Cloud-Based Drug Discovery Platform Market Predicted to Rise at a Lucrative CAGR throughout 2026
The benefits of cloud-based drug discovery platforms are enormous, and this is one of the key factors why it is gaining traction among end-users. This platform helps customers overcome many challenges by leveraging a network of web and mobile-accessible applications. It provides secure and collaborative project management and the ability to share project information. Moreover, the cloud-based drug discovery platform is flexible to offer end-users to customise it according to their projects.
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Currently, cloud-based drug discovery platform is witnessing a period of technological advancement, as innovative features, such as publishing and sharing services are being offered to users. Cloud-based drug discovery platform is accessible through computers, notebook, and mobiles, and it is secure and can be maintained by a third party as well. Owing to all these factors, the cloud-based drug discovery platform market is anticipated to grow at a significant rate in terms of value.
Cloud-Based Drug Discovery Platform Market Segmentation
On the basis of types of services, the cloud-based drug discovery platform market is segmented into infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS). IaaS offers data-center space, and servers, network equipment such as software for businesses and routers/switches. PaaS offers full hardware architecture and software framework. In SaaS process providers allow access to software through online medium only.
Geographically, global cloud-based drug discovery market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa. North America and Western Europe are the leading players in the cloud-based drug discovery platform market. The growth of the market in Asia Pacific is anticipated to witness steady growth over the forecast period.
Cloud-Based Drug Discovery Platform Market Dynamics
Data management is a critical issue for the pharmaceutical industry. The pharmaceutical industry is rapidly restructuring its discovery business model to completely networked and integrated research and development in order to manage the huge data it generates. Storing this data on cloud not only offers cost savings, but also improved accessibility.
Graphical representation, a dynamic and quick form of getting results, helps in decision-making at a management level. Keeping the needs of consumers in mind, key players in the cloud-based drug discovery platform are offering flexible, cost-effective, and highly secure cloud-based storage options to consumers. Cloud-based drug discover platform runs at zero lag time, saving time and giving real-time access to users. This is another reason for the growing adoption of cloud-based drug discovery platform globally.
Confidentiality and privacy issues continue to impede the growth of the cloud-based drug discovery platform market. Although many improvements have been made in the recent past, cyber hacks continue to create apprehension among many pharma players, leading to stifled adoption.
North America, Japan and Western Europe regions are some of the key players in the global cloud-based drug discovery platform market. Many pharma companies based in these regions have already adopted cloud-based drug discovery platform, and it is anticipated that in the future, more companies will follow suit. The growth of the market in Asia Pacific excluding Japan (APEJ) is expected to gain momentum during the forecast period 2016-2026.
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Cloud-Based Drug Discovery Platform Market Key Players:
Some of the key players operating in the cloud-based drug discovery platform market IBM Corp, Accenture PLC, BioXcel Corporation, Cloud Pharmaceuticals, Inc., WuXi AppTec (Shanghai) Co., Ltd., Dassault Systemes BIOVIA Ltd.
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