A push towards electronic medical records and the growing adoption of third platform technologies like cloud and analytics are generating huge amounts of data in the healthcare industry.
In response, big data spending in healthcare is in a period of growth. The market was valued at $2.48 billion in 2014, and is expected to reach $14.33 billion by 2019, growing at a CAGR of 42%.
Global big data spending in the healthcare industry by category
In 2014, the services segment held the largest market share of 54.76%, followed by software (28.59%) and hardware (16.65%).
Services will still dominate the market by 2019, holding a share of 52.17%. The small dip from 2014 is due to significant growth in the software segment, which is expected to attain a market share of 32.15%. Hardware will more or less hold steady, with a 15.68% market share.
Services
The services segment encompasses professional services like consulting, development, integration, and process management, as well as and cloud-based big data services.
Healthcare organizations are still in the process of integrating technology into existing business processes in order to reduce costs and provide better care to patients. This has created high demand for professional big data services to oversee the design and deployment of advanced delivery models.
Cloud-based big data services such as infrastructure as a service (IaaS), platform as a service (PaaS), monitoring as a service (MaaS), communication as a service (CaaS), software as a service (SaaS), and anything as a service (XaaS) are slowly being adopted to give users better access to patient information.
Software
New government regulations and the need to provide cutting-edge healthcare services are fueling the adoption of big data software in the healthcare industry. This segment includes application, infrastructure, and database-related software.
Innovative big data healthcare software can transform the entire practice and business of healthcare through powerful insights and secure access to patient data. However, data integration and scalability issues need to be tackled effectively to support dynamic healthcare information systems.
Hardware
The hardware segment is the smallest in the market, and includes computing, storage, and networking devices, among others. This segment primarily exists to support software and services, and will grow at similar rates through the forecast period. However, scalability issues and the high investment requirements could hinder spending in this category.
For more on big data spending in healthcare, view Technavio’s new report.
