Big Data in Healthcare Market Global Opportunities, Revenue, Emerging Technologies, Competitive Landscape by 2028 | Hewlett-Packard Co., Teradata Corporation, Opera Solutions

Increasing digitalization in the healthcare sector is expected to boost growth of the big data in healthcare market over the forecast period. Digitization significantly transforms processes, services, functions, and product development in the healthcare industry. Moreover, increasing adoption of e-commerce in the sector has led to generation of high amount of data, referred to as 'big data'. This in turn increases demand for optimum utilization of this data for reducing costs, providing targeted products and services, and avoiding duplication of work. Big data solution can simplify and analyze complex and diverse data, a task that is otherwise challenging using conventional software and hardware. Moreover, trivial data management tools and methods are not viable in managing big data. Various tools such as Pentaho, Hadoop, Cloudera, and MongoDB are available in the market for this purpose that aid in data cleaning, mining, and analyzing of big data. Tableau, Silk, and Chartio are some of the data visualization tools that aid in convenient and readable presentation of data.

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Healthcare companies can use big data to make strategic decisions in order to increase their revenue and profits. The global big data in healthcare market is segmented on the basis of application, analytics type, delivery model, and end users.

• Big Data in Healthcare Market, by Analytics Type
◦ Descriptive Analytics
◦ Predictive Analytics
◦ Prescriptive Analytics
• by Application
◦ Clinical Analytics
◦ Financial Analytics
◦ Operational and Administrative Analytics
◦ Population Health Analytics
• by Delivery Model
◦ On-premise
◦ On-demand 
• by End User
◦ Payers
◦ Providers 
◦ Third party care organizations

Big data analytics/solutions are used by pharmaceutical companies, payers, and experts to analyze and obtain insights about industry trends and accordingly make detailed and accurate projections about the market. Big data solutions can help various companies to make informed decisions to enhance their products or services.

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Lack of skilled workers to restrict growth of the market

The market has witnessed significant growth in developed economies such as the U.S. However, lack of trained professional for analyzing big data is expected to hinder growth of the market in North America. Moreover, decreasing profit margins, slowdown in the global economy, data fragmentation, security issues, and lack of standardization are also expected to hinder growth of the market. Players in the big data in healthcare market need to ensure compliance with regulations laid by the Health Insurance Portability and Accountability Act of 1996 (HIPAA). These factors are especially prevalent in developing economies of Asia Pacific and Latin America due to lack of effective healthcare infrastructure and inadequate supportive government regulations. Furthermore, high cost associated with implementation of expensive systems supporting big data solutions is expected to adversely impact the market growth. However, significant improvement in the IT infrastructure in developing economies is expected to increase adoption of big data in healthcare.

Fragmented Market

The market is home to various regional and global players. The regional players are focused on offering big data services at low costs, which creates a high entry barrier for global players that are aiming to enter in emerging markets. The market is highly fragmented, with various players offering services differentiated in terms of pricing and inclusions. Major players operating in the global big data in healthcare market include, Hewlett-Packard Co., Teradata Corporation, Opera Solutions, Cognizant Technology Solutions, Siemens Healthcare Gmbh, Mu Sigma, Splunk Inc., Cloudera, EMC, IBM, Calpont Corporation, and Oracle Corporation.

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Key Developments

Key players in the market are focused on partnering with various governments to launch big-data healthcare services. For instance, in August 2019, KT Corporation, a South Korea-based telecommunication provider, launched the Global Epidemic Prevention Platform (GEPP) in Ghana, in collaboration with the Ghana Health Service (GHS), a Ghanaian government body.

Major market players are also adopting acquisition strategies to expand their product portfolio. For instance, in June 2019, Cognizant announced to acquire Zenith Technologies, a privately-held life sciences manufacturing technology services company headquartered in Cork, Ireland.

Market players are adopting marketing strategies to increase their customer base. For instance, in March 2018, Siemens Healthineers presented its Digital Ecosystem Store at the Healthcare Information and Management Systems Society (HIMSS) 2018 held in Las Vegas, U.S. The store provides all digital offerings and allows users to search or request a quotation or trial and download offerings as part of specific subscription models.

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