According to a new report, published by KBV research, The Global Machine Learning in Pharmaceutical Industry Market size is expected to reach $11.4 billion by 2029, rising at a market growth of 34.4% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 35.7% during (2023 - 2029). The services segment acquired a significant revenue share in the machine learning in pharmaceutical industry market in 2022. This is because a complete machine learning platform and specially developed health AI services enable healthcare and life science enterprises to understand their health data. Organizations in the healthcare and life sciences sectors are using these services to boost productivity and quicken the pace of innovation.
The Cloud segment acquired maximum revenue share in the Global Machine Learning in Pharmaceutical Industry Market by Deployment Mode in 2022 thereby, achieving a market value of $7.7 billion by 2029. This is owing to the fact that cloud computing provides machine learning applications in drug discovery and development, a scalable and affordable platform for storing and processing big datasets. Pharmaceutical businesses can now access robust computational resources and advanced algorithms over the cloud without investing in costly hardware or software infrastructure.
The SMEs segment has shown the growth rate of 36.7% during (2023 - 2029). This is due to the fact that machine learning may help businesses in R&D, production, and supply chain management to save capital and time. It reduces the time to find new treatments and medicines significantly. It uses cutting-edge NLP to assess existing studies and draw key conclusions and pre-process quickly to reduce the time spent testing incompatible substances.
The North America market dominated the Global Machine Learning in Pharmaceutical Industry Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $4.5 billion by 2029. The Europe market is exhibiting a CAGR of 34.1% during (2023 - 2029). Additionally, The Asia Pacific market would display a CAGR of 35.7% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/machine-learning-in-pharmaceutical-industry-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 Google LLC (Alphabet, Inc.), NVIDIA Corporation, IBM Corporation, Microsoft Corporation, Cyclica, Inc., BioSymetrics Inc., Cloud Pharmaceuticals, Inc., Deep Genomics Incorporated and Atomwise, Inc.
By Component
By Deployment Mode
By Organization size
By Geography
Companies Profiled
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