WASHINGTON, Feb. 03, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Big Data Analytics in Healthcare Market finds that advancing business intelligence is expediting market growth. Primarily driven by adoption of big data analytics software by various organizations, the total Global Big Data Analytics in Healthcare Market is estimated to reach USD 79.23 Billion by 2028. The market stood at a revenue of USD 20.12 Billion in 2021. The Big Data Analytics in Healthcare Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 28.9%.
Furthermore, the increasing investment in cloud technology to augment the growth of the global Big Data Analytics in Healthcare Market, states Vantage Market Research, in a report, titled “Big Data Analytics in Healthcare Market by Component (Software, Services), by Deployment (On-premise, Cloud), by Application (Financial Analytics, Clinical Data Analytics, Operational Analytics, Population Health Analytics), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Growing Database throughout Different Sectors to Fuel Global Big Data Analytics in Healthcare Market
Increasing digital solutions throughout industries such as teaching, banking, agribusiness, medical, IT, and telecommunications globally are exponentially rising data. For instance, artificial intelligence gets a revolutionary transformation in different sectors. Detectors, intelligent machines, GPS-equipped tractors, and a huge volume of structured and unstructured data. To examine huge data sets such as natural trends, evolved supply tracks, ideal crops, risk assessment, and more, big data and business analytics are being implemented in different sectors. Further, virtual assistance like Amazon Alexa, Apple’s Siri, and Google Assistants generate huge data. Therefore, with technological improvement in enterprises, increasing social media platforms, and embracing smart applications, the industrial process is anticipated to generate huge databases. This rising database is likely to drive the big data analytics market growth.
Security Concerns Might Hinder the Market Growth
The technology contains major security concerns, like fake data generation, the demand for real-time security, customers’ data solitude, and security. Remote warehouse, invalid identity management, low acquisition in the system and network security, human error, interconnected appliances, IoT applications are some of the immediate areas that need to be managed. Overcoming these problems is a considerable task for associations. The growing incidents of data loss or cyberattacks on stored client data across industries are likely to hamper the market growth. Further, to sustain the data privacy regulations such as Data Protection & Privacy, Information Technology Act, 2000, EU General Data Protection Regulation (GDPR), are anticipated to hinder the performance of solutions.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Big Data Analytics in Healthcare Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Big Data Analytics in Healthcare Market
North America has dominated the global Big Data Analytics in Healthcare Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the growing demand for tools delivering advanced and improved consumer experience offing applications. The nation is investing favourably in advanced technologies like machine learning, the internet of things, and artificial intelligence, to develop exponential data for enterprises. Furthermore, favourable government initiatives and the offering of funds for analysis are also anticipated to support the regional growth of the market.
Asia Pacific is likely to witness fastest growth in the Big Data Analytics in Healthcare Market during the forecast period. This is attributable to the improving database across different industries in India, and China the developing region. The expanding social media platform, access to the internet and smartphone, advancements in communication technologies, and digitalization is likely to increase the market share.
List of Prominent Players in the Big Data Analytics in Healthcare Market:
The key players have a strong foothold in the market and offer a wide range of products & services. Some of the key players in this market are IBM (US), Optum (US), Cerner (US), SAS Institute (US), Allscripts (US), McKesson (US), MedeAnalytics (US), Inovalon (US), Oracle (US), Health Catalyst (US), SCIO Health Analytics (US), Cotiviti (formerly Verscend Technologies) (US), CitiusTech (US), Wipro (India), and VitreosHealth (US) among others.
Browse market data Tables and Figures spread through 169 Pages and in-depth TOC on "Big Data Analytics in Healthcare Market by Component (Software, Services), by Deployment (On-premise, Cloud), by Application (Financial Analytics, Clinical Data Analytics, Operational Analytics, Population Health Analytics), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/big-data-analytics-in-healthcare-market-374021
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Big Data Analytics in Healthcare Market?
- How will the Big Data Analytics in Healthcare Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Big Data Analytics in Healthcare Market?
- What is the Big Data Analytics in Healthcare market drivers and restrictions?
- What will be the CAGR and size of the Big Data Analytics in Healthcare Market throughout the forecast period?
Recent Developments:
December, 2021: Telephone Tech, the holding of digital business phone, announced the signing of a collaboration agreement with Microsoft on Azure Edge Private Zone. The integration combines Telefónica's private 5G connectivity with Microsoft's Edge Computing capabilities at the customer's premises to drive its digital transformation and enable automation and control of its industrial processes.
This market titled “Big Data Analytics in Healthcare Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 20.12 Billion |
| Projected Market Size in 2028 | USD 79.23 Billion |
| CAGR Growth Rate | CAGR of 28.9% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Component – Software, Services, Deployment, On-premise, Cloud Application - Financial Analytics, Clinical Data Analytics, Operational Analytics, Population Health Analytics |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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