The major drivers in the global healthcare cognitive computing market are the rising burden of chronic illnesses, integration of third computing platforms, and growing usage of NLP. This can be primarily because NLP effectively translates human language into machine language, which in turn, will assist in offering enhanced patient care over other technologies. This market will grow significantly in the coming years, providing lucrative opportunities to the market players to adapt to the current market dynamics and paradigm shifts in the tastes and preferences of consumers.

Within the deployment model segment, the healthcare cognitive computing market can be bifurcated into on-premises and cloud, of which these solutions are widely deployed on the cloud. Cloud services are growing in popularity as they allow for massive data storage at a cheap cost, allowing even tiny hospitals access to critical information that they require to provide the best treatment. Hence these factors would generate higher revenue in the market.

The pivotal end users in the healthcare cognitive computing market are pharmaceutical companies, healthcare payers, healthcare providers, and medical device corporations. Healthcare providers are one of the largest users of these solutions, and they are expected to continue this trend in the coming years as well. This is because of the rising incidence of chronic diseases, coupled with the growing geriatric population. This has exerted a push on the number of patients in the healthcare centers and demand for enhanced and connected operating rooms in healthcare centers across all the inhabited regions.

Geographically, North America will potentially grow in the coming years, holding one of the biggest healthcare cognitive computing market shares. This can be primarily attributed to the growing geriatric population, surging prevalence of chronic illness, escalating partnerships and collaborations between several market players, increasing number of healthcare centers, and rising investment toward R&D activities in this market. This will go hand in hand with the swift adoption of technologically advanced devices to launch innovative products in the market. Moreover, this provides extravagant opportunities for the market players to gain a competitive edge.

The rising number of collaborations and partnerships in this market will spur the healthcare cognitive computing market growth. This will assist them in launching new innovative products for more efficient processes. There is an agreement between Koninklijke Philips N.V., NVIDIA Corporation, and Nuance Communications Inc. with countless research centers for developing and testing the solutions they provide. This ensures rapid advancements of the solutions, which is ultimately necessary to enhance patient outcomes, especially considering the heavy burden healthcare systems have been under over the last couple of years, due to COVID-19.

Third-party computing systems are gaining popularity in the healthcare cognitive computing business. They make it easier to handle large volumes of healthcare data and keep track of the advances in clinical outcomes. Computing platforms, such as cloud computing and big data, assists in the deployment of software and hardware to store the voluminous data catering to numerous patients and illnesses, which can be retrieved on the requirement. There is an inclination of patients toward these systems on account of the need to manage the high-volume medical information in emergency care settings, outpatients, and inpatients.

Hence, the rising prevalence of chronic illnesses, coupled with the growing geriatric population will drive the market.