Skip to main content

Pandemic Creates Huge Demand for Artificial Intelligence

Especially in times of crisis, technology can be the catalyst for much-needed change. The vendors that enable the Global Networked Economy have become essential to all forward-looking leaders that seek innovation as a tool to uncover new solutions to significant challenges.

Medical-related industries have discovered their New Normal. The Coronavirus outbreak has proven that healthcare institutions can no longer ignore the role of Artificial Intelligence (AI) in their daily workflow. And, cognitive systems are essential components of their solutions to the current crisis.

AI systems infrastructure spending in the healthcare and pharmaceutical industries is expected to increase from $463 million in 2019 to more than $2 billion over the next 5 years, according to the latest worldwide market study by ABI Research.

Medical AI Apps Market Development

"Artificial Intelligence is playing a key role in responding to the pandemic," said Lian Jye Su, principal analyst at ABI Research.

Several companies, including Alibaba, YITU, Graphen, and Google DeepMind, are already developing AI tools to help detect the virus, diagnose its evolution, track its geographical footprint, project its future, and even predict its potential protein structure to find a vaccine for it.

Aside from viral detection, AI will be adopted in the field of bioinformatics, where the Ribonucleic Acid (RNA) sequence of COVID-19 can be thoroughly analyzed to develop the right antiviral drugs.

"Now, no single drug can combat the virus effectively. In order to get ahead of the ever-evolving virus and to save as many lives as possible, new drug discovery, development, and testing processes need to be set up, as the conventional method is no longer suitable," Su explains.

Tools from established companies like Google DeepMind, startups like Graphen, and AI chipsets from vendors like NVIDIA and Intel will help accelerate the speed of drug discovery, development, and testing, allowing pharmaceutical companies and healthcare authorities to combat the pandemic.

Pharmaceutical companies and healthcare authorities will take lessons from the current chaotic situation, and anticipate universal programs and frameworks to better manage pandemic situations, predict the emergence and the spread of viruses, and, most importantly, find a cure for them in a timely fashion.

The situation will encourage healthcare agencies, pharmaceutical vendors, and webscale companies to enhance their Research and Development (R&D) investments in AI as a core technology for enabling these initiatives.

Outlook for Drug Development via AI Applications

ABI Research determined that global research and development (R&D) expenditures for the pharmaceutical industry are estimated to be between $180 billion and $195 billion in 2022.

Moreover, AI spending in the healthcare and pharmaceutical industries is expected to increase rapidly as more developed nations seek lasting solutions to the growing economic impacts of the ongoing COVID-19 pandemic crisis.

According to the assessment by ABI, the upside potential is huge. "The pharmaceutical industry is a significant market that AI hardware and software vendors should target," Su advises.

Popular posts from this blog

Mobility-as-a-Service Creates Disruptive Travel Options

Building on significant advances in big data, analytics, and the Internet of Things (IoT), more innovative transit service offerings aim to increase public transport ridership and reduce emissions or congestion within metropolitan areas. By providing these services through smartphone apps, the transit services also significantly increase user convenience, providing information on different human mobility offerings -- including public transport, ridesharing, and autonomous vehicles. Mobility-as-a-Service Market Development According to the latest market study by Juniper Research, Mobility-as-a-Service (MaaS) subscribers will generate $53 billion in revenue for MaaS platform providers by 2027 -- that's rising from $5.3 billion in 2021. Let's start with a basic definition. MaaS is the provision of multi-modal end-to-end travel services through single platforms, by which users can determine an optimal route and price. The study identified a monthly subscription model as key to incr

Robocall Mitigation Solutions to Halt Criminal Threats

If you answer the phone and hear a recorded message instead of a live person, it's likely a robocall. A robocall is a phone call that uses a computerized autodialer to deliver a pre-recorded message. In 2020, the U.S. Federal Trade Commission (FTC) received 2.8 million consumer complaints about robocalls. Offering solutions to robocalling and associated fraudulent business practices, computerized mitigation platforms are an integral part of the solution. Platforms that are focused on actionable systems to disrupt unsolicited and potentially criminal phone calls help telecom service providers and industry regulators. Issues of whether one-size-fits-all developments are sufficient to be effective across the spectrum need to be addressed, and whether a single telecom network operator working unilaterally with a third-party platform could compromise desired or mandatory industry-wide standards. Robocall Mitigation Market Development According to the latest worldwide market study by Jun

Secure Digital Workspace Apps Enable the Future Enterprise

In early 2020, as the world responded to the COVID-19 pandemic disruption, many organizations were forced to rapidly transform their communications networks and IT infrastructure to support an unprecedented shift to remote work. Before the pandemic, approximately 38 percent of employees were remote full-time or had a flexible work arrangement where they split time between home and office locations. During the pandemic, the percentage of remote workers that CIOs had to support reached almost 72 percent. Future Enterprise Technology Market Development Enterprise leaders have been forced to adapt to a new state, shifting from traditional office-based operations to distributed workforce environments that must still provide the same level of connectivity, security, and efficiency across the organization. According to the latest worldwide market study by International Data Corporation (IDC), addressing connectivity across geographies and transforming networks to become more virtual and agile