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2024 World Manufacturing Convention Showcases Next-Gen Technologies

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HEFEI, China, Sept. 21, 2024 /PRNewswire/ — As technology and innovation converge, a grand feast celebrating the manufacturing industry is commencing. On September 20, the 2024 World Manufacturing Convention opened its doors at the Hefei Binhu International Convention and Exhibition Center in Hefei, Anhui Province. As a premier event in the manufacturing sector, this convention has brought together top global enterprises, innovative technologies, and cutting-edge concepts to present a feast of technology and innovation to the attendees.

In the Smart Robotics Zone, a variety of robots are busy showcasing their diverse capabilities. The latest unveiling at Jianghuai Advance Technology Center, the ‘Qijiang No.2’ humanoid robot, standing at 1.8 meters tall and weighing 60 kilograms, with 38 degrees of freedom throughout its body. It can not only perform basic human limb movements but also execute delicate tasks like folding clothes, opening bottles, pouring water, and washing dishes with ease. Moreover, it can navigate rough terrains, resembling an intelligent steel companion, sparking anticipation for the future of automation and intelligence in the manufacturing industry.

In the 3D Printing Zone, exquisite exhibits leave spectators in awe. From intricate mechanical components to lifelike artworks, 3D printing technology, with its precise replication and rapid prototyping capabilities, has brought revolutionary changes to the manufacturing industry. Inside the zone, staff are busy calibrating equipment, preparing for a spectacular 3D printing showcase. Meanwhile, the third-generation locally developed 72-qubit superconducting quantum computer, “Origin Wukong,” from the Hefei High-tech Zone, is capturing significant interest. This quantum computer, with over 80% domestic components from hardware to quantum chips, operating systems, and application software, boasts unimaginable computing power, paving new paths for future research, finance, and numerous other fields, shining brightly as a rising star in the quantum technology realm.

Green energy and environmental protection technologies are also significant highlights of this convention. The Green Manufacturing Zone showcases a wide array of energy-saving and eco-friendly equipment and renewable energy products. The application of these technologies not only reduces energy consumption and emissions in manufacturing but also provides robust support for sustainable development.

Furthermore, the convention features multiple zones such as Precision Manufacturing and Intelligent Manufacturing, comprehensively displaying the latest achievements and future trends in the manufacturing industry. Exhibitors have expressed their intentions to leverage this platform to showcase their capabilities, seek collaboration opportunities, and collectively drive high-quality development in manufacturing.

The 2024 World Manufacturing Convention is not just a feast of technology and innovation but also a platform for exchange and cooperation. Here, top leaders in the global manufacturing sector will convene to discuss the future trajectories and pathways of manufacturing. It is believed that in the near future, these cutting-edge technologies and innovative concepts will lead the manufacturing industry towards an even brighter future.

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AI in Military Market to grow by USD 55.2 billion (2024-2028), rising defense spending amid conflicts driving growth, Report with market evolution powered by AI – Technavio

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NEW YORK, Nov. 15, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global artificial intelligence (AI) in military market  size is estimated to grow by USD 55.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  43.61%  during the forecast period. Increased government spending on defense due to conflicts is driving market growth, with a trend towards growing integration of ai in space-based systems. However, shortage of ai experts  poses a challenge.Key market players include Anduril Industries Inc., BAE Systems Plc, C3.ai Inc, Charles River Analytics Inc., Darktrace Holdings Ltd., General Dynamics Corp., International Business Machines Corp., L3Harris Technologies Inc., Lockheed Martin Corp., Northrop Grumman Corp., NVIDIA Corp., Palantir Technologies Inc., Rafael Advanced Defense Systems Ltd., RTX Corp., Rheinmetall AG, Saab AB, Safran SA, Shield AI, SparkCognition Inc., and Thales Group.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2017 – 2021

Segment Covered

Component (Software, Hardware, and Services), Type (New procurement and Upgradation), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

Anduril Industries Inc., BAE Systems Plc, C3.ai Inc, Charles River Analytics Inc., Darktrace Holdings Ltd., General Dynamics Corp., International Business Machines Corp., L3Harris Technologies Inc., Lockheed Martin Corp., Northrop Grumman Corp., NVIDIA Corp., Palantir Technologies Inc., Rafael Advanced Defense Systems Ltd., RTX Corp., Rheinmetall AG, Saab AB, Safran SA, Shield AI, SparkCognition Inc., and Thales Group

Key Market Trends Fueling Growth

The military sector is increasingly adopting Artificial Intelligence (AI) to enhance security and defense strategies in the face of evolving threats and geopolitical tensions. Defense agencies, technology companies, and research institutions are collaborating to develop AI-powered solutions for situational awareness, proactive defense measures, and agile decision-making. Military applications of AI include autonomous vehicles like drones and military laser systems, decision support systems, and operational efficiency improvements. Security concerns surrounding cybercrime, theft, hacking, and data destruction have heightened the need for advanced AI and Machine Learning (ML) technologies. Defense contractors are investing in technological infrastructure, including AI processors, memory, and quantum computing, to stay ahead of adversaries. Ethical considerations and responsible AI practices are crucial as AI programs process military data and encrypted communication. The industry outlook for AI in the military market is promising, with trends in cognitive electronic warfare, threat detection, anomaly detection, and predictive analysis. Hardware segments like memory, AI processors, and quantum computing are essential for next-generation warfare systems. Private companies like Google and Microsoft are developing AI systems for logistics & transportation, simulation & training, and warfare platforms. Despite the benefits, challenges remain, including ethical considerations, protocols and standards, and the integration of AI into existing defense infrastructure. The military industry must work together to ensure the responsible use of AI in warfare systems, cybersecurity, and other applications. In summary, AI is transforming the military sector, offering solutions for security, defense, and operational efficiency. However, ethical considerations, cybersecurity, and integration challenges must be addressed to ensure responsible use and effective implementation. 

Artificial Intelligence (AI) plays a crucial role in military applications, particularly in the context of space exploration. In space missions, AI enhances data processing, analysis, and communication capabilities. Satellite sensors and camera data are analyzed using AI algorithms to detect objects and potential threats. The integration of AI in space-based systems is a significant trend, driven by its advantages in handling vast amounts of data and improving mission efficiency. Both developed and developing countries are increasing their adoption of AI technologies in their space programs due to these benefits. The expansion of space programs and the integration of AI are projected to fuel the growth of the global AI in military market in the coming years. 

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Market Challenges

In the military market, artificial intelligence (AI) is revolutionizing defense strategies with advanced solutions for situational awareness, proactive defense measures, and agile decision-making. However, security concerns around AI-powered systems, such as cybercrime, theft, hacking, and data destruction, necessitate responsible AI practices and ethical considerations. Defense agencies, technology companies, and research institutions collaborate to develop next-generation warfare systems, including autonomous vehicles, surveillance drones, and decision support systems. AI and machine learning (ML) are essential components of these systems, enabling threat detection, anomaly detection, and predictive analysis. The hardware segment, including AI processors and memory, plays a crucial role in the development of these advanced systems. Ethical considerations and responsible AI practices are essential to prevent potential misuse of these technologies. Geopolitical tensions and evolving threats require defense forces to invest in technological infrastructure, including quantum computing, encrypted communication, and advanced computing. Private companies like Google and Microsoft are also contributing to the industry outlook with quantum processors and AI programs. The military sector faces challenges in implementing AI systems, including cybersecurity, logistics and transportation, warfare platforms, and information processing. OpenAI and other AI programs are essential for military data analysis, while new procurement and upgrades in cybersecurity and logistics and transportation are necessary for operational efficiency and decision-making accuracy. Military laser systems, autonomous military systems, and defense forces are investing in AI-powered solutions to enhance their capabilities and stay ahead of the curve in the face of international conflicts and protocols and standards. The industry outlook is positive, with continued investment in AI systems, learning and intelligence, and applications across airborne, land, naval, space, and simulation and training.Many businesses in the military market are eager to leverage Artificial Intelligence (AI) for advanced capabilities, yet face challenges in doing so. The implementation of AI applications, such as machine learning and deep learning, necessitates significant investments in data sets, infrastructure, and processing power. Additionally, a team of specialized AI experts is required to execute tasks effectively. However, finding and hiring these experts is a competitive process, making it a significant challenge for many companies, particularly smaller ones, to fully capitalize on AI technology. Careful consideration of appropriate use cases and applications is essential before implementing AI at scale to ensure maximum return on investment.

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Segment Overview 

This artificial intelligence (ai) in military market report extensively covers market segmentation by

Component 1.1 Software1.2 Hardware1.3 ServicesType 2.1 New procurement2.2 UpgradationGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Software-  The AI software segment is poised for significant growth in the global artificial intelligence in military market. Defense organizations are increasingly adopting AI software solutions to strengthen their IT infrastructure and enhance cybersecurity capabilities. With data privacy regulations becoming stricter, militaries are investing in AI-powered software tools to detect, prevent, and mitigate security breaches and cyber threats. Advanced technologies like machine learning, virtual assistants, and speech/voice recognition are utilized in these software systems. They collect data from connected hardware systems, process it using AI algorithms, and generate intelligent insights to support critical decision-making processes. Leading AI technology providers, such as IBM, are supplying sophisticated software platforms to defense forces to boost operational efficiency and strategic advantages. The growing investments by militaries worldwide in advanced AI software solutions are fueling the segment’s growth.

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Research Analysis

Artificial Intelligence (AI) is revolutionizing the military sector, bringing advanced capabilities to Defense Forces in Security concerns and Defense strategies. AI applications include Military Laser Systems, Autonomous Military Systems, and Cyber Security. Evolving threats from Cybercrime, Theft, Hacking, and Data destruction necessitate the integration of AI in the Military Industry. Global Military Spending on new procurement and upgrades is driving the adoption of AI in various domains such as Airborne, Land, Naval, Space, and Logistics and Transportation. Protocols and Standards are being established to ensure ethical use and interoperability. Private Companies are collaborating with Defense Forces to leverage AI in Quantum Computing and Learning and Intelligence. However, concerns around Ethics, Accountability, and Transparency persist. International Conflicts and geopolitical tensions fuel the race for advanced AI technologies. AI in Military is a complex and evolving landscape that requires continuous monitoring and adaptation.

Market Research Overview

Artificial Intelligence (AI) is revolutionizing the military sector as defense agencies seek AI-powered solutions to address evolving threats and geopolitical tensions. The military industry is investing heavily in AI technologies to enhance situational awareness, proactive defense measures, and agile decision-making. AI applications in the military sector include autonomous vehicles, surveillance drones, decision support systems, and cognitive electronic warfare. These technologies enable operational efficiency, decision-making accuracy, and next-generation warfare systems. However, the integration of AI in the military sector raises security concerns, particularly in relation to cybercrime, theft, hacking, and data destruction. Defense agencies must prioritize ethical considerations and responsible AI practices to mitigate these risks. The hardware segment, including AI processors and memory, plays a crucial role in the development and deployment of AI systems. Technology companies and research institutions are collaborating to advance AI and machine learning (ML) capabilities, including quantum computing and AI programs. Defense contractors are also investing in technological infrastructure, such as encrypted communication and protocols and standards, to ensure the security of military data. The military sector is also exploring AI applications in logistics and transportation, simulation and training, battlefield healthcare, and information processing. New procurement and upgrade initiatives are underway for AI systems, warfare platforms, and autonomous war vehicles and robots across airborne, land, naval, space, and cybersecurity domains. Despite the benefits, the integration of AI in the military sector raises ethical considerations and the need for responsible AI practices. The industry outlook is positive, with continued investment and innovation expected in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentSoftwareHardwareServicesTypeNew ProcurementUpgradationGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Virtual Reality (VR) Headset Market to Grow by USD 25.2 Billion (2024-2028), Gaming Industry Expansion Fuels Demand, Report on How AI Drives Transformation – Technavio

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NEW YORK, Nov. 15, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global virtual reality vr headset market size is estimated to grow by USD 25.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 45.95% during the forecast period. Rising interest and growth in gaming industry is driving market growth, with a trend towards growing ar/vr integration introduced by vendors. However, rising health concerns and problems related to user comfort poses a challenge.Key market players include Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., ByteDance Ltd., FOVE Inc., Goertek Inc., HP Inc., HTC Corp., LG Electronics Inc., Meta Platforms Inc., Microsoft Corp., NOLO Co. Ltd., Pimax Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sony Group Corp., Valve Corp., Varjo Technologies Oy, WorldViz Inc., and Xiaomi Communications Co. Ltd..

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Virtual Reality VR Headset Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 45.95%

Market growth 2024-2028

USD 25199.01 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

41.74

Regional analysis

North America, APAC, Europe, Middle East and Africa, and South America

Performing market contribution

North America at 34%

Key countries

US, China, Japan, Germany, and UK

Key companies profiled

Alphabet Inc., Apple Inc., ASUSTeK Computer Inc., ByteDance Ltd., FOVE Inc., Goertek Inc., HP Inc., HTC Corp., LG Electronics Inc., Meta Platforms Inc., Microsoft Corp., NOLO Co. Ltd., Pimax Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sony Group Corp., Valve Corp., Varjo Technologies Oy, WorldViz Inc., and Xiaomi Communications Co. Ltd.

Market Driver

The Virtual Reality market is experiencing significant growth with various companies leading the way. Google Cardboard and Move Motion Controller offer affordable, non-immersive VR experiences. PlayStation Headset, Quest, Microsoft HoloLens, and others provide semi- to fully immersive experiences. Virtual training and designing applications are trending in commercial industries, healthcare, and military sectors. Virtual Reality headsets, also known as Head-Mounted Displays (HMD), include devices from Oculus Rift, PlayStation VR, HTC Vive, and new entrants like Pico and Meta. Health concerns such as dizziness, lethargy, and eyesight/hearing issues are being addressed through advancements in software, hardware, and content. VR simulators and glasses are transforming industries like healthcare, with applications in medical training, patient care systems, and planned surgeries using companies like VirtaMed. The Virtual Reality market also caters to entertainment, with live events like Foo Fighters’ Meta virtual stage, and devices like Oculus Rift and PlayStation VR. The market is driven by large technology companies and start-ups, offering a range of devices from compact, high-resolution HMDs to head-up displays and VR projectors. The adoption of VR is expanding beyond gaming into retail sectors, military training, and even commercial real estate. With advancements in sensors, processors, and AR devices, the future of Virtual Reality is promising. 

The Virtual Reality (VR) and Augmented Reality (AR) markets are experiencing significant growth due to the integration of these technologies. AR overlays digital content onto the physical world, enhancing user experiences. In the gaming industry, major players like Microsoft with HoloLens 2, are combining AR and VR for holographic games. Outside of gaming, businesses use AR/VR for training, simulations, and collaboration. Companies such as Oculus and HTC produce VR headsets with AR capabilities for enterprise applications. This technology revolution is transforming industries by providing interactive and engaging solutions. 

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Market Challenges

The Virtual Reality (VR) headset market is experiencing significant growth with major players like Google Cardboard, Move Motion Controller, PlayStation Headset, Oculus Quest, Microsoft HoloLens, and others leading the way. Virtual training and designing are key industries adopting VR technology for assistance and simulation events. Commercial industries, healthcare, and military are also exploring VR for patient care systems, medical training with companies like VirtaMed, and planned surgeries. Challenges include health concerns such as dizziness, lethargy, and eyesight or hearing issues. Hardware and software development, content creation, and VR simulators are crucial for VR headsets like Pico, Meta, and VR glasses (Head Mounted Displays). The VR market includes devices like Oculus Rift, PlayStation VR, and HTC Vive, as well as non-immersive and semi-immersive devices. Large technology companies and start-ups are investing in VR devices, head-up displays, VR projectors, and compact devices with high-resolution displays. VR adoption is expanding in sectors like retail, gaming, computer hardware, and live virtual entertainment, with events featuring artists like Foo Fighters on Meta’s virtual stage. However, challenges remain in addressing VR sickness, neck pain, and low resolution.Virtual Reality (VR) headsets offer an experience, but their long-term use comes with health risks. One such risk is motion sickness or virtual reality sickness, which occurs when there’s a discrepancy between the user’s perceived motion and actual motion. This can lead to symptoms like nausea, vertigo, and pain, making VR technology less accessible. Additionally, prolonged usage can cause visual fatigue and eye strain due to the intense focus required in virtual environments. Manufacturers are working to address these issues by creating more comfortable headsets and reducing motion sickness symptoms to expand the user base.

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Segment Overview

This virtual reality vr headset market report extensively covers market segmentation by

Application1.1 Commercial1.2 IndividualType2.1 Mid-range device2.2 Low-end device2.3 High-end deviceGeography3.1 North America3.2 APAC3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Commercial- The commercial segment holds a substantial share in the global virtual reality (VR) headset market. Businesses utilize VR technology in various ways to enhance training, experiences, and productivity. Applications span across industries, including education, entertainment, and enterprise solutions. VR headsets are increasingly adopted for corporate training and simulation, enabling staff to practice skills in a risk-free virtual environment, thereby reducing training costs. Architectural and design firms also leverage VR for three-dimensional concept visualization and collaboration, fostering creativity and teamwork. Leading VR market players, like HTC Vive, Pico Interactive, and Meta-owned Oculus, cater to commercial needs with customized solutions. The demand for corporate VR headsets is projected to expand significantly, transforming collaboration and training methods in numerous industries. In addition, VR has revolutionized entertainment, with applications extending from gaming to virtual tourism to live events. Gaming experiences have fueled commercial VR adoption, attracting a dedicated user base. VR extends the reach of live events by providing spectators a front-row seat from home, such as concerts and sports. These factors contribute to the growth of the global VR headset market in the forecast period.

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Research Analysis

Virtual Reality (VR) headsets have revolutionized the way we experience technology. These devices transport users into a 3D world, providing an unparalleled level of engagement. Notable VR headsets include Google Cardboard, PlayStation Headset, Quest, HoloLens, Pico, and Meta Quest. The VR market is expanding rapidly, with healthcare, military, and consumer sectors leading the adoption. In healthcare, VR is used for surgeon training, while the military employs it for simulation-based training. Retail sectors also leverage VR for virtual try-ons. Sensors and processors are crucial components, enhancing the user experience. Virtual reality technology continues to evolve, with companies investing heavily to push the boundaries of this exciting technology. The Apple Vision Pro and Meta Quest Pro are upcoming releases that promise to further advance the VR experience.

Market Research Overview

The Virtual Reality (VR) market is experiencing rapid growth with various types of VR headsets available, including Google Cardboard, Move Motion Controller, and standalone devices like Quest. VR technology is revolutionizing industries, from healthcare to commercial sectors, with applications in virtual training, designing, assistance, simulation events, and more. In healthcare, VR is used for planning surgeries, healthcare provisions, patient care systems, and medical training through companies like VirtaMed. The VR market also caters to live virtual entertainment, with events featuring artists like Foo Fighters and Meta virtual stages. VR headsets, also known as Head Mounted Displays (HMDs), come in various forms, from non-immersive to fully immersive, and include devices from Oculus Rift, PlayStation VR, HTC Vive, and Pico. The market also includes compact devices, high-resolution displays, and sensors, processors, and software for VR simulators and glasses. However, health concerns such as dizziness, lethargy, eyesight issues, and hearing issues are potential challenges. The VR market is not limited to large technology companies but also includes start-ups and innovations in AR devices, head-up displays, and VR projectors. The consumer market, retail sectors, military, and gaming industries are also adopting VR technology.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationCommercialIndividualTypeMid-range DeviceLow-end DeviceHigh-end DeviceGeographyNorth AmericaAPACEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/virtual-reality-vr-headset-market-to-grow-by-usd-25-2-billion-2024-2028-gaming-industry-expansion-fuels-demand-report-on-how-ai-drives-transformation—technavio-302306209.html

SOURCE Technavio

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The Electronic Health Records Market is set to grow by USD 54.7 billion from 2024-2028, with the benefits of EHR driving adoption and boosting revenue. Report on how AI is reshaping the market landscape – Technavio

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NEW YORK, Nov. 15, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global electronic health records market  size is estimated to grow by USD 54.7 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 17.57%  during the forecast period. Benefits of ehr leading to rise in adoption is driving market growth, with a trend towards rising demand for self-medication and homecare medical devices. However, rising data security and privacy concerns  poses a challenge.Key market players include athenahealth Inc., CareCloud Inc., Computer Programs and Systems Inc., CureMD, Dedalus Group, Dell Technologies Inc., eClinicalWorks LLC, Epic Systems Corp., EverCommerce Inc., General Electric Co., Global Payments Inc., Greenway Health LLC, KareXpert Technologies Pvt. Ltd., McKesson Corp., MEDHOST, Medical Information Technology Inc., Oracle Corp., Siemens AG, Tebra Technologies Inc., and Veradigm LLC.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Deployment (On-premises and Cloud-based), Component (Services, Software, and Hardware), and Geography (North America, Europe, Asia, and Rest of World (ROW))

Region Covered

North America, Europe, Asia, and Rest of World (ROW)

Key companies profiled

athenahealth Inc., CareCloud Inc., Computer Programs and Systems Inc., CureMD, Dedalus Group, Dell Technologies Inc., eClinicalWorks LLC, Epic Systems Corp., EverCommerce Inc., General Electric Co., Global Payments Inc., Greenway Health LLC, KareXpert Technologies Pvt. Ltd., McKesson Corp., MEDHOST, Medical Information Technology Inc., Oracle Corp., Siemens AG, Tebra Technologies Inc., and Veradigm LLC

Key Market Trends Fueling Growth

The Electronic Health Records (EHR) market is experiencing significant growth as healthcare providers shift from paper records to digital solutions. Hospitals and healthcare units are major adopters, with the professional services segment driving demand. Chronic diseases require extensive patient records, making digitalization essential. The acute and post-acute segments, including rehabilitation centers, benefit from EHRs’ efficiency. Doctors and pharmacies also use EHRs for patient health history, medicines, allergies, and immunization status. Web-based EHRs offer convenience, while Client server-based EHRs ensure data security. Advanced healthcare facilities utilize EHRs for clinical documentation, lab systems, radiology systems, and clinical applications. Healthcare financing, administrative applications, and healthcare financing are also managed through EHRs. EHR service providers leverage software technology, artificial intelligence, and cloud storage technology to offer advanced solutions. Geriatric population and diseases require specialized EHRs. Inpatient EHRs, ambulatory care, ambulatory surgical centers, and clinical trials also use EHRs for data storage and administrative data. Devices and drugs are integrated into EHR systems for seamless patient care. 

The UN projects that over half of the global population will be aged 65 and above by 2039, leading to significant growth in the healthcare sector, particularly in developed countries. In response, the industry is transitioning from diagnosis and treatment to prevention. This trend is also emerging in Asia and the Middle East, where population growth is most pronounced. The demand for remote healthcare, wireless treatments, and minimally invasive procedures is escalating. Healthcare providers are investing in home care, remote monitoring, telehealth, and self-monitoring solutions to cater to this preventive care focus. 

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Market Challenges

The Electronic Health Records (EHR) market is witnessing significant growth due to the digitalization of healthcare. However, challenges persist in various segments. In the professional services segment, integrating EHR systems across hospitals, healthcare units, rehabilitation centers, and clinics requires expertise. Chronic diseases demand efficient management of patient health history, medicines, allergies, and immunization status. Hospitals face challenges with paperwork, digitalization, and big data management in acute and post-acute segments. Doctors and physicians in ambulatory services need user-friendly Web-based EHR solutions for easy access to patient records. Pharmacies, laboratories, and clinics require seamless integration with EHR systems for efficient clinical documentation and administrative applications. EHR service providers must address the unique needs of advanced healthcare facilities, specialty centers, and geriatric population. Software technology, artificial intelligence, and cloud storage technology play crucial roles in addressing these challenges. Healthcare financing, drug development, and device integration are also essential considerations. Inpatient EHR, clinical trials, and administrative data management are key areas of focus.The electronic health records (EHR) market is experiencing significant growth due to the digitalization of healthcare workflows. However, this trend comes with concerns over privacy and data protection. With the integration of devices generating data into healthcare systems and the availability of data from hospitals and insurance companies in a centralized place, healthcare organizations and patient information are at risk of cyberattacks. This issue restricts the healthcare industry from fully adopting advanced technologies, despite the potential benefits of improved healthcare quality, insights, and cost reduction. It is crucial for industry players to prioritize security measures to mitigate these risks and ensure patient data confidentiality.

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Segment Overview 

This electronic health records market report extensively covers market segmentation by

Deployment 1.1 On-premises1.2 Cloud-basedComponent 2.1 Services2.2 Software2.3 HardwareGeography 3.1 North America3.2 Europe3.3 Asia3.4 Rest of World (ROW)

1.1 On-premises-  On-premises Electronic Health Records (EHR) are self-hosted systems where the software and hardware are installed and managed on the native IT infrastructure of businesses and enterprises. These systems offer physical control and improved data security as the data is managed in-house, and there is no reliance on the Internet for access. However, the adoption of on-premises EHR by small and medium-sized enterprises (SMEs) is hindered due to the higher costs associated with the additional requirements for servers, hardware, and floor space. Large enterprises with sufficient funds and existing infrastructure continue to prefer on-premises EHR due to the enhanced data security and control. The growing concerns around data privacy and security are driving the demand for on-premises EHR solutions, contributing to the market’s growth during the forecast period.

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Research Analysis

The Electronic Health Records (EHR) market is witnessing significant growth due to the digitalization of healthcare and the increasing adoption of advanced technologies in the healthcare industry. The market caters to various segments including hospitals, healthcare units, and advanced healthcare facilities in both the acute and post-acute segments. Chronic diseases management is a major application area for EHRs, helping healthcare providers manage patient health history, medicines, allergies, and clinical documentation more effectively. EHR systems come in different formats such as Web-based and client server-based, with Ambulatory EHR and Acute EHR being the most common types. These systems integrate with various healthcare systems including lab systems, radiology systems, and pharmacy systems, streamlining workflows and reducing paperwork. The post-acute segment, including rehabilitation centers, is also adopting EHRs to manage patient care more efficiently. Big data analytics is a key trend in the EHR market, enabling healthcare providers to gain insights from patient data and improve patient outcomes. Overall, the EHR market is transforming healthcare delivery by making patient records more accessible and manageable.

Market Research Overview

The Electronic Health Records (EHR) market is a rapidly growing segment in the healthcare industry, driven by the digitalization of paperwork and the need for efficient and accurate patient care. EHR systems are used by hospitals, healthcare units, rehabilitation centers, and other advanced healthcare facilities to manage patient’s healthcare records. These records include health history, medicines, allergies, immunization status, lab test results, hospital discharge instructions, billing information, and more. EHR systems are available in various formats such as Web-based EHR, Client server-based EHR, Acute EHR, Ambulatory EHR, and Post-acute EHR. They cater to different segments like hospitals, ambulatory services, pharmacies, laboratories, clinics, and specialty centers. The market is segmented into professional services, acute segment, post-acute segment, and the chronic diseases segment. The professional services segment includes services related to the implementation, customization, and maintenance of EHR systems. The acute segment caters to the needs of hospitals and inpatient care, while the post-acute segment serves the needs of long-term care facilities and rehabilitation centers. EHR systems use advanced software technology, artificial intelligence, and cloud storage technology to provide clinical applications, administrative applications, healthcare financing, and clinical documentation. They also offer integration with lab systems, radiology systems, pharmacy systems, and clinical trial data. The geriatric population and patients with chronic diseases benefit significantly from EHR systems as they require continuous care and monitoring. EHR service providers offer on-premise software and cloud-based software to cater to the varying needs of healthcare providers. The market also includes drug, devices, and administrative data.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentOn-premisesCloud-basedComponentServicesSoftwareHardwareGeographyNorth AmericaEuropeAsiaRest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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