Global Healthcare Customer Data Platform Market By Component (Software and Services), By Organization size (large enterprises and small & medium-sized enterprises), By Deployment (on-premises and cloud-based), By Application (predictive analytics, marketing data segmentation, personalized recommendations, security management, customer retention & engagement, others), By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Healthcare Customer Data Platform Market
Market Report Description
The Global Healthcare Customer Data Platform Market size is expected to reach $928.76 million by 2027, rising at a market growth of 24.2% CAGR during the forecast period.
A healthcare customer data platform is just like a customer data platform, in which a wide range of data within the healthcare continuum is gathered automatically, and is safely stored & accessed from one centralized location. This platform accumulates data from various healthcare analytics sources including claims data, survey data, and more.
The collected data across various systems via a healthcare data platform help companies to better understand their patients and also make them focal point of their healthcare analytics initiatives. The Healthcare customer data platform assists companies to streamline clinical workflow along with gathering unified data about their patients.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has affected various industrial verticals of the business domain. The healthcare customer data platform provides possible solutions for the companies to get back to the state of the pre-COVID phase. The pandemic has also motivated consumers to develop more interest in information technology solutions to properly supervise all the patient data.
There is a shift in the requirements and behavior patterns of the patients due to the pandemic. Due to this, companies are majorly re-evaluating their data analytics practices to cope up with the ever-changing business landscape. The healthcare sector has been under immense pressure owing to the pandemic, which has made it important for healthcare companies to adopt advanced technologies and solutions.
Market Growth Factors:
Rising investment by the healthcare companies in marketing and advertising activities
With the strengthening digital space, digital marketing has become one of the crucial aspects of the operations of the companies. In addition, healthcare companies are heavily investing in different marketing and advertising activities to improve their returns, boost sales, and gain more competitive edge in the market. Since healthcare customer data platform helps in coping up with constantly changing business dynamics and initiate various programs, companies are inclining towards the adoption of the platform to understand and utilize the full potential of digital medium for their purpose.
Increasing technological advancements and rapid pace of digitalization
With the advancements in technology and evolving digital landscape, companies and customers are enhancing their ways to interact with each other to enhance the customer journey. There are several digital touchpoints between organizations and their clients, which makes it important for companies to understand and evaluate customer preferences and behavior to gain a more competitive edge in the market.
Market Restraining Factor:
Scattered and fragmented data across different patients’ touchpoints
Medical data are either structured data in databases & spreadsheets or scanned paper documents, digital documents, images & video files, or could be stored in some specific formats like the DICOM format utilized for MRI scans. Along with that, patient data is majorly copied, gathered various times, and stored in distinct versions by public health organizations, healthcare providers, pharmacies, insurance bodies, and patients themselves.
Based on Component, the market is segmented into Software and Services. Based on Organization size, the market is segmented into large enterprises and small & medium-sized enterprises. Services help in managing financial, clinical, and business data from several EHR software companies and from ERP, human resource, accounting, and other system kinds, which can store and/or provide distinct data images, scanned documents and blobs, in any of the virtual formats.
Based on Deployment, the market is segmented into on-premises and cloud-based. Several healthcare organizations prefer on-premise healthcare customer data platforms as patients’ data is highly sensitive and are more prone to security threats. By opting on-premise healthcare customer data platform, companies can reduce their chances of data breaches and security issues, which would further contribute to the growth of the segment.
Based on Application, the market is segmented into predictive analytics, marketing data segmentation, personalized recommendations, security management, customer retention & engagement, others. The personalized recommendations segment is estimated to showcase the fastest CAGR during the forecast period. The distribution of customized, meaningful, and appropriate insights from customer data is important for companies to thoroughly know about their customer preferences.
|Market size value in 2020||USD 206.7 Million|
|Market size forecast in 2027||USD 928.76 million|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 24.2% from 2021 to 2027|
|Number of Pages||255|
|Number of Tables||443|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Component, Organization size, Deployment, Application and Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific is estimated to display the fastest growth rate during the forecast period. It is due to the growing adoption of advanced healthcare IT solutions by the companies operating in this region.
Free Valuable Insights: Global Healthcare Customer Data Platform Market size to reach USD 928.76 million by 2027
KBV Cardinal Matrix - Healthcare Customer Data Platform Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Healthcare Customer Data Platform Market. Companies such as Adobe, Inc., Reltio, SkyPoint Cloud, Inc.are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Salesforce.com, Inc., Adobe, Inc., Reltio, SkyPoint Cloud, Inc., Treasure Data, Inc. (Softbank Vision Fund), Innovaccer, Inc., Tealium, Inc., Mercury Healthcare, Inc., and Solix Technologies, Inc.
Recent Strategies Deployed in Healthcare Customer Data Platform Market
» Partnerships, Collaborations and Agreements:
- Oct-2021: Innovaccer formed a partnership with HCL Technologies (HCL), a leading global technology company. This partnership aimed to enhance population health, connected health, value-based care, patient-physician engagement, and other industry objectives by aggregating, ingesting, and normalizing healthcare data from different sources to enhance data quality and health results.
- Sep-2021: Microsoft entered into a partnership with Truveta, healthcare, fitness, and wellness Data Company. This partnership aimed to employ the power of Microsoft Azure and AI to assist Truveta to attain its ambition of saving lives with data. Together, the companies would help progress global health results for the entire population.
- Sep-2021: Innovaccer came into a three-year collaboration with Roche, a Swiss multinational healthcare company. This collaboration aimed to open new opportunities to unleash the value of earlier siloed patient data by introducing Roche's clinically robust algorithms to a top healthcare intelligence platform, the Innovaccer Health Cloud.
- Jun-2021: Innovaccer partnered with Emtiro Health, a North Carolina-based population health company. This partnership aimed to integrate the power of Emtiro’s platform and the Innovaccer Health Cloud in order to enhance the quality of care for the Medicaid population, decrease costs, and boost overall member & provider satisfaction.
- Jun-2021: Innovaccer entered into a partnership with Perception Health, a provider of healthcare data intelligence services. This partnership aimed to enhance value-based care outcomes for its customers along with assisting Innovaccer’s customers to identify care patterns, referrals, and generate insights into patient health.
- Apr-2021: Microsoft came into a collaboration with AXA, a French multinational insurance firm. This collaboration aimed to develop a virtual healthcare platform that streamlines healthcare endeavors and endows customers with accessibility to an entirely unified ecosystem.
- Sep-2020: Salesforce signed a multi-year agreement with Humana, a preeminent health and well-being company. Together, the companies aimed to help provide an interconnected and customized healthcare experience for their members.
- Jul-2020: Adobe partnered with IBM, an American multinational technology corporation, and Red Hat, an American IBM subsidiary software company. This partnership aimed to allow enterprised in organized sectors to come together at an instant and utilize live user data to safely render experiences throughout any virtual touchpoint, at scale and in accordance with regulations.
- Jun-2020: Microsoft and Adobe extended their partnership with Walgreens Boots Alliance, a trusted, global innovator in retail pharmacy. Following the extended partnership, the companies launched a leading-edge virtual experience and consumer insights platform to render customized health and shopping products and services.
- Jun-2020: Adobe collaborated with Microsoft, an American multinational technology corporation, and Change Healthcare, a healthcare technology company. Under this collaboration, the entities launched the latest Connected Consumer Health suite, a SaaS-based financial engagement platform. This platform is developed to assist providers to make a simple and clear patient experience by delivering patient reviews and physician details, along with accessibility to cost comparisons and additional features associated with their nursing on an interconnected, scalable, and protected platform.
» Acquisitions and Mergers:
- Aug-2021: SkyPoint acquired CSG Pro, an easy-to-use, low-code consulting firm. This acquisition focused on strengthening SkyPoint's capability to tap into the data & AI and customize and enhance each customer interaction.
» Product Launches and Product Expansions:
- Dec-2021: SkyPoint Cloud introduced SkyPointVault. The product enables organizations to segregate, cipher, regulate and leverage sensitive data (PCI, PII, and Healthcare Records) to adhere to privacy regulations (CCPS, GDPR, etc.) and strengthen the customer experience.
- Nov-2021: Microsoft introduced CX tools that include the Voice and SMS integrations, Customer Experience Platform, and more. The Microsoft Customer Experience Platform is a customer engagement solution that provides customers better control of their customer information to render connected experiences.
- Nov-2021: SkyPoint Cloud unveiled SkyPoint Resolve. The product enables companies to utilize SkyPoint’s machine learning potential to deduplicate and enhance customer profiles, situate, and mend information gaps and discrepancies, diagnose key identity data throughout diverse applications & systems, and team profiles on the basis of households, establishments, and additional categories.
- Oct-2021: Adobe expanded its product portfolio by adding the customer experience management capabilities in Adobe Experience Cloud to the healthcare sector, with Adobe Experience Cloud for Healthcare. Through this addition, providers, payors, life sciences, and pharmacy enterprises can develop and provide customized digital experiences, which can safely utilize personal data to inform real-time, omnichannel experiences.
- Oct-2021: SkyPoint introduced SkyPoint Predict, indicative customer insights propelled by artificial intelligence (AI). Through this launch, the platform automatically complements consumer profiles with ever-changing and dynamical forecasted behavioral insights.
- Oct-2021: Innovaccer introduced its Patient Relationship Management (PRM) solution on the Innovaccer Health Cloud. This solution aimed to bring patients' clinical and care episodes to the lead of a customized patient engagement journey.
- Sep-2021: Salesforce launched Health Cloud 2.0, a technology. This technology is designed to empower businesses and governments to provide better health and security. In addition, it also provides improved security and health for their consumers, communities, and staff.
- Aug-2021: Adobe unveiled Adobe Experience Cloud for Healthcare, a suite of hospital, pharmaceutical, and payer management capabilities. The Adobe Experience Platform fulfills industry standards and offers proprietary privacy & infrastructure to develop safe usage of data.
- Jun-2021: Tealium introduced Tealium Functions, a new, free feature into the Tealium Customer Data Platform. Through this platform, customers can connect to transform data, custom destinations, automate workflows, and introduce new use cases quicker with simple code.
- May-2021: Salesforce expanded its product portfolio by releasing new CDP innovations. These innovations include Open Access, Calculated Insights, Enhanced Segmentation, etc, which makes customer data smarter, easier to act upon, and more connected.
- Nov-2020: Microsoft launched Microsoft Cloud for Healthcare, a fully integrated suite of solutions, including Azure, Microsoft 365, Dynamics 365, Microsoft Teams, and Power Platform. The product offers reliable and incorporated abilities that render automation and efficacy on workflows and rich data analysis for structured and unstructured data.
- Apr-2020: Innovaccer unveiled its Enterprise Data Platform for payers on the Innovaccer Health Cloud. This solution aimed to allow healthcare payers to boost digital transformation, enhance interoperability, boost collaboration among stakeholders in the healthcare sector, and fulfill regulatory compliances.
Scope of the Study
Market Segments Covered in the Report:
By Organization size
- Large Enterprises
- Small & Medium-sized Enterprises
- Predictive Analytics
- Marketing Data Segmentation
- Personalized Recommendations
- Security Management
- Customer Retention & Engagement
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Microsoft Corporation
- Salesforce.com, Inc.
- Adobe, Inc.
- SkyPoint Cloud, Inc.
- Treasure Data, Inc. (Softbank Vision Fund)
- Innovaccer, Inc.
- Tealium, Inc.
- Mercury Healthcare, Inc.
- Solix Technologies, Inc.
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How valuable will the healthcare customer data platform market be in the future?
The global healthcare customer data platform market size is expected to reach $928.76 million by 2027.
What are the key driving factors and challenges in the healthcare customer data platform market?
Rising investment by the healthcare companies in marketing and advertising activities are driving the market in coming years, however, Scattered and fragmented data across different patients’ touchpoints limited the growth of the market.
What are the major top companies in the competitive landscape?
Microsoft Corporation, Salesforce.com, Inc., Adobe, Inc., Reltio, SkyPoint Cloud, Inc., Treasure Data, Inc. (Softbank Vision Fund), Innovaccer, Inc., Tealium, Inc., Mercury Healthcare, Inc., and Solix Technologies, Inc.
At what CAGR is the healthcare customer data platform market estimate to grow in the forecast period?
The expected CAGR of the healthcare customer data platform market is 24.2% from 2021 to 2027.
Which segment dominated the healthcare customer data platform market in 2020?
The Cloud market dominated the Global Healthcare Customer Data Platform Market by Deployment Mode 2020, thereby, growing at a CAGR of 25.6% during the forecast period.
Which region dominated the healthcare customer data platform market in 2020?
The North America market dominated the Global Healthcare Customer Data Platform Market by Region 2020, thereby, achieving a market value of $341.87 million.