Markets Trends Of Big Data Usage In Health Care During The Next 5 Years.

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: vol­umevari­ety, 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

Big Data Analytics in Healthcare Market Set for Rapid Growth, to Reach Around USD 68.03 Billion by 2024

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

  1. Soft­ware
  2. Elec­tron­ic Health Record Soft­ware
  3. Prac­tice Man­age­ment
  4. Work­force Man­age­ment
  5. Hard­ware
  6. Data Stor­age
  7. Routers
  8. Fire­walls
  9. Vir­tu­al Pri­vate Net­works
  10. E-Mail Servers
  11. Oth­ers Ser­vices

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4 thoughts on “Markets Trends Of Big Data Usage In Health Care During The Next 5 Years.

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