Latest News- Big Data Spending In Healthcare Sector Market: Services is expected to lead the Service segment during 2025-2029

The Big Data Spending In Healthcare Sector Market is being driven by Need to improve business efficiency

The Big Data Spending In Healthcare Sector Market is expected to grow at a CAGR of 10.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 7783.8 million. The global healthcare industry is experiencing significant growth, driven by a skilled workforce and affordable treatments in Asia-Pacific markets. The US, in particular, has seen an increase in outbound medical tourism due to regulatory changes, creating lucrative opportunities for the global medical industry. Key markets for medical tourism include India, China, Thailand, Brazil, Singapore, Malaysia, the Philippines, South Korea, Hungary, Mexico, Colombia, Costa Rica, Belgium, and Turkey. Big data analytics is a prominent growth driver in healthcare, enabling improved patient outcomes and operational efficiency. The US Patient Protection and Affordable Care Act (ACA) have led to increased demand for medical services outside the country, boosting revenue in various fields of medicine. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Service
  • Services
  • Software
• Type
  • Descriptive analytics
  • Predictive analytics
  • Prescriptive analytics
  • Diagnostic analytics
• Application
  • Financial analytics
  • Population health management
  • Clinical decision support
  • Operational analytics
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • India
  • Middle East and Africa
  • South America
    • Brazil

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Need to improve business efficiency
• Increase in number of smart-connected devices
• Continuous growth in enormous amount of medical data generation

However, the market also witnesses some limitations, which are as follows:

• Data privacy and security concerns related to patients medical data
• System integration and interoperability glitches
• Workforce shortages and technology gaps in healthcare sector

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Market Scope in Big Data Spending In Healthcare Sector Market Research Report

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Research Analysis Overview

In the healthcare sector, Big Data spending is surging due to the increasing volume, velocity, and variety of structured, unstructured, and semi-structured data. Data management is crucial for handling this data deluge, enabling data analytics through AI, machine learning, predictive modeling, and natural language processing. Data-driven insights inform consumer behavior, fraud detection, last-mile delivery, and improve decision-making, customer experience, continuous intelligence, risk management, and data quality. Data integration, storage, and visualization solutions in the cloud enhance security and data talent development.

Market Research Overview

The global IT services market encompasses organizations providing IT consulting and integration, application, data processing, business process outsourcing, infrastructure, and Internet services. Within this market, the IT consulting and other services sector is a significant contributor, comprising companies specializing in IT consulting and information management. According to Technavio, the market size is determined by the consolidated revenue generated from contracts executed by these firms. Key growth drivers for this sector include escalating government investments in advanced IT infrastructure to address the skills gap among public sector employees.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/