New York, USA, Aug. 24, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global life science analytics software market is expected to generate a revenue of $13,375.8 million by 2028, growing at a CAGR of 12.4% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
For More Detail Insights, Download Free Sample Copy of the Report at: https://www.researchdive.com/download-sample/8419
Dynamics of the Market
Drivers: Rising adoption of AI in healthcare sector is expected to drive the growth of the life science analytics software market during the forecast period, majorly due to the supreme data and significant drug development procedures provided by AI. In addition, the healthcare industry saves a great deal of expenses by the integration of AI in healthcare analytics software.
Restraints: High cost of initial investment in life science analytics software is estimated to impede the growth of the market during the forecast period.
Opportunities: Persistent technological advancements in analytics tools for increasing pharmaceutical productivity is expected to create massive opportunities for the growth of the global market during the forecast period.
Segments of the Market
The report has divided the market into different segments based on product, application, delivery model, end-user, and region.
Product: Descriptive Analytics Sub-segment to be Most Profitable
The descriptive analytics sub-segment is expected to generate a revenue of $5,354.7 million during the forecast period. Most of the healthcare organizations have adopted descriptive analytics due to its noteworthy role in presenting essential healthcare data. This factor is expected to drive the growth of the sub-segment during the forecast period.
Application: Sales & Marketing Support Sub-segment to be Most Beneficial
The sales and marketing support sub-segment is expected to generate a revenue of $4,408.9 million during the forecast period. The massive adoption of advanced analytics by life science organizations so as to streamline their sales and marketing sector is expected to bolster the growth of the market during the forecast period.
Delivery Model: Cloud Sub-segment to Have the Highest Market Share
The cloud sub-segment is expected to generate a revenue of $6,708.0 during the forecast period. There has been a substantial increase in the demand for cloud-based life science analytics software, owing to its low-cost properties and impeccable flexibility in small & large healthcare organizations. This factor is expected to fuel the growth of the sub-segment during the forecast period.
End-user: Pharmaceutical & Biotechnology Companies Sub-segment to be Most Lucrative
The pharmaceutical & biotechnology companies sub-segment is anticipated to generate a revenue of $6,457.5 million during the forecast period. Extensive adoption of advanced analytical tools to accelerate clinical trials and resource management are expected to bolster the growth of the sub-segment during the forecast period.
Region: North America Anticipated to Dominate the Market
The North America life science analytics software market is expected to generate a revenue of $6,634.4 million during the forecast period. Extensive adoption of advanced analytical tools, rising geriatric population, and persistent enhancements in the healthcare infrastructure in the region are expected to accelerate the growth of the North America market during the forecast period.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/8419
COVID-19 Impact on the Market
The outbreak of COVID-19 positively affected the global life science analytics software market, owing to the rising investments on research and development in order to curb the spread of the virus around the globe. Various governments, pharmaceutical companies, and non-profit organizations amalgamated to take significant initiatives and offer speedy remedies by adopting effective technologies. Hence, the pandemic is expected to substantially fuel the growth of the market during the forecast period.
Key Players of the Life Science Analytics Software Market
The major players of the market include -
- ArisGlobal
- American Chemical Society
- Accenture
- TIBCO Software Inc.
- Oracle Corporation
- SAS Institute Inc.
- Microsoft
- Veeva Systems Inc.
- IQVIA Holdings Inc.
- International Business Machines Corporation
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in April 2019, Emerson Electric, a US-based technology and engineering company, acquired Bioproduction Group, a life science analytics software firm, so as to help each other innovate and find new ways to optimize operations through technology.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Top Trending Reports-
- Organ on Chip Market https://www.researchdive.com/8417/organ-on-chip-market
- Plasma Fractionation Market https://www.researchdive.com/1945/plasma-fractionation-market
- Multiplex Assays Market https://www.researchdive.com/847/multiplex-assays-market
