during the forecast period. The growth of this market is primarily driven by factors such as the need to control drug discovery and development costs and reduce the overall time involved in the process, and the increasing adoption of cloud-based applications and services.
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On the other hand, insufficient availability of skilled labor is a major factor limiting market growth to a certain extent during the forecast period. .
The services sector is estimated to occupy the major share in 2022 and is also expected to grow at the highest level during the forecast period
On the basis of supply, artificial intelligence in the drug discovery market is divided into software and services. The services segment is expected to represent the largest market share of the global artificial intelligence in the drug discovery services market in 2022, and is projected to grow at the fastest compound annual growth rate (CAGR) during the forecast period. The advantages and benefits associated with these services and the strong demand for AI services among the end users are key factors for the growth of this sector.
The machine learning technology sector has captured the largest share of the global artificial intelligence in the drug discovery market
On the basis of technology, artificial intelligence in the drug discovery market is segmented into machine learning and other technologies, and the machine learning segment accounted for the largest share of the global market in 2021 and is expected to grow at the highest compound annual growth rate during the forecast period.
The high adoption of machine learning technology between CRO and pharmaceutical and biotechnology companies and the ability of these technologies to extract insights from data sets, helping to speed up the drug discovery process are some of the factors supporting the market growth in this segment.
The pharmaceutical and biotechnology sector is expected to capture the largest share of the market in 2022
On the basis of the end user, AI in the drug discovery market is segmented into pharmaceutical and biotechnology companies, CROs, research centers and academic and government institutes. In 2021, the pharmaceutical and biotechnology companies segment captured the largest share of AI in the drug discovery market.
On the other hand, research centers and academic and government institutes are expected to witness the highest compound annual growth rate (CAGR) during the forecast period. The strong demand for AI-based tools to make the entire drug discovery process more time-consuming and cost-effective is the major growth factor for the pharmaceutical and biotechnology end-user segment.
North America Dominates AI in Drug Discovery Market in 2021
The global artificial intelligence in the drug discovery market is divided into four main regions, namely North America, Europe, Asia Pacific, and the rest of the world. drug discovery.
North America, which includes the United States, Canada and Mexico, constitutes the largest market for AI in drug discovery, and these countries were among the first to adopt AI technology in drug discovery and development.
Presence of major players, well-established pharmaceutical and biotechnology industry, high focus on R&D and significant investment are the key factors responsible for the large share and high growth rate of this market.
Details of supply-side initial interviews, by company type, designation and region:
• By company type: Level 1 (31%), Level 2 (28%), Level 3 (41%)
• By designation: C-level (31%), manager (25%), others (44%)
• By region: North America (45%), Europe (20%), Asia Pacific (28%), countries of the world (7%)
Notable players in this market are NVIDIA Corporation (US), Microsoft Corporation (US), Google (US), Exscientia (UK), Schrödinger (US), Atomwise, Inc. (US), BenevolentAI (UK), NuMedii (US), BERG LLC (US), Cloud Pharmaceuticals (US), Insilico Medicine (US), Cyclica (Canada), Deep Genomics (Canada), IBM (US), BIOAGE (US), Valo Health (US), Envisagenics (US), twoXAR (US), Owkin, Inc. (US), XtalPi (US), Verge Genomics (US), Biovista (US), Evaxion Biotech (Denmark), Iktos (France), Standigm (South Korea), and BenchSci (Canada). Players have adopted organic and inorganic growth strategies such as product upgrades, collaborations, agreements, partnerships, and acquisitions to increase their offering, meet unmet customer needs, increase their profitability, and expand their presence in the global market.
• The report examines artificial intelligence in the drug discovery market based on supply, technology, application, end user, and region
• The report analyzes the factors (such as drivers, restraints, opportunities and challenges) influencing market growth
• The report assesses opportunities and challenges in the market for stakeholders and provides details of the competitive landscape of market leaders
• The report studies small markets with respect to their growth trends, prospects, and contributions to total artificial intelligence in the drug discovery market
• The report predicts revenue of market segments with respect to five major regions
The main benefits of purchasing the report:
The report will help the new leaders / entrants in this market with information on the closest approximations of revenue figures for the total market and sub-segments, this report will help the stakeholders to understand the competitive landscape and gain more ideas to improve their business position. and planning appropriate market entry strategies.
The report also helps stakeholders to understand the pulse of Artificial Intelligence in the Drug Discovery market and provides them with information on major market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05828730/?utm_source=GNW
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