Enjoy complimentary customisation on priority with our Enterprise License!
The big data spending in healthcare sector market size is forecast to increase by USD 6.99 billion at a CAGR of 10% between 2023 and 2028. The market is experiencing significant growth due to several key trends. The need to improve business efficiency and enhance patient care is driving the adoption of big data analytics in healthcare. Big data analytics enables healthcare providers to gain insights from large volumes of patient data, leading to better diagnosis, personalized treatment plans, and improved patient outcomes. Additionally, the increasing use of electronic health records (EHRs) and the Internet of Things (IoT) in healthcare is generating vast amounts of data, further fueling the demand for big data analytics solutions. However, data privacy and security concerns related to patients' medical data remain a major challenge for the market. Ensuring the confidentiality, integrity, and availability of sensitive patient information is crucial to gaining patient trust and complying with regulatory requirements. Therefore, investing in data security solutions is essential for healthcare organizations to successfully leverage big data analytics while maintaining patient privacy and security.
The healthcare sector is witnessing a significant rise in big data spending due to the increasing volume, velocity, and variety of data being generated. Structured, unstructured, and semi-structured data from various sources, such as electronic health records, medical devices, and patient-generated data, require effective data management. Data analytics tools like artificial intelligence (AI) and machine learning are being employed for predictive modeling, consumer behavior analysis, fraud detection, and last-mile delivery. Natural language processing is used to extract insights from unstructured data, while data quality and integration are crucial for ensuring data accuracy and completeness. Data storage solutions, including cloud-based options, are essential for handling massive data volumes. Data visualization and decision-making tools enable healthcare providers to gain actionable insights, improve customer experience, and make data-driven decisions. Continuous intelligence and risk management are also critical applications of big data in healthcare, ensuring real-time monitoring and timely intervention. The talent crunch in data management and security remains a significant challenge, necessitating ongoing investment in data talent development and security measures.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The services segment is estimated to witness significant growth during the forecast period. The healthcare sector is witnessing a significant in big data spending due to the increasing volume, velocity, and variety of data. Structured, unstructured, and semi-structured data require data management solutions for effective handling. Data analytics plays a pivotal role in deriving business value from this data deluge. Artificial Intelligence (AI) and Machine Learning (ML) technologies such as Predictive Modeling, Natural Language Processing, and Data Mining are transforming consumer behavior analysis, fraud detection, last-mile delivery, and risk management.
Get a glance at the market share of various segment Download the PDF Sample
The services segment was valued at USD 5.50 billion in 2018. Professional services from big data analytics vendors are in high demand due to the need for data-driven decision-making, customer experience enhancement, continuous intelligence, and data talent development. Consulting services, though contributing a smaller revenue share, significantly impact the overall growth. The focus on data quality, data integration, data storage, and data security necessitates the adoption of cloud solutions, data visualization tools, and open-source technologies. Trust, flexibility, and privacy concerns are critical factors influencing data strategy. The business value of data lies in its ability to provide actionable insights for decision-making, improving service support, and driving innovation.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The healthcare sector is witnessing a significant rise in big data spending due to the increasing volume, velocity, and variety of data being generated. Structured, unstructured, and semi-structured data from various sources, such as electronic health records, medical devices, and consumer-generated data, require effective data management. Data analytics tools like artificial intelligence (AI), machine learning, predictive modeling, and natural language processing enable data-driven insights into consumer behavior, fraud detection, last-mile delivery, and risk management.
Data quality, data integration, data storage, and data visualization are crucial components of big data in healthcare. Cloud solutions offer flexibility and trust, while data strategy focuses on business value and information security. Data mining and data analysis provide valuable insights from data warehouses, but privacy concerns necessitate careful handling. Data talent and security are essential for implementing advanced technologies like AI and machine learning. Data lakes and smart analytics offer open-source and continuous intelligence capabilities, enhancing decision-making and customer experience. Overall, big data in healthcare is transforming the industry by providing actionable insights and improving patient care.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The need to improve business efficiency is notably driving market growth. The healthcare sector is witnessing a rise in data generation due to the proliferation of connected devices and digital platforms such as Social Networks and Electronic Check-Ins. This data presents significant opportunities for healthcare organizations to optimize costs, enhance services, and boost revenue. The adoption of IT solutions for storing and managing medical and clinical data is on the rise globally. However, the increasing reliance on technology also brings challenges, including data overload, noise, cyber attacks, and data breaches. To address these concerns, healthcare organizations are turning to big data solutions and predictive asset maintenance.
These technologies enable early detection of potential disasters, reduction of hospital traffic, and elimination of system breakdowns, ultimately improving patient care and outcomes. Cloud services are also gaining popularity as a cost-effective and secure solution for managing and analyzing large volumes of data. Despite the benefits, cost justifications remain a critical consideration for clinical and medical research organizations to govern the escalating investment expenditure in big data technologies. Thus, such factors are driving the market's growth during the forecast period.
The increasing use of big data analytics in healthcare is the key trend in the market. The market is experiencing significant growth, driven by the presence of skilled professionals and affordable treatments in regions such as APAC. Medical tourism, originating primarily from the US due to regulatory changes, is a key contributor to this growth. Countries like India, China, Thailand, Brazil, Singapore, Malaysia, the Philippines, South Korea, Hungary, Mexico, Colombia, Costa Rica, Belgium, and Turkey are major medical tourism destinations.
Further, big data analytics is a prominent growth driver, with various sources of data such as Social Networks, Electronic Check-Ins, and Software being utilized. Artificial Intelligence is used to analyze this data, helping to improve patient care and reduce Data Overload. However, the use of big data also presents challenges, including Cyber Attacks and Data Breaches, necessitating the adoption of Cloud Services to ensure data security. Despite these challenges, the benefits of big data analytics in healthcare are substantial, making it an essential component of the industry's digital transformation. Thus, such trends will shape the market's growth during the forecast period.
Data privacy and security concerns related to patients' medical data is the major challenge that affects the growth of the market. In the healthcare sector, the utilization of Big Data through social networks, electronic check-ins, software, artificial intelligence, and various data sources has revolutionized the diagnosis and treatment process. However, with the increasing adoption of digital technologies comes the challenge of safeguarding sensitive patient information from cyber-attacks and data breaches. The loss of medical data can lead to non-compliance with government and industry regulations, resulting in hefty fines and reputational damage for healthcare providers.
To mitigate these risks, security applications must be integrated into IT systems design from the outset. The implementation of cloud services and advanced technologies like artificial intelligence also bring about data overload and noise, necessitating data management systems and stringent data access protocols. Ensuring the privacy and security of patient data is a complex and costly process, but an essential one for maintaining trust and confidence in the healthcare industry. Hence, the above factors will impede the market's growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alphabet Inc. - The company offers big data spending solutions such as Google Cloud Healthcare Data Engine, and MedLM for healthcare sector.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The healthcare sector is witnessing a significant rise in big data spending due to the increasing volume, velocity, and variety of data being generated. Structured, unstructured, and semi-structured data from various sources such as electronic health records, medical devices, and consumer wearables require effective data management. Data analytics tools like artificial intelligence (AI) and machine learning are being employed for predictive modeling, consumer behavior analysis, fraud detection, and last-mile delivery. Data-driven decision-making is transforming healthcare, improving customer experience, and enabling continuous intelligence for risk management.
Further, natural language processing and data visualization facilitate better understanding of complex data. Data quality, data integration, and data storage solutions ensure data accuracy and accessibility. Cloud solutions offer flexibility, trust, and business value. Data strategy focuses on data talent development, security, and data privacy concerns. Data lakes and smart analytics enable open source and customized solutions. Data mining and analysis provide valuable insights from data warehouses, while data warehouses ensure data accessibility and scalability. The healthcare industry's data-driven transformation is revolutionizing patient care and operational efficiency.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
154 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 10% |
|
Market growth 2024-2028 |
USD 6.99 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
8.9 |
|
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 31% |
|
Key countries |
US, China, Germany, Canada, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
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 Ltd., International Business Machines Corp., McKesson Corp., Medeanalytics Inc., Microsoft Corp., Oracle Corp., SAP SE, SAS Institute Inc., Splunk Inc., Teradata Corp., and Vizient Inc. |
|
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, Market condition analysis for market forecast period |
|
Customization purview |
If our market 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 market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Service
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
