This is the total amount that industries across the globe can expect to earn by 2030—all thanks to Artificial Intelligence (AI). This technology will be the key player in the transformation and growth of all kinds of businesses1.
Artificial Intelligence is powered by live data patterns and algorithms. It enables machines to have human-like intelligence and perform tasks at rapid speed accurately. For example, computer vision is a form of AI technology that enables a machine to identify information visually like humans. Similarly, Natural Language Processing (NLP) enables machines to interact with humans by processing and understanding human speech and language data.
Healthcare companies are one of the most exciting industries that leverage AI, even before the pandemic, but its adoption has accelerated rapidly due to increasing demand for high-quality medical services. Automating manual tasks such as patient intake forms and other administrative jobs allows medical care professionals and providers to focus on higher priority work and operate more efficiently. And with patients’ big data powering this AI, doctors can diagnose diseases quicker, easier, and more accurately2.
Data Science and Machine learning (ML) has also helped accelerate research for COVID-19 vaccines, surgical techniques, and groundbreaking medical research.
Currently, the market demand for AI in healthcare is increasing. With this, the global AI revenue in healthcare is expected to reach $27.2 billion by 20253. Currently, 90% of hospitals in the United States have adopted AI in some form—higher than the 53% record during the third quarter of 2019.
Given this acceleration, will AI stay in healthcare post-pandemic?
COVID-19 has taught us to reevaluate the healthcare system, and now, digital healthcare technology is being heavily used by the Center for Disease Control (CDC) for their chatbot and contact tracing efforts. According to a recent Intel survey, the number of healthcare companies that will adopt AI will nearly double post-pandemic inception. And while AI cannot substitute the human touch of healthcare professionals, it could augment their expertise in treating high-risk patients, diagnostic analysis, and screening. As AI has proven itself effective in helping the industry move faster, expect the technology to stay even after the world survives Covid-194.