Big Data Analytics in Healthcare Market to Grow at a CAGR of 19.1% to Reach USD 67.82 Billion by 2025
Increase in adoption of big data in the healthcare industry, rise in demand for analytics solution to aid population health management, and shift in preference from a pay-for-service model to a value-based care model propel the growth of the big data analytics in healthcare market. However, issues related to data security and dearth of skilled workforce is expected to impede the growth to certain extent. On the other hand, growing inclination toward cloud-based analytics solutions and emerging trend in healthcare such as telehealth and innovations in genomics are anticipated to offer lucrative opportunities to the market.
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The global big data analytics in healthcare market is segmented on the basis of component, deployment, analytics type, application, end user, and region. Based on component, the market is bifurcated into software and services. The software segment accounted for more than two-thirds of the total market share in 2017 and is projected to maintain its dominance through 2025. However, the services segment is projected to register the fastest CAGR of 21.3% during the forecast period.
Based on deployment, the market is divided into on-premise and cloud. The on-premise segment held the largest share in 2017, accounting for 59.3% of total share and is expected to continue its dominance throughout the forecast period. On the other hand, the cloud-based deployment model is anticipated to register the fastest CAGR of 20.8% during the forecast period.
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Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The region across North America dominated the market in 2017, holding more than half of the total market share. On the other hand, the region across Europe is projected to portray the highest CAGR of 21.8% during the forecast period.
The key players analyzed in the report include Cerner Corporation, Dell EMC, Allscripts, Epic System Corporation, Microsoft, Optum, Inc., International Business Machines (IBM) Corporation, Oracle Corporation, Hewlett Packard Enterprise Development LP, and GE Healthcare.
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Key Findings of the Market:
• By component, services segment is expected to exhibit significant growth in the global big data analytics in healthcare market during the forecast period.
• In 2017, the on-premise segment accounted for the highest revenue in the deployment type category.
• Based on application, the clinical analytics segment generated the highest revenue in 2017.
• Based on end user, hospitals & clinics segment generated the highest revenue in 2017.
• Based on region, North America dominated the overall big data analytics in healthcare market share in 2017.
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