Big Data in Healthcare Market Trends, 2017-2025

The big data in healthcare by component market was dominated by analytical services with revenue of $XX billion in 2016 due to increasing usage of clinical and financial analytics services to reduce costs and improve outcomes.

Software components are expected to witness a CAGR of XX% during the forecast period due to growing adoption of EHRs and revenue cycle and workforce management software across the globe.

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An estimated XX% of all the electronic data stored globally belongs to the healthcare industry. Declining cost of data storage has been the primary driver of exponential growth in volumes of electronic data being stored and shared in the past two decades. However, as the volume of healthcare data continues to grow, it is becoming increasingly challenging for providers to manage the storage costs of on premise data centers. According to a IDC report from 2014, the volume of healthcare data in 2013 was 153 exabytes (XX billion gigabytes) and is projected to grow to XX exabytes by 2020.

Big data services can be defined as outsourcing of various big data functions to the cloud ranging from supply of data, supply of analytical tools for carrying out analysis and providing reports. These services can also include consulting and advisory services Using big data as a service eliminates the high upfront costs associated with storing and managing large volumes of information.

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