during the forecast period. Many companies are developing software solutions for various healthcare applications; this is the key factor complementing the growth of the software segment.