Description
The global cloud-based analytics market is estimated to be USD XX billion in 2016 and is projected to reach USD XX billion by 2021 , growing at a CAGR of XX % during the forecast period from 2016 to 2021 .
Cloud-based analytics is a technological term used for analytical tools and techniques specifically designed to help customers in extracting meaningful information from a huge chunk of data , where data storage , computing , and other services are carried out outside the organization . It offers on-demand delivery of IT resources and applications including computing , storage and database services via the internet . Global Healthcare Cloud-Based Analytics Market-Market Dynamics
The healthcare analytics technology , which extensively uses data for quantitative and qualitative analysis , is undergoing an industry transformation from volume-based medicines and reimbursement to value-based medicines and reimbursement , and so is the cloud-based analytics . Drivers
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Some of the key factors driving the market are : Faster deployment and scalability Capability of storing , maintaining and computing massive data Access to advanced IT capabilities like machine learning Emphasis on improved quality healthcare Lower IT cost burden on healthcare providers Integration of big data in healthcare Technological advancements Restraints
The technology also has certain constraints to overcome , such as : Lack of properly trained IT professionals in healthcare Healthcare providers ‰ Û ª inability to share data with the third party ( i . e . cloud provider ) due to policies like Protected Health Information ( PHI ), which draws very high penalty in case of any breach Healthcare providers own reluctance to share data because of business reasons Data integrity and safety concerns Opportunities
Some of the opportunities in this market for the market players are : Introduction and implementation of Electronic Health Records ( EHR ) Rising investments in venture capital funds Implementation of trends in the medical-IT field , such as precision medicines , EHR , analytics-driven personalized medicines , clinical DSS , health and disease management , and so on
The key benefit of cloud-based analytics , which is also hindering its growth , is that its usage moves healthcare providers out of the business of ‰ ÛÏracking and stacking ‰ Û •. They are anyway not very
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