About 86 percent of healthcare provider organizations, life science companies and technology vendors are currently using artificial intelligence technology, and by 2020, these organizations will spend an average of $54 million on artificial intelligence projects, with investments primarily geared toward improving business operations, according to a Tata Consultancy Services Global Trends Study focusing on artificial intelligence and its impact on the healthcare industry.
So far, artificial intelligence investments have shown successful returns with cognitive technology-centered business areas generating a 14 percent increase in revenue while cutting operational costs by 10 percent, according to the study of 56 healthcare and life sciences companies, of which 19 are healthcare providers, 24 are pharmaceutical or biotech firms, 10 are medical device or medical product companies, and three provide other healthcare services or products.
