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Life Science Analytics Software Market: A Brief Study of Its Scope in The Medical and IT Industry
Life Science Analytics Software Market
Read More: https://www.alliedmarketresearch.com/life-science-analytics-software-market-A06209
Factors influencing the life science analytics software industry
The report offers an in-depth analysis of the growth drivers, opportunities, and market restraints in the business to assist stakeholders in understanding an overview of the industry's whereabouts. It features the competitive scenario of the industry both at global and domestic levels by applying precise analytical tools like Porter's five forces.
Life science companies are currently focusing on preventive scenarios of treatment which has led to increasing adoption of data analytics that assist in influencing strategies to their advantage. Analytics software is helping biotech and pharmaceutical companies detect patterns of diseases, discover drugs, and attend clinical trials.
Furthermore, preclinical trials, research and developments, regulatory compliance, supply chain analytics, sales & marketing, and pharmacovigilance are also being transformed by digitization to achieve operational excellence. It also provides accurate analysis of nig data, supporting clinical decision-making and aiding in better treatment and exceptional care experiences. Additionally, it simplifies and modernizes marketing, using industry-proven solutions, recurrent improvement, and applied intelligence. All these factors culminate in driving the growth of the life science analytics software sector.
Analytics solutions can process big data from multiple sources. Companies can avail potential client's data and streamline them from various places like social media, information of health record collected in electronic devices using AI powered smart devices which is expected to create lucrative growth opportunities for the industry.
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Competitive analysis among key players in the industry
The global life science analytics software market report considers and analyzes the leading companies in the sector. It also mentions the strategies incorporated by them to strengthen their position in the competitive scenario. The strategies include product launches, collaborations, mergers, acquisitions, and partnerships. They major players are:
Wipro Limited
Take Solutions Limited
Oracle Corporation
SAS Institute Inc.
IQVIA
TIBCO Software Inc.
MaxisIT Incorporated
ExlServices Holdings, Inc.
Cognizant
Strategic moves of Key players in the industry:
Accentare and Salesforce collaborated to build AI-powered cloud services for life science companies in November 2023. The collaboration is projected to build their existing alliance in AI, which started with plans to build an acceleration hub earlier in 2023.
In May 2023, Google Cloud started focusing on life sciences and precision medicine with novel AI tools. The Target and Lead Identification Suite is projected to help researchers identify the behavior of amino acids and predict the protein structures. It offers data ingestion that is AI-enabled, helping users update the management and sharing of public data with other organizations using Analytics Hub of Google Cloud., Moreover, the suite helps organizations more accurately predict protein structure and increase success rates compared to more traditional methods by using Vertex AI data pipelines and AlphaFold2 of Google.
SAS Institute Inc., agreed with Gunvatta to accelerate clinical trials and FDA reporting, through the SAS Life Science Analytics Framework on Azure in June 2022.
In October 2021, Medexprim and Eever Fortune.AI declared their association dedicated to the improvement of AI development in healthcare analysis. This collaboration was projected to increase the hospital networks of these companies and connect innovations between Europe and Asia. It also aimed to bring enhanced operational benefits to the hospitals of Taiwan and Europe, boost the research ecosystem, and launch a mix of General Data Protection regulations in Europe. Furthermore, it is anticipated to allow meeting pharmaceutical companies' requirements for patient understanding, in clinical trials, specifically in cardiology and oncology.
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Segmentation analysis of the global life science analytics software market:
The report provides a substantial segmentation of the life science analytics market based on component, application, delivery model, end user, product, and region. Additionally, it highlights the segments that are generating the highest revenue and growing fastest among each of the categories. This factor aids the new entrants and frontrunners in making valuable investment decisions.
Depending on component, the market is bifurcated into services and software. By application, it is fragmented into research and development, pharmacovigilance, sales and marketing support, supply chain analytics, and regulatory compliance. According to the delivery model, it is bifurcated into cloud, and on-premise. By end user, it is categorized into medical device companies, pharmaceutical and biotechnology companies, third-party administrators (TPAS), and research centers. On the basis of product, the market is segmented into predictive analytics, descriptive analytics, and prescriptive analysis.
The regional analysis of the report covers more than 16 nations across the globe. The study involves Asia-Pacific, Europe, Lamea, and North America regions. It further discusses factors fueling the growth of the market across the specific region.
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Learning Objective
• To provide detailed analysis of the market structure along with forecast for the next 10 years of the various segments and sub-segments of the global Analytics as a service Market.
• To provide insights about factors affecting the market growth.
• To Analyze the Analytics as a service Market based on various factors- porters five force analysis, mega trend analysis, macroeconomic indicators etc.
• To provide historical and forecast revenue of the…
