Healthcare Technology Featured Article

October 20, 2015

Big Data Market Primed for Extraordinary Growth

Transparency Market Research has released a new report called “Big Data Market – Global Scenario, Trends, Industry Analysis, Size, Share and forecast 2012-2018”. The study analyzes the recent past/current big data environment and projects forward to a future where the current growth of software and services tech is outpaced by the storage sector, which will become increasingly necessary as we produce more and more data.

The report is fundamentally optimistic. Big data is already a mainstay of business decisions, and the demand for its insights is only going to increase. The industry’s CAGR will average to 40.5% from 2012 to 2018, and the global market will grow from $6.3 billion to $48.3 billion in the same period.

The report identified the major names in the current market: Mu Sigma, Teradata Corporation, IBM, Calpont Corporation, Cloudera, EMC, Oracle Corporation, Splunk Inc., Hewlett-Packard Co. (HP), and Opera Solutions. Those companies are primed for growth in the extremely competitive market, but will likely face other established and upstart companies looking for a cut of the burgeoning market.

The healthcare industry’s main takeaway is a bit of a double edged sword: while the healthcare sector’s rush to big data analytics is going to continue benefitting healthcare providers, those healthcare providers are currently underutilizing their in-place data tools. And even though there’s an unprecedented amount of accurate, streamlined data available, the healthcare industry needs to incorporate technical professionals and updated infrastructures to capitalize on it. That requires overhauls spearheaded by healthcare administrators.

That’s both good and bad news for healthcare providers. Accessing that data may entail some upfront costs – hard to come by in the currently uncertain and shifting healthcare landscape – but puts some serious cost-saving tools in providers’ tool belts.  And with the financial and technological trends this report identifies, companies that ignore big data may find themselves irrelevant in a few short years. 

Edited by Maurice Nagle

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