What is Big Data ?
Nowadays, the word Big Data is tossed out many times; and few news providers take the precaution of explaining to non tech-savvy what that trending word means. Therefore, first and foremost, let us start by defining the term ”Big Data” itsself.
Wikipedia defines Big data as a ”field that treats of ways to analyze, systematically extract information from, or otherwise deal with data sets that are too large or complex to be dealt with by traditional data-processing application software.”
Data with many cases (rows) offer greater statistical power, while data with higher complexity (more attributes or columns) may lead to a higher false discovery rate. Thus, Big Data deals with capturing data, data storage and data analysis, search, sharing, transfer, visualization, querying, updating, information privacy and data source.
Big data was originally associated with three key concepts: volume, variety, and velocity. Other concepts later attributed with big data are veracity (i.e., how much noise is in the data) and value.
Current usage of the term big data tends to refer to the use of predictive analytics, user behavior analytics, or certain other advanced data analytics methods that extract value from data, and seldom to a particular size of data set. “There is little doubt that the quantities of data now available are indeed large, but that’s not the most relevant characteristic of this new data ecosystem.”
About The Use Of Big Data In Healhcare Fields
Global big data analytics in the healthcare market is primarily driven by worldwide escalating demand for financial analytics in healthcare coupled with declining costs and availability of big data software and services.
However, the dearth of IT infrastructure in developing countries and higher maintenance costs related to these systems will hinder the market growth. Whereas, growing inclination towards cloud-based analytics solutions and development in IT infrastructure in developing economies will create opportunities for big data analytics in the healthcare market in the coming years.
The big data analytics in the healthcare market is classified on the basis of the component, deployment type, analytics type, application, and region. On the basis of the component, the market is divided into the software, hardware, and services.
Software segment is further divided into electronic health record software, practice management, and workforce management. The hardware segment is further divided into data storage, firewalls, routers, e-mail servers, virtual private networks, and others.
On the basis of the deployment type, the market is segmented as segmented as On-Demand and On-Premise. On the basis of the analytics type, the market is classified into descriptive, predictive, and prescriptive.
On the basis of the application, the big data analytics in the healthcare market is divided into financial analytics, clinical data analytics, and others. Financial analytics segment is further sub-segmented as claim processing, risk adjustment & assessment, revenue cycle management, and others. And clinical data analytics segment is further sub-segmented into quality control, clinical decision support, reporting and compliance, population health management, and precision health.
An Exponentiolly Growth Is Expected During The Next Five Years
Application segment was the largest revenue generating segment in big data analytics in the healthcare market for the year 2017. Among all applications, financial analytics was the major application of big data analytics in the healthcare market for the year 2016.
Also, the adoption of big data analytics services by the number of healthcare providers is on rising in the region and this will further contribute towards the regional growth. Furthermore, government initiatives to integrate big data in the healthcare industry for making healthcare services more refined and inexpensive and easily available to people will help the market in this region grow substantially in the coming years.
Trends According To Regions
North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa are the prominent regional segments of the global big data analytics in the healthcare market. North America is projected to dominate the global big data analytics in healthcare market during forecast timeline.
Early acceptance of the technology in this region is the key factor responsible for market growth. Whereas, Europe has huge market growth potential, owing to the presence of global market players keen on introducing advanced data analytics techniques.
Emerging regions in the Asia Pacific are experiencing major growth in the big data analytics in healthcare market due to the advancement in big data technologies, ever-increasing digitalization, and data analytics industry growth.
The Middle East and Africa market are anticipated to witness a significant growth during the forecast period.
The Biggest Key Players In Biga Data Industry
Some of the key players in big data analytics in healthcare market are Cerner Corporation, Dell, McKesson Corporation, GE Healthcare, Mckesson, Koninklijke Philips N.V., Epic System Corporation, Mu Sigma, Optum, IBM, Xerox, Hewlett-Packard Co., Opera Solutions, Cloudera, Cognizant Technology Solutions, Teradata Corporation, Siemens Healthcare Gmbh, Splunk Inc., EMC, Calpont Corporation, and Oracle Corporation among others.
Global Big Data Analytics in Healthcare Market By Component
- Electronic Health Record Software
- Practice Management
- Workforce Management
- Data Storage
- Virtual Private Networks
- E-Mail Servers
- Others Services
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