According to a new report by Allied Market Research, titled, Big data Analytics in Healthcare Market by Solution, Deployment, and End User: Global Opportunity Analysis and Industry Forecast, 2016-2023, the global big data analytics in healthcare market was valued at $10,725 million in 2016, and is projected to reach $36,093 million by 2023, growing at a CAGR of 19.1% from 2017 to 2023.
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The service market in solution segment, including professional and managed services, is expected to witness high demand, due to increase in need to manage data throughout the lifespan, from conception and storage to data analysis at the point of requirement. Moreover, cost savings on total cost of ownership through cloud deployment fuels the big data analytics in healthcare market growth.
North America was the largest market in 2016, owing to growth in demand for predictive analytics on people healthcare management and efficient diagnostic outcomes. In addition, growth in adoption of big data analytics in healthcare solutions in Europe is observed due to surge in the demand for pattern recognition of medical procedures, diseases, and their origins. The trend of strong cloud adoption in these developed regions has accelerated the growth of the big data analytics in healthcare market.
The cloud deployment segment is expected to grow at the highest CAGR during the forecast period, owing to greater prospect to facilitate real business value to the organization through reduced cost and improved ability to focus on innovation and differentiation. In addition, direct IT control, internal data delivery & handling, faster data processing, efficient resource utilization, and cost-effectiveness of cloud deployment are some of the advantages offered by this model, which is anticipated to boost the big data analytics in healthcare market growth.
The Key Players Profiled in the Study are:
Microsoft Corporation, Oracle Corporation, Cisco Systems Inc., SAS Institute Inc., IBM Corporation, Cognizant, Health Catalyst, Medeanalytics, Inc., McKesson Corporation, and Vizient, Inc. All these players are involved in competitive strategies including analytics innovation, business expansion, and partnership to augment the growth of the global big data analytics in healthcare market.
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Key Findings of the Big Data Analytics in Healthcare Market:
About us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.