Published Date: 26-May-2023
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According to a new report, published by KBV research, The Global Big Data Analytics in Healthcare Market size is expected to reach $130.2 billion by 2029, rising at a market growth of 19.7% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 21.9% during (2023 - 2029). The healthcare sector has made large financial investments in the IT sector to create platforms and digitalize data for analytics. Most businesses outsource the data analytics portion of their IT because they lack a data analytics component in their internal operations. As a result, businesses providing a full range of services to businesses have grown to include data analytics. The growth in this market has been attributed to the expansion of the services provided by data analytics firms.
The Hospitals & Clinics segment acquired maximum revenue share in the Global Big Data Analytics in Healthcare Market by End User in 2022 thereby, achieving a market value of $61.4 billion by 2029. The expansion is attributable to the extensive application and demand for big data analytics in healthcare market. There is a staggering amount of unprocessed data in healthcare facilities, particularly hospitals. As a result, hospitals rely on sophisticated analytics tools like machine learning (ML) and deep learning to analyze data and extract useful information.
The Predictive Analytics segment has shown the growth rate of 20% during (2023 - 2029). This is because it utilizes data sets generated by descriptive analytics for future insights that can be acted upon. An increasing number of businesses are adopting analytics to improve their development prospects has been a key growth driver for this market segment. Adopting these platforms for predicting future market trends is essential for the company to take appropriate measures that promote its overall development.
The Clinical Analytics segment is generating highest revenue share in the Global Big Data Analytics in Healthcare Market by Application in 2022 thereby, achieving a market value of $53.5 billion by 2029. By the use of data analytics tools and expanded provider networks, clinical analytics helps to lower healthcare costs. In addition, the increased investor interest in businesses that offer clinical solutions will probably speed up segment growth.
The Cloud segment is poised to grow at a CAGR of 21.6% during (2023 - 2029). This results from the simplicity of storage, lower capital expenditure, and enhanced flexibility and efficiency, all of which contribute to the delivery mode's continued expansion. The adoption of cloud analytics solutions by businesses in the global healthcare sector over conventional on-premise BI systems has increased in recent years. Corporate executives now routinely engage in greater planning, astute decision-making, and predictive modeling as client & customer management becomes more crucial.
The North America market dominated the Global Big Data Analytics in Healthcare Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $45.2 billion by 2029. The Europe market is exhibiting a CAGR of 19% during (2023 - 2029). Additionally, The Asia Pacific market would showcase a CAGR of 20.8% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/big-data-analytics-in-healthcare-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Oracle Corporation (Cerner Corporation), Veradigm, Inc., GE HealthCare Technologies, Inc., IBM Corporation, Epic Systems Corporation, UnitedHealth Group, Inc. (Optum, Inc.), Cognizant Technology Solutions Corporation, KT Corporation, Hewlett Packard Enterprise Company, and Health Fidelity, Inc. (Edifecs, Inc.)
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North America Big Data Analytics in Healthcare Market size & Opportunities 2023-2029
Europe Big Data Analytics in Healthcare Market & Growth Forecast 2023-2029
Asia Pacific Big Data Analytics in Healthcare Market Share & Industry Outlook to 2029
LAMEA Big Data Analytics in Healthcare Market Growth, Trends & Forecasts 2023-2029