TechNavio recognizes the following companies as the key players in the Global Life Sciences Software Market: Oracle Corp., SAP AG, Medidata Solutions Inc., and SAS Institute Inc.
Commenting on the report, an analyst from TechNavio’s team said: “The emergence of SaaS-based life sciences solutions has enabled organizations to increase their efficiency and reduce the cost of deploying valuable IT infrastructure. However, organizations are still analyzing the feasibility and relevance of cloud computing solutions in their IT operations. The SaaS-based model for life sciences solutions offers a pay-per-use model, along with a one-time fee for software installation, maintenance, upgrades, and lifetime support. Hence, the Global Life Sciences Software market is witnessing a trend where vendors have begun to offer their solutions through the SaaS-based model to expand their services and enter new markets. In addition, life sciences solutions are becoming increasingly popular since they enable organizations to securely store, access, and maintain patient records, images, text, and data. This in turn is increasing the adoption of SaaS-based solutions during the forecast period.”
According to the report, one of the major drivers in the market is the increasing need for storage and effective usage of patient information to improve healthcare services. There has been a tremendous increase in the data generated in the Life Sciences sector over the years. In this regard, digital systems have played a major role in the effective management of these data, thereby enabling the Life Sciences sector to evolve to a large extent. Healthcare records and patient data are increasingly being converted to an electronic format since healthcare providers seek to use such data securely and with ease.
Further, the report states that one of the major challenges is the high cost of implementation. The deployment of life sciences solutions is an expensive process since it involves defining organizational requirements. It also requires expensive additional infrastructure, complex programming, and extra time and money to ensure data integration and data quality. In addition, most life sciences solution vendors launch software updates with improved features at an added cost. This in turn inhibits the growth of the Global Life Sciences Software market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-life-sciences-software-market-201…
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/it-hardware-software-services
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TechNavio Announces the Publication of its Research Report -Global Life Sciences Software Market 2012-2016
