Healthcare transforms with a focus on accessibility, prioritizing IT, the global market is projected at USD 975 billion by 2027. AI and machine learning, expected in 90% of US hospitals by 2025, streamline chronic condition diagnoses. Emerging technologies drive change, influencing preventive and home care in the healthcare landscape.

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What’s inside

1. Key takeaways
2. Key drivers shaping trends in healthcare
3. Business trends driving innovation
4. Technology trends aiding the business

Key takeaways

Healthcare IT is a top priority for providers. Nearly 80% of healthcare providers consider it one of their top 5 strategic priorities, with investments in software including revenue cycle management, security and privacy, patient intake/flow, clinical systems, and telehealth. AI, ML, and IoMT are rapidly developing and expected to be used in 90% of US hospitals by 2025. The global mHealth apps market is growing, primarily driven by the adoption of fitness and medical apps. Technology can improve patient care, reduce medical errors, and expand hospital boundaries. However, data interoperability and regulations are necessary, and patient engagement is crucial for a better healthcare system. Download Complete Research

Key drivers shaping trends in healthcare

Empowering customers through GenAI

• Patient centricity is a top priority as patients now expect a satisfying healthcare experience, like what they receive in other industries. With technological advancements, it is now feasible and cost-effective to meet these expectations and provide patients with a superior experience.
• Healthcare data is vital for informed decision-making, and data integration is necessary to enable seamless sharing of information between healthcare providers. Seamless integration is vital for seamless patient care, coordinated care delivery, reducing errors, enhancing patient outcomes, and promoting a holistic approach to healthcare.
• Preventive healthcare is gaining importance as it reduces costs, improves quality of life, promotes early detection, and aligns with advancing healthcare technologies and government policies.

Business trends driving innovation

• The COVID-19 pandemic has accelerated the adoption of telehealth and telemedicine, leading to a significant growth of the global telemedicine market size.
• Retail healthcare services are gaining popularity due to their convenience and accessibility.
• However, the healthcare industry is facing challenges related to data security, cyberattacks, and lack of standardization, which can be tackled by upgrading cybersecurity infrastructure, conducting risk assessments, and complying with regulatory standards.
• mHealth apps are transforming healthcare by providing easy access to health monitoring, medication management, and wellness, while personalized medicine uses an individual’s genetic profile to inform disease prevention, diagnosis, and treatment.
• The use of AI-driven data interoperability is transforming healthcare data exchange, and regenerative medicine is encouraging regeneration and repair of damaged tissues and organs.
• Population health management involves analyzing healthcare data to monitor and enhance the health of each person within a population.
• These healthcare trends impact various stakeholders, including doctors, nurses, patients, pharmacists, and healthcare administrators.

Technology trends aiding the business

• Artificial intelligence (AI) is transforming healthcare by analyzing patient data, developing new drugs, and improving diagnoses.
• The global AI market for healthcare is projected to reach a significant amount by a certain year.
• Nanotechnology promises to revolutionize healthcare by enabling precise diagnosis, targeted drug delivery, and enhanced treatment options.
• The Internet of Medical Things (IoMT) and wearable devices are becoming increasingly popular for real-time monitoring, diagnosis, and therapy delivery.
• Robotics, digital twins, virtual reality, health data analytics, and gene editing are also promising in improving healthcare.
• However, ethical concerns regarding gene editing must be addressed, and regulatory frameworks must be updated to ensure responsible use

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Credits
Lead Authors@lab45: Anju James
Contributing Authors@lab45: Hussain S Nayak

GenAI is changing the banking industry through work automation, individualized customer experiences, and fraud detection. Operational cost savings from using GenAI chatbots in banking globally is 35 times more than not using GenAI. GenAI helps banks increase productivity, lower expenses, and enhance customer happiness.

What's inside

1. Key Takeaways
2. Reimagining banking through GenAI
3. GenAI transforming banking landscape
4. Challenges in GenAI implementation and their solutions

Key takeaways

Among industries globally, GenAI could add about $ 3.5 trillion annually in productivity on average, out of which the banking sector would be nearly 8 per cent. Banks are starting with applications in software development, chatbots and media content generation. GenAI has vast potential to execute business and technology processes autonomously. The operational cost savings from using GenAI chatbots in banking reached $7.3 billion globally. It is 35 times the operational savings without using GenAI. The integration of GenAI with virtual assistants has significantly enhanced customer support and experience. GenAI enables banks to automate crucial processes such as customer onboarding, fraud detection, and risk management. As a result, employees can concentrate on more intricate tasks, such as delivering exceptional customer support. The banking sector can significantly benefit from this, leading to an overall increase in efficiency. Download Complete Research

Reimagining banking through GenAI

Empowering customers through GenAI

• GenAI enables banks to provide customized products, personalized financial advice enhancing the banking experience for customers.
• GenAI automates and streamlines banking processes, reducing wait times and enhancing customer convenience.
• GenAI helps banks strengthen security measures, protecting customers from fraud, unauthorized access, and identity theft.
• AI-powered chatbots and virtual assistants provide round-the-clock customer support, offering prompt and reliable assistance.
• Through efficient processes, enhanced security, and seamless support, GenAI enhances overall customer satisfaction with the banking experience.

GenAI transforming banking landscape

Corporate banking, retail banking and software engineering are the most value-creating functions with each providing a value of about $ 50 billion. The rest of the functions include wealth management, asset management, risk, IT and finance and HR. Download Complete Research

The diagram below shows the impact of GenAI on banks' functional architecture

Future trends in GenAI

GenAI is in nascent stage, but it has the potential for vast changes in banking. The following use cases are expected to prevail in future:

• Financial forecasting: As GenAI will be able to integrate and analyze data from various sources in future, it will be able to identify data patterns and run simulations based on real-world context and hypothetical scenarios. It can help banks to make effective financial forecasts.
• Generate financial advice for customers: Training GenAI on customers’ financial goals, risk-taking ability, income, expenditure. It can be used for budgeting recommendations. Also, it can help in smarter investment and wealth management and trading advice.
• Minimize manual paperwork: Manually analyzing financial documents is costly and time-consuming. GenAI can be used to summarize large documents and significantly cut operational costs.
• Regulatory code change advisor: GenAI will be used to make developers aware about underlying regulatory changes that will require them to change code. It can assist in automating the changes and providing documentation.
• Manage risks and credit worthiness: GenAI will be used to create a more accurate picture of borrowers after analyzing vast amount of data from multiple sources.

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Credits
Author@lab45: Poonam Pawar, Hussain S Nayak

Discover the revolutionary world of Web3 in this compelling paper, where we delve into its fundamental building blocks and crypto tokens that underpin this decentralized paradigm shift. Explore the exciting enterprise use-cases harnessing the true potential of Web3 technology, revolutionizing industries and unlocking unprecedented opportunities.

What's inside

1. Web3 and it’s building blocks
2. The Web3 adoption
3. The role of the enterprise in Web3
   a) Business models around Web3 and major players
4. Regulatory and technology risks

Web3 and it’s building blocks

Web3 represents a decentralized web powered by blockchain, enabling decentralized participatory communities. It promotes user control over data, governance, and transactions. The transition from Web2 to Web3 encompasses decentralization of user data and content, finance and currency systems, and immersive user experiences. Web3 leverages crypto tokens, digital assets issued on blockchains, and utilizes smart contracts for decentralized finance. These tokens are essential for Web3 and its growth. Web3's potential lies in building digital communities, disrupting economic representation, and co-creating value within token networks. Blockchain underpins Web3, ensuring secure transactions and smart contracts. Non-Fungible Tokens (NFTs) play a role in ownership and provenance of digital assets.

The Web3 adoption

The growth of crypto markets until 2021 was remarkable, but the web3 community remains relatively small. By November 2021, about 7 million people were using token wallets monthly. Crypto is volatile, with fundamental flaws and regulatory challenges. The complexity of web3 poses risks in regulation, technology, and security. EU, USA, and China may not fully support crypto. However, digital tokens can still find a counterculture of users valuing crypto custody and communities. Web3's potential to benefit the public is uncertain. Adoption paths vary, and tokens could disrupt traditional systems, but regulatory hurdles and fraud might impede progress. VC investments in web3 exceeded $18 billion in H1 2022, indicating significant interest and potential. Download Complete Research

The role of the enterprise in Web3

Tokens are most impactful when they unite micro-communities to create long-term value. However, many token projects remain immature and fail to generate value due to the absence of robust economies. Centralized enterprises and their brands could play a significant role in web3 by building token ecosystems around their communities, blurring the line between utility and investment. Brands can use NFTs for reinvented customer loyalty programs and create DAOs for crowdsourcing productivity. Successful token development depends on an engaged community, and brands can incentivize fans to participate actively. Notable brands like Nike and Starbucks are already exploring web3 and NFTs. Mainstream and decentralized brands are recognizing the potential of engaging with digital-native fan communities in the web3 space. Download Complete Research

Regulatory and technology risks

Web3's tokens hold enormous potential but also significant risks. Users are responsible for token custody and must secure them cryptographically. Cybercrimes can lead to substantial financial losses. Token fraud and money laundering are concerns due to anonymity. Regulatory challenges are growing, with potential impacts on tax codes and transactions.

Credits
Author@lab45: Ankit Pandey