DUBLIN–(BUSINESS WIRE)–The “AI In Life Science Analytics Market” report has been added to ResearchAndMarkets.com’s offering.
The global AI in life science analytics market size is expected to reach USD 4,067.97 million by 2032, according to a new study. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rising prevalence of AI adoption in clinical trials all over the world is expected to become a major driving force for the market over the forecast period. Pharma firms have been investing in the development of AI solutions that assist to read or scan big datasets faster and more precisely help in the growth of the market. Also, massive expenditures made by US-based pharmaceutical corporations in drug research and clinical trials help in the growth of the market.
IQVIA established an AI-powered contact center for the life sciences, in September 2021, allowing enterprises to communicate regarding their recent products while also monitoring product safety & quality. In order to prioritize and answer inquiries, the center employs AI-enabled virtual agents in addition to human specialists. Sorcero announced the release of Clarity in March 2022, which gives the medical affairs team an integrated perspective across all areas of scientific interaction. Furthermore, medical teams may monitor and track medical material at scale using Sorcero’s powerful analytics.
Market Dynamics
Drivers and Opportunities
- Rising Need for Pharmaceuticals to Treat Complicated Diseases
- AI Adoption is Growing in Clinical Trials
Restraints and Challenges
- High Initial Costs
AI In Life Science Analytics Market Report Highlights
- Service segment is anticipated to grow at a significant CAGR over the forecast period owing to increasing demand for third-party service providers that supply technically equipped staff to handle the pricey AI systems.
- Cloud segment sector is expected to hold a significant market share over the forecast period due to the increase in the number of people infected with this virus as a result of encounters with animals in the wild will favor market expansion.
- Sales & Marketing segment sector is expected to hold a significant market share over the forecast period due to marketing automation, improved personalization, decreased mistakes, and smarter and faster decision-making skills.
- Pharmaceutical sector is expected to hold a significant revenue share due to the increased use of AI technologies in manufacturing, clinical trials, and drug development processes in the pharmaceutical industry.
- North America is expected to dominate the market over the projected period on account of the higher demand for AI technologies, improved digital literacy, and high investment in the AI analytics market in that region increasing the market growth.
- The global players include Indegene, IBM, IQVIA, SAS Institute Inc., Databricks, Lexalytics, Sisense, Sorcero. Atomwise, Inc., NuMedii, Inc., AiCure LLC., Nuance Communications, Inc., APIXIO, Inc., Insilico Medicine, Inc., Enlitic, Inc.
The publisher has segmented the AI in life science analytics market report based on component, deployment, application, end-use, and region:
AI In Life Science Analytics, Component Outlook (Revenue, USD Million, 2019-2032)
- Software
- Hardware
- Services
AI In Life Science Analytics, Deployment Outlook (Revenue, USD Million, 2019-2032)
- On-premise
- Cloud
AI In Life Science Analytics, Application Outlook (Revenue, USD Million, 2019-2032)
- Research and Development
- Sales and Marketing support
- Supply chain analytics
- Others
AI In Life Science Analytics, End-user Outlook (Revenue, USD Million, 2019-2032)
- Medical Devices
- Pharmaceutical
- Biotechnology
- Others
Companies Mentioned
- Indegene
- IBM
- IQVIA
- SAS Institute Inc.
- Databricks
- Lexalytics
- Sisense
- Sorcero. Atomwise Inc.
- NuMedii Inc.
- AiCure LLC.
- Nuance Communications Inc.
- APIXIO Inc.
- Insilico Medicine Inc.
- Enlitic Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ozr59z-in-life?w=4
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