NEW CASTLE, Delaware, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Big Data Analytics in Healthcare Market by Component (Software, and Services), Deployment Mode (On-premises, and Cloud), Application (Clinical Analytics, Financial Analytics, and Operational Analytics), and End-User (Hospitals & Clinics, Finance & Insurance Agencies, and Research Organizations): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global big data analytics in healthcare industry generated $29,659.08 million in 2022 and is anticipated to reach $134,902.9 million by 2032, witnessing a CAGR of 16.7% from 2023 to 2032.
Prime determinants of growth
The growth of the big data analytics in healthcare market is predominantly fueled by several key determinants. The escalating volume of healthcare data generated through electronic health records (EHRs), wearable devices, and medical imaging demands robust analytics to derive meaningful insights. The ability to harness this vast data trove offers immense potential for improving patient care, treatment efficacy, and operational efficiency within healthcare institutions. In addition, technological advancements play a significant role. Innovations in machine learning, artificial intelligence, and predictive analytics empower healthcare professionals to uncover patterns, predict outcomes, and personalize patient care. These advancements not only streamline decision-making processes but also enable proactive interventions and preventive measures, ultimately enhancing patient outcomes. Furthermore, regulatory shifts and policies around data privacy and interoperability are critical. Adherence to stringent data privacy laws, such as HIPAA in the U.S., ensures patient data security and fosters trust among stakeholders. Moreover, efforts to standardize data formats and enable seamless data exchange between disparate systems pave the way for more comprehensive and cohesive analytics, amplifying its impact on healthcare. Overall, the convergence of exponential data growth, technological prowess, regulatory compliance, and substantial investments collectively propels the growth trajectory of big data analytics within the healthcare industry, promising transformative improvements in patient care and operational efficiency.
Download Sample Pages: https://www.alliedmarketresearch.com/request-sample/2308
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $29,659.08 million |
| Market Size in 2032 | $ 134902.9 million |
| CAGR | 16.7% |
| No. of Pages in Report | 342 |
| Segments Covered | Component, Organization Size, Deployment mode, Industry Vertical, and Region. |
| Drivers | Increase in demand for analytics solutions for population health management Rise in need for business intelligence to optimize health administration & strategy Surge in adoption of big data among end users in the healthcare industry |
| Opportunities | Increase in inclination toward cloud-based analytics solutions Emerging trends in healthcare such as telehealth and innovations in genomics |
| Restraints | Security concerns related to sensitive patients’ medical data Lack of skilled and expert staff |
The Hardware segment to maintain its leadership status throughout the forecast period
Based on component, the hardware segment held the highest market share in 2022, accounting for nearly half of the global big data analytics in healthcare market revenue, which is attributed to hardware components in big data analytics in healthcare are responsible for implementing and enforcing security policies across the network. For instance, they can control access based on user roles, device types, or other specified parameters. This prevents unauthorized access and ensures compliance with security protocols. However, the software segment is projected to manifest the highest CAGR of 18.3% from 2023 to 2032, attributable to increase in the adoption of digital technologies across various industries and the availability of desired manufacturing facilities from anywhere at any time.
Buy this Complete Report (346 Pages PDF with Insights, Charts, Tables, and Figures) at: https://www.alliedmarketresearch.com/big-data-analytics-in-healthcare-market/purchase-options
The on-premises segment to maintain its leadership status throughout the forecast period
Based on deployment, the on-premises segment held the highest market share in 2022, accounting for nearly half of the global big data analytics in healthcare market revenue, as big data analytics in healthcare can take various forms, but in an on-premises setup, it typically involves hardware and software solutions that authenticate and authorize devices seeking access to the internal network. This is further done by verifying the identity and compliance of devices before granting access. However, the cloud segment is projected to manifest the highest CAGR of 18.8% from 2022 to 2032, as cloud-based big data analytics in healthcare facilitates flexible access control, especially for remote or mobile users. As a result, with cloud infrastructure, users can securely access the network from anywhere, anytime, using various devices. This is particularly essential in today’s distributed work environments.
The clinical analytics segment to maintain its leadership status throughout the forecast period
Based on application, the clinical analytics segment held the highest market share in 2022, accounting for more than two-fifths of the global big data analytics in healthcare market revenue, as large enterprises often have complex and diverse networks with multiple entry points, various devices, and numerous users. As a result, big data analytics in healthcare solutions help manage and control access across these diverse network environments, ensuring that each user and device is authenticated, authorized, and complies with security policies. However, the operational analytics segment is projected to manifest the highest CAGR of 19.0% from 2023 to 2032. Many SMEs are inclined toward cloud-based big data analytics in healthcare solutions due to their scalability, ease of management, and reduced need for dedicated on-premises hardware. As a result, cloud-based big data analytics in healthcare can be a more feasible option for SMEs with limited resources for infrastructure management.
The hospitals and clinics segment to maintain its leadership status throughout the forecast period
Based on end user, the hospitals and clinics segment held the highest market share in 2022, accounting for more than two-fifths of the big data analytics in healthcare market revenue, primarily driven by the rise in adoption of secure networks and big data analytics in healthcare in BFSI enables the shift toward digital services, specifically mobile banking, where customers can conduct diverse financial transactions using mobile applications. However, the Research Organizations segment is projected to manifest the highest CAGR of 19.7% from 2022 to 2032, as big data analytics in healthcare helps in identifying potential threats and restricting access for suspicious devices or users, safeguarding the system from potential breaches. Similar to retail, the e-commerce industry deals with a large volume of customer data.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, owing to the increasing activities of data breaches in various sectors. However, the Asia-Pacific region is expected to witness the fastest CAGR of 17.9% from 2023 to 2032 and is projected to dominate the market during the forecast period. In developing countries such as China and India, the adoption of smart technologies such as AI and ML escalates the demand for big data analytics in healthcare market. This is attributed to big data analytics in healthcare systems that are continuously monitored, and performance issues are identified immediately.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/2308
Leading Market Players: -
- Broadcom
- Cisco Systems, Inc
- Extreme Networks
- Fortinet, Inc.
- Hewlett Packard Enterprise Development LP
- Huawei Technologies Co.
- IBM Corporation
- Juniper Networks, Inc.
- Microsoft Corporation
- VMware, Inc.
The report provides a detailed analysis of these key players in the global big data analytics in healthcare market. These players have adopted different strategies such as expansion, merger, and product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
