New York, US, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Data Analysis, Storage & Management in Life Sciences Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Data Analysis, Storage & Management Market in Life Sciences Information By Product & Service, Application, End User, and Region - Forecast Till 2027”, the market is projected to cross USD 43,895.69 Million by 2027 at 12.0% CAGR.
Market Scope:
The data analysis, storage & management market in life sciences is growing due to the increasing government initiatives to increase the adoption of different data-based solutions and the growing demand for data storage and management solutions due to the extensive amount of data generated in the life science field.
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Data Analysis, Storage and Management Market in Life Sciences Competitive Landscape:
The MRFR study has covered a few major market contenders, including
- Hewlett Packard Enterprise (US)
- Dell Technologies Inc.(US)
- Advanced Micro Devices, Inc.(US)
- IBM Corporation (US)
- Intel Corporation (US)
- Cisco Systems, Inc. (US)
- Hitachi, Ltd. (Japan)
- Accenture PLC (Ireland)
- Lenovo (Hong Kong)
Major companies are trying to widen their geographical reach while launching newer, more advanced solutions via numerous strategies, such as product launches, collaborations, partnerships, and acquisition. To illustrate, in July 2021, Hewlett Packard Enterprise acquired Zerto, a cloud data management and storage protection firm, for USD 374 million. This acquisition would help add over USD 130 million in the total revenue margin for HPE’s infrastructure, even as the companies continues to shift towards cloud, and software-defined data services business.
Market USP exclusively encompassed:
Top Drivers:
Challenges faced while managing, storing and analyzing IT-based data within the life science industry has fuelled the need for effective solutions and software. With the consistently rising rate of data generation, efficient life science data analysis, storage and management solutions are progressively being used for clinical data including pharmaceutical development, drug discovery, and genomics. The surging connection between life science firms and pharmaceutical companies has boosted the contribution of the latter in the global market, in terms of growth.
Hybrid cloud’s surging use as the primary deployment model, mounting preference for low-cost software, quicker data accessibility, and the rise in cloud adoption in the life science sector would further enhance the market size in the following years. The rapid pace of cloud adoption among majority of the small and medium sized enterprises in the life science industry will present attractive opportunities to the major contenders in the years to come.
Market Restraints:
High scepticism among majority of the life science companies, in context of safety levels, can weaken the market demand in the years ahead.
COVID-19 Analysis:
The COVID-19 pandemic has been having a positive impact on the global industry, on account of the rising demand for the software, with the ‘work-from-home’ practise being the latest norm worldwide. A report by the NTT Ltd. reveals that WFH’s normalization among people has raised the need for software-based value-added services to bring down security risks. Organizations everywhere are predilected towards data analysis, storage and management solutions for managing the influx of data in the life science sector, which could have a tremendous impact on the global market.
Browse In-depth Market Research Report (121 pages) on Data Analysis, Storage & Management in Life Sciences: https://www.marketresearchfuture.com/reports/data-analysis-storage-management-market-10317
Market Segmentation:
The market for data analysis, storage & management in life sciences has been considered for product & service, application, and end user.
The global industry, with respect to product and service, caters to storage, data analysis software and workbenches, data analysis services, and management and cloud computing solution. The top position belongs to the data analysis software and workbenches segment in the global market, having captured a valuation of USD11,941.50 million in the year 2019. The biggest reason for the segment’s lead in the global industry could be the escalating demand for a variety of data analytics software tools in the life science sector.
Major applications are spectroscopy, microscopy, next-generation sequencing, flow cytometry, chromatography, and others. The next-generation sequencing category should touch USD 23,423.41 million by 2027-end, while procuring a growth rate of 12.9% between 2020 and 2027.
Research centers, pharmaceutical and biotechnology companies, hospitals & clinics, and academic & government institutions are the top industry end-users listed in the MRFR report. The leading spot in the global market has been achieved by the pharmaceutical and biotechnology companies segment, with the rising focus on drug development, which generates massive volumes of data.
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Regional Analysis
North America, with the highest share of 32.0%, has emerged as the market leader, thanks to the expanding patient base suffering from chronic diseases and cardiovascular disorders. This factor has led to a dramatic increase in the big data volume within the life science sector. The United States has taken the lead in the region, in view of the surging number of R&D activities carried out by the biopharma firms as well as their bolstered presence in the country.
Asia Pacific could accrue the fastest CAGR in the following years, largely owing to the rapidly advancing healthcare industry coupled with the emergence of favorable business opportunities for the market. Moreover, the surge in the per-capita healthcare spending, soaring number of diagnostic centers, and the fast-paced urbanization rate in India, Japan, and China further add to the market worth in the region. With the incredible growth of the medical tourism sector in the region, the onus falls on the healthcare sector to provide high quality services, which ultimately leads to fostered data volume. This could further boost the need for effective data analysis, storage & management solutions in the region over the years ahead.
The RoW market for data analysis, storage & management in life sciences is split into three key regions, namely Africa, Latin America, and the Middle East. Latin America forms the biggest market for data analysis, storage & management in life sciences in the rest of the world, given the notable advances in the healthcare infrastructure coupled with the escalating requirement for innovative management solutions.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
