Way back in 2001, the term “big data” (characterized by the dimensions of Volume, Velocity and Variety) became a buzzword across the globe, introduced by Gartner analyst Doug Laney. As the years go by, the huge influx of data on the cloud has brought a lot change and complexity to an organization. The original 3Vs have metamorphosed into several more ‘Vs’—Veracity, Validity, Viability, Volatility, Vulnerability, and Visualization.
Multiplications of V
The very multiplication of V is providing a significant impetus to the global analytics market. As per EMC, 4.4 zettabytes of data existed globally in 2013. That number is further set to grow exponentially to a whopping 44 zettabytes—44 trillion gigabytes—by 2020 as it more than doubles each year. To put it in perspective, the amount of digital data to be produced in next 6 years may exceed 40 zettabytes, which is almost equivalent of 5,200 GB of data for every person on the planet. And, here lies a big opportunity for industries across the globe to tap a thriving billion-dollar data market.
Big Data Going Big
Big data has significantly hit the business mainstream and occupies a front seat in every industry; healthcare being a major one among others. Traditional medical approaches such as paper charts are slowly being replaced by digital healthcare tools such as real-time monitoring systems, Electronic Health Records (EHRs), etc. With the increasing medical data via these digitized sources, the healthcare analytics industry is certain to grow amazingly over the years ahead. The growth of the global healthcare analytics market can be ascribed to the incorporation of big data analytics in the medical field. As per Global Market Insights, Inc., the “Global Healthcare analytics market is estimated to register a CAGR of 12% over 2016–2024, with a target revenue of USD 16 billion by 2024.”
Factors: Global Healthcare Analytics Market
Apart from big data, the introduction of federal healthcare policies and government backing for technological developments in the healthcare space is further boosting the analytics industry. Progress in clinical outcomes, rapid technological advances, and the emergence of social media and its impact on the healthcare industry are other factors fueling an exponential growth of the global healthcare analytics market. Reportedly, huge investments are being made in digital healthcare firms for the development of mHealth apps and IOT-based healthcare solutions.
Healthcare Analytics Segmentation
The healthcare analytics market can be segmented into Big Data Analytics, Predictive Analytics, Prescriptive Analytics, Real Time Analytics, Clinical Data Analytics, Risk Analytics, Strategic Analytics, Practice-Management Analytics—and a few more.
Many healthcare organizations give high importance to the analytic elements like data visualization, historic/descriptive trend analysis, standardized reporting, forecasting, simulations, and scenario development.
As in any nascent industry, adoption is gradual, beginning with early adopters and then on to the mass market. Undoubtedly, the field of health data analytics is one whose time has come and will create immense value to the entire ecosystem in the next decade. A few leading global players—Cognizant, Health Catalyst, IBM, MedeAnalytics, MedAssets, McKesson, Optum, Oracle, SAS, and Truven Health Analytics—have already bet on the healthcare analytics market.
Notwithstanding various challenges such as finding the right talent to leverage data analytics, and sanctioning of a low budget on software infrastructure since they are not being able to see any tangible benefits, things are changing fast. Now, some of the players have started seeing tangible values, which they have not seen before. As in any emerging industry, adoption is a gradual process, yet they are poised and present to tap a billion-dollar analytics market.