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The big data spending market share in healthcare sector is expected to increase by USD 8.93 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.21%. This big data spending market in healthcare sector research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. The big data spending market in healthcare sector report also offers information on several market vendors, including Alphabet Inc., Amazon.com Inc., Cisco Systems Inc., Cloudera Inc., Cognizant Technology Solutions Corp., Couchbase Inc., Dell Technologies Inc., Health Catalyst Inc., Hewlett Packard Enterprise Co., Hitachi Vantara LLC, International Business Machines Corp., McKesson Corp., Medeanalytics Inc., Microsoft Corp., Oracle Corp., SAP SE, SAS Institute Inc., Splunk Inc., Teradata Corp., and Vizient Inc. among others. Furthermore, this report extensively covers big data spending market in healthcare sector segmentation by service (services and software) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
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The need to improve business efficiency is notably driving the big data spending market growth in healthcare sector, although factors such as data privacy and security concerns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the big data spending industry in healthcare sector. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Big Data Spending Market Driver in Healthcare Sector
The need to improve business efficiency is one of the key drivers supporting the big data spending market growth in healthcare sector. As the number of connected devices is increased in the healthcare sector, it has led to an increase in massive data generation. In view of this, rapid growth has been observed in the adoption of IT for storing and retrieving medical and clinical data worldwide. Furthermore, by using big data analytics and predictive asset maintenance, healthcare organizations would be better prepared for upcoming disasters, reduce traffic at hospitals, and eliminate system breakdowns. Thus, the rising need to improve business efficiency in the healthcare sector is driving the growth of the global big data spending market in healthcare sector.
Key Big Data Spending Market Trend in Healthcare Sector
Increasing use of big data analytics in healthcare is one of the key big data spending market trends that is contributing to the market growth. Governments are encouraging the implementation of IT and telecommunications in the healthcare sector to achieve and sustain functioning health information systems. For instance, the National Health Insurance initiative by various governments is designed to monitor the planning and set-up of health information systems that avoid errors and employ seamless patient care management. Simultaneously e-health strategies enable the equitable distribution of healthcare facilities, irrespective of a physician's or patient's location, and lowers the waiting time for patients to receive medical services. All these initiatives have resulted in a massive amount of data generation, and the data needs to be stored and analyzed efficiently to provide meaningful insights. Hence, the use of big data analytics has increased in the healthcare sector. This is boosting the big data spending market growth in healthcare sector.
Key Big Data Spending Market Challenge in Healthcare Sector
Data privacy and security concerns is one of the factors hindering the big data spending market growth in healthcare sector. No wonder digitization of medical records in the healthcare sector has been a significant rise in the security risks for patient data. Meanwhile, vendors must ensure the safety and security of cloud networks to prevent data stealing. However, there is still growing threat posed by computer viruses that can lead to deterioration in the efficiency of healthcare information systems. Therefore, this is one of the major reasons for hospitals opting for core laboratory testing rather than a transfer of data through point-of-care devices. Therefore, healthcare organizations expect better security features from cloud computing solutions. Thus, the efficient retrieval of data and availing secure access are major challenges for the vendors of big data which is hampering the market growth.
This big data spending market in healthcare sector analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global big data spending market in healthcare sector as a part of the global IT consulting and other services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the big data spending market in healthcare sector during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the big data spending market in healthcare sector encompasses successful business strategies deployed by the key vendors. The big data spending market in healthcare sector is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The big data spending market in healthcare sector forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the big data spending market in healthcare sector, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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32% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for the big data spending market in healthcare sector in North America. Market growth in this region will be slower than the growth of the market in Europe and APAC.
The rise in advancements in IoT and the increase in the demand for analytical models on patient information for better service delivery and government policies will facilitate the big data spending market in healthcare sector growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 disrupted the regional economy and had a negative impact on market growth. Moreover, big data analytics helped in regular monitoring and remote detection system for individuals that assisted in the fast-tracking of suspected COVID-19 cases. Thus, such factors will positively impact the big data spending market in healthcare sector in North America during the forecast period.
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The big data spending market share growth in healthcare sector by the services segment will be significant during the forecast period. For instance, consulting services accounted for a small market share within the services segment in terms of revenue, but it had a significant impact on the overall revenue generation. Many companies, including IBM and HP, provide consulting services specific to the healthcare sector. Thus, the growing digitization in healthcare, the Internet of Things (IoT) and cloud deployment, and government support for healthcare information technology (HCIT) are some of the factors that are expected to drive the growth of the services segment during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the big data spending market size in healthcare sector and actionable market insights on the post-COVID-19 impact on each segment.
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Big Data Spending Market Scope in Healthcare Sector |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.21% |
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Market growth 2022-2026 |
$ 8.93 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
10.2 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 32% |
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Key consumer countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Alphabet Inc., Amazon.com Inc., Cisco Systems Inc., Cloudera Inc., Cognizant Technology Solutions Corp., Couchbase Inc., Dell Technologies Inc., Health Catalyst Inc., Hewlett Packard Enterprise Co., Hitachi Vantara LLC, International Business Machines Corp., McKesson Corp., Medeanalytics Inc., Microsoft Corp., Oracle Corp., SAP SE, SAS Institute Inc., Splunk Inc., Teradata Corp., and Vizient Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Service
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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