Big Data Analytics in Healthcare Market Anticipated to rise USD 79.23 Billion by 2028

Vantage Market Research

Feb 01, 2022

In terms of revenue, the Global Big Data Analytics in Healthcare Market is expected to reach USD 79.23 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 28.9% from 2022 to 2028. Big data analytics is used to manage large datasets in a real-time environment, improve organizations' decision-making capability and streamline organizations' processes. It is also used to provide a better understanding of their customers and narrow down their targeted audience. Therefore, it is helpful in enhancing the company’s marketing strategy. Thus, all these benefits are responsible for the growth of the Big Data Analytics in Healthcare Market in the coming years.

Key Findings:

  • Based on the application segment, the customer analytics sub-segment is projected to create maximum growth of the Big Data Analytics in Healthcare Market in 2021. This growth is accounted for due to the rising competition among the key players to fulfill their customer's needs.
  • Based on the deployment mode segment, the cloud-based sub-segment is accounted to mention steady growth of the Big Data Analytics in Healthcare Market in 2021. This is mainly attributed because the cloud-based model is majorly used to provide scalable big data solutions and offers flexibility to access data & deliver insights.
  • Big Data in analytics is accounted to mention a sudden downfall in 2020, due to the emergence of the COVID-19 pandemic. This is mainly caused by governments across the world taking severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19.

Some of key players in Big Data Analytics in Healthcare Market includes - The key players have a strong foothold in the market and offer a wide range of products & services. Some of the key players in this market are IBM (US), Optum (US), Cerner (US), SAS Institute (US), Allscripts (US), McKesson (US), MedeAnalytics (US), Inovalon (US), Oracle (US), Health Catalyst (US), SCIO Health Analytics (US), Cotiviti (formerly Verscend Technologies) (US), CitiusTech (US), Wipro (India), and VitreosHealth (US) among others..

The big data analytics software is used to deliver faster & enhanced decision-making facilities and analyze information in a timely manner. Thus, the demand for big data analytics software is increasing rapidly in the coming years. In addition, high usage of cloud-based big data analytics software in small & medium scale organizations is augmenting the fastest growth of Big Data Analytics in Healthcare Market in the projected time period. However, high implementation cost is expected to hinder the growth of the Big Data Analytics in Healthcare Market. Whereas, increasing requirement of social media analytics for business planning purposes is expected to create lucrative growth opportunities for Big Data Analytics in Healthcare Market in near future.

North America anticipated the maximum growth of the Big Data Analytics in Healthcare Market during the forecast period. This surge is mainly observed because of the high usage of wearable devices, smartphones, and other smart connected devices. In addition, rising demand for advanced tools and improved customer experience is propelling the growth of the Big Data Analytics in Healthcare Market in the region. Furthermore, high investment for the adoption of advanced technologies is bolstering the growth of the Big Data Analytics in Healthcare Market in this region.