Big Data in Healthcare Market by Component

BIG DATA IN HEALTHCARE MARKET: OVERVIEW

As per Roots Analysis, the global big data in healthcare market is estimated to grow from USD 78 billion in the current year to USD 540 billion by 2035, at a CAGR of 19.20% during the forecast period, till 2035.

The market sizing and opportunity analysis has been segmented across the following parameters:

Component

Hardware (Storage Devices, Servers, and Networking Infrastructure)

Software (Electronic Health Record, Practice Management Software, Revenue Cycle Management Software, and Workforce Management Software)

Services (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, and Prescriptive Analytics)

Deployment Option

Cloud-based

On-premises

Application Area

Clinical Data Management

Financial Management

Operational Management

Population Health Management

Healthcare Vertical

Healthcare Services

Medical Devices

Pharmaceuticals

Other Verticals

Economic Status

High Income Countries

Upper-Middle Income Countries

Lower-Middle Income Countries

End User

Clinics

Health Insurance Agencies

Hospitals

Other End Users

Geography

North America

Europe

Asia

Latin America

Middle East and North Africa

Rest of the World

BIG DATA IN HEALTHCARE MARKET: GROWTH AND TRENDS

The integration of big data analytics in the healthcare domain holds immense potential for revolutionizing the industry and unlocking lucrative business opportunities for service providers. The ability to aggregate, analyze, and derive actionable insights from vast amounts of data can enhance clinical decision-making, optimize resource allocation, and improve patient outcomes. Moreover, the integration of predictive analytics and machine learning algorithms with big data can enable early detection of diseases, personalized treatment plans, and precision medicine. This paradigm shift offers service providers the chance to develop innovative solutions, such as cloud-based platforms for real-time monitoring systems, and data-driven diagnostics. Collectively, these advancements have the potential to drastically reduce healthcare costs, enhance operational efficiency, and enable the delivery of higher quality care. As the healthcare industry continues to embrace big data analytics, the magnitude of the transformative impact and the vast business opportunities will become increasingly evident, revolutionizing the landscape for both providers and patients.

BIG DATA IN HEALTHCARE MARKET: KEY INSIGHTS

The report delves into the current state of the big data in healthcare market and identifies potential growth opportunities within the industry. Some key findings from the report include:

More than 405 players claim to offer customized solutions and services to support big data in healthcare initiatives, with around 55% offering data warehouses and data lakes for data management and analytics.

The market landscape is highly fragmented, featuring the presence of both new entrants and established players based across different geographical regions; close to 55% of such players are mid-sized companies.

Various analytical models derive insights from clinical, operational and financial data; 23% of the players offer a comprehensive software suite of big data analytics including predictive, prescriptive, and descriptive analytics.

Driven by the increasing adoption of cloud-based solutions and services, the big data in healthcare market is likely to grow at a CAGR of 19.06% over the next 12 years.

High-income countries are driving market revenues by prioritizing the deployment of big data solutions to optimize operational management, leading to enhanced efficiency and effectiveness in healthcare operations.

With the rise in demand for telehealth services and personalized medicine, the big data in healthcare market presents lucrative opportunities for players based across various geographies.

BIG DATA IN HEALTHCARE MARKET: KEY SEGMENTS

Hardware Component Occupies the Largest Share of the Big Data in Healthcare Market

Based on the type of component, the global market is segmented into hardware, services and software. At present, hardware holds the maximum share of the big data in healthcare market. It is worth highlighting that the market for software is likely to grow at a relatively higher CAGR.

Storage Devices are Likely to Dominate the Big Data in Healthcare Market During the Forecast Period

Based on the type of hardware, the global market is segmented into storage devices, networking infrastructure and servers. At present, storage devices hold the maximum share of the big data in healthcare market. This trend is unlikely to change in the near future.

Electronic Health Records Occupy the Largest Share of the Big Data in Healthcare Market

Based on the type of software, the global market is segmented into electronic health record (EHR), practice management software, revenue cycle management software and workforce management software. At present, electronic health record holds the maximum share of the big data in healthcare market. This trend is unlikely to change in the foreseeable future. The increasing demand for EHRs can be attributed to the growing adoption of digital health technologies and the global efforts towards interoperability in healthcare systems.

Diagnostic Analytics is Likely to Dominate the Big Data in Healthcare Market

Based on the type of service, the global market is segmented into descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. It is worth highlighting that, at present, diagnostic analytics holds a larger share of the big data in healthcare market. However, the global market for prescriptive analytics is likely to grow at relatively higher CAGR.

Cloud-based Deployment Captures a Considerable Proportion of the Big Data in Healthcare Market During the Forecast Period

Based on the deployment option, the global market is segmented into cloud-based and on-premises. At present, cloud-based deployment holds the maximum share of the big data in healthcare market. This trend is unlikely to change in the near future.

Operational Management Occupies the Largest Share of the Big Data in Healthcare Market

Based on the application area, the global market is segmented into clinical data management, financial management, operational management and population health management. It is worth highlighting that majority of the current big data in healthcare market is captured by the operational management segment.

Medical Devices are the Fastest Growing Segment of the Big Data in Healthcare Market During the Forecast Period

Based on the healthcare vertical, the global market is segmented into healthcare services, medical devices, pharmaceuticals, and other verticals. It is worth highlighting that, at present, healthcare services hold a larger portion of the big data in healthcare market. However, the global market for medical devices is likely to grow at a relatively higher CAGR.

Hospitals are Likely to Dominate the Big Data in Healthcare Market During the Forecast Period

Based on the end-users, the global market is segmented into clinics, health insurance agencies, hospitals and other end users. At present, hospitals hold the maximum share of the big data in healthcare market. This trend is unlikely to change in the near future.

High Income Countries Occupy the Largest Share of the Big Data in Healthcare Market

Based on the economic status, the global market is segmented into high income countries, upper-middle income countries, and lower-middle income countries. It is worth highlighting that the current big data in healthcare market is likely to be driven by revenues generated in high income countries.

North America Accounts for the Largest Share of the Market

Based on key geographical regions, the market is segmented into North America, Europe, Asia, Middle East and North Africa, Latin America, and Rest of the World. Majority share is expected to be captured by players based in North America. It is worth highlighting that, over the years, the market in Asia is expected to grow at a higher CAGR.

Example Players in the Big Data in Healthcare Market

Accenture

Akka Technologies

Altamira.ai

Amazon Web Services

Athena Global Technologies

atom Consultancy Services (ACS)

Avenga

Happiest Minds

InData Labs

Itransition

Kellton

Keyrus

Lutech

Microsoft

Nagarro

Nous Infosystems

NTT data

Oracle

Orange Mantra

Oxagile

Scalefocus

Softweb Solutions

Solix Technologies

Spindox

Tata Elxsi

Teradata

Trianz (formerly CBIG Consulting)

Trigyn Technologies

XenonStack

Primary Research Overview

The opinions and insights presented in this study were influenced by discussions conducted with multiple stakeholders. The research report features detailed transcripts of interviews held with the following industry stakeholders:

Chief Executive Officer and Founder, Emorphis Technologies

Chief Executive Officer and Co-Founder, DataToBiz

Chief People Officer and Co-Founder, Estenda Solutions

Vice President, Marketing, Growth Acceleration Partners

Business Head, OrangeMantra

Senior IT Inside Sales Lead, Soulpage IT Solutions

Senior Manager, Business Development, TechMango

Delivery Manager, W2S Solutions

Strategy, Research and Analyst Relations Manager, Tata Elxsi

Business Development Manager, OpenXcell

Business Development Associate, ThirdEye Data

Business Development Specialist Advisor, NTT Data Services

Business Development Executive, CodeRiders

Business Consultant, Xenon Stack

BIG DATA IN HEALTHCARE MARKET: RESEARCH COVERAGE

Market Sizing and Opportunity Analysis: The report features an in-depth analysis of the big data in healthcare market, focusing on key market segments, including [A] component, [B] type of hardware, [C] type of software, [D] type of service, [E] deployment option, [F] application area, [G] healthcare vertical, [H] end user, [I] economic status and [J] geographical regions.

Market Landscape: A comprehensive evaluation of service providers involved in the big data in healthcare market, considering various parameters, such as [A] year of establishment, [B] company size (in terms of the number of employees), [C] location of headquarters, [D] business model, [E] type of offering, [F] type of big data analytics offered, [G] type of big data storage solution offered, [H] deployment option, [I] application area and [J] end user.

Key Insights: A detailed analysis, encompassing the contemporary big data in healthcare market trends, based on relevant parameters, such as [A] company size and location of headquarters; [B] company size and business model; [C] type of offerings and location of headquarters; [D] type of big data storage solution offered and deployment option; [E] type of big data analytics offered and application area; [F] company size, application area and end user.

Company Competitiveness Analysis: A comprehensive competitive analysis of big data in healthcare service providers, examining factors, such as [A] supplier strength and [B] portfolio strength.

Company Profiles: In-depth profiles of key industry players offering big data analytics solutions across various geographies, focusing on [A] company overviews, [B] financial information (if available), [C] big data analytics offerings and capabilities, [D] recent developments and [E] an informed future outlook.

Market Impact Analysis: The report analyzes various factors such as drivers, restraints, opportunities, and challenges affecting the market growth.

KEY QUESTIONS ANSWERED IN THIS REPORT

How many companies are currently engaged in this market?

Which are the leading companies in this market?

What are the factors that are likely to influence the evolution of this market?

What is the current and future market size?

What is the CAGR of this market?

How is the current and future market opportunity likely to be distributed across key market segments?

REASONS TO BUY THIS REPORT

The report provides a comprehensive market analysis, offering detailed revenue projections of the overall market and its specific sub-segments. This information is valuable to both established market leaders and emerging entrants.

Stakeholders can leverage the report to gain a deeper understanding of the competitive dynamics within the market. By analyzing the competitive landscape, businesses can make informed decisions to optimize their market positioning and develop effective go-to-market strategies.

The report offers stakeholders a comprehensive overview of the market, including key drivers, barriers, opportunities, and challenges. This information empowers stakeholders to stay abreast of market trends and make data-driven decisions to capitalize on growth prospects.

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