LONDON--(BUSINESS WIRE)--Technavio projects the global big data spending market in the healthcare sector to post a CAGR of more than 12% during the forecast period. The need to improve business efficiency will be a key driver to impact growth during 2018-2022.
The increasing use of connected devices in the healthcare sector has led to massive data generation. Businesses have realized that they can use this data to optimize costs, deliver better services, and boost revenue. The use of big data solutions and predictive asset maintenance would enable healthcare organizations to prepare for upcoming disasters, reduce traffic at hospitals and eliminate system breakdowns.
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In this report, Technavio highlights the increasing use of big data analytics in healthcare as one of the key emerging trends to drive the global big data spending market in the healthcare sector:
Increasing use of big data analytics in healthcare
The global healthcare industry is growing due to the presence of skilled healthcare professionals and doctors and the availability of low-cost treatments in APAC. The global medical tourism market is expected to be valued at around USD 8 billion by 2020.
According to a senior analyst at Technavio for IT spending research, “These tools help doctors in decision-making processes by clubbing medical data into electronic dashboards. They also help reduce administrative costs by enabling information sharing with different departments to prevent unauthorized transactions of medical billings. In addition, big data analytics tools help in the diagnosis of complex diseases.”
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Market segmentation and analysis through 2022
This market research report segments the global big data spending market in the healthcare sector by end-users (hospitals and clinics, finance and insurance agencies, and research organizations) and key regions (the Americas, APAC, and EMEA).
In 2017, the global big data spending market in the healthcare sector was dominated by the Americas with a revenue share of close to 67% followed by EMEA and APAC respectively. APAC is expected to witness the maximum increase in its market share over the forecast period.
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