Predicted by P&S Market Research, the Healthcare Big Data Analytics market will be reached at USD 22.7 billion by 2023, with a strong CAGR of 22 percent. The significant augmentation in financial analytics use in the healthcare sector, rising demand for analysis of structured and unstructured health data, low costs and accessibility of Big Data software and services, and augmented adoption of new technologies for data analytics in healthcare business transformations are the key factors for this market growth.
The utilization of personalized healthcare systems and demand for high-quality healthcare services is also amplifying the market for Big Data Analytics in Healthcare. In this market, Cognizant, McKesson, Epic, Cerner, Philips, Dell, GE, and Xerox are major vendors. North America, based on region, has the largest Healthcare Big Data Analytics market. Concurrently, the Asia-Pacific region is anticipated as the fastest growing market for this market development, owing to such factors like development in Big Data technologies, digitalization, the rapid increase in data analytics software industry, and escalating adoption of data analytics services by healthcare providers in the region.
As per the recent survey from NewVantage Partners of Healthcare C-level executives found that 92 percent of healthcare executives are fueling their rate of spending in Healthcare Big Data and AI. While many senior healthcare executives believed that they were competing effectively on data and analytics. On the other side, only 43 percent of executives responded that their organization has a single point of accountability for data. In addition, the report found that over half of the organizations are spending more than USD 50 million in Big Data and Artificial Intelligence initiatives, and 21 percent are investing more than USD 500 million on those technologies, while 62 percent of healthcare executives perceiving outcomes from the investment in these technologies.