Digital Transformation Healthcare Market Research Report : Global Forecast Till 2024 ($50.15 Billion Market)
November 4, 2019 by Market-NewsFlash
Global Digital Transformation in Healthcare Market Research Report: By Component (Hardware, Software, Services), by Organization Size (SMEs and Large Enterprises), by Technology (Artificial Intelligence (AI), Cloud Computing, Big Data & Analytics, Internet of Things (IoT), and Cybersecurity), by Business Function (Customer Transformation, Workforce Transformation, Operational Transformation, and Product Transformation), End-User (Hospitals, Pharmaceutical Companies, and Clinics & laboratories) and by Region (North America, Europe, Asia-Pacific, and Rest of the World) — Forecast till 2024
The global digital transformation in healthcare market is expected to register a CAGR of 14.5% during the forecast period of 2019–2024.
There are various factors contributing to the growth of digital transformation in healthcare, such as, the increasing requirement for a secured path among health organizations, hospitals, clinics doctors, companies and others for information sharing, which has become convenient with the advent of digital transformation. Moreover, the increasing generation of data by pharmaceutical companies, hospitals, medical research organization has also led to market growth. There are various benefits of digital transformation in healthcare; for instance, it protects private, public and other critical information with the help of integration of cybersecurity solutions. Additionally, AI is currently being used in the detection of diseases such as breast cancer with more accuracy and precision at its early stage as compared to traditional mammograms. According to the American Cancer Society, AI is capable of providing 30 times faster results with 99% accuracy which reduces the need for unnecessary biopsies.
Digital transformation in healthcare can be referred to as a combination of various technologies which are transforming the functionality of healthcare systems, with the help of internet. Additionally, the increasing number of smartphones and tablet users across the globe and growing need for remote patient monitoring services is considerably driving digital transformation in the healthcare sector. Additionally, the government initiative towards digital health solutions and increasing demand for healthcare information systems are also contributing to the growth of the market. However, the increasing frequency of security breaches and cyberattacks is hampering the growth of the market.
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By component, the digital transformation in the healthcare market has been segmented into hardware, software, and services. The hardware segment accounts the largest market share due to increasing adoption of IoT devices, networks, storage devices, and other communication devices, whereas the software segment is expected to be the fastest-growing market during the forecast period, due to increasing automation and analytics used by the healthcare industry.
By organization size, the market has been segmented into large enterprises and SMEs. The large enterprises dominate the segment as these generate a large amount of data, which are shared and stored on the cloud. The adoption of cloud services by large enterprises is increasing due to their capability to offer large storage space and reduce the risk of data breaches. Moreover, the increasing automation and requirement of new digital strategies is also fueling the growth of the large enterprises segment. Moreover, the investment capacity of large organizations also plays a vital role to have a hold on the market share. However, SMEs is expected to be the fastest-growing segment during the forecast period due to increasing awareness of digital solution, technology and their benefits among the small companies.
Based on technology, the market has been segmented into artificial intelligence (AI), cloud computing, big data & analytics, and internet of things (IoT). The cloud computing segment dominated the market in 2018 due to the rapidly increasing adoption of cloud services in healthcare. However, AI is expected to be the fastest-growing market due to the widening application scope of this technology in healthcare for the detection of diseases, robotic surgeries, and others.
The global digital transformation in the healthcare market is estimated to grow at a significant rate in the future. The geographical analysis of digital transformation in the healthcare market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
North America dominates the global digital transformation in the healthcare market, by region, due to the early adoption of the digital transformation across healthcare industry. and increasing requirement of these solutions for securing the authenticated information. Additionally, the increasing online tractions among the healthcare enterprises and users is also increasing in the region also drives the growth of the market. The market in North America has been further segmented based on countries into the US, Canada, and Mexico. The US holds the largest market share in North America, followed by Canada and Mexico. The US dominates in the region due to the presence of various key vendors such as IBM Corporation, Microsoft Corporation, Dell EMC and others.
MRFR recognizes the key players in the global digital transformation in healthcare market as as IBM Corporation (US), Microsoft Corporation (US), SAP SE (Germany), Dell EMC (US), Google LLC (US), Accenture PLC (Ireland), CA Technologies (US), Cognizant (US), Adobe Systems (US), Oracle Corporation (US), Hewlett Packard Enterprise (US), HCL Technologies (India), TIBCO Software (US), Marlabs (US), Equinix (US) among other.
The prominent players keep innovating and investing in research and development to present a cost-effective product portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities emphasize strengthening their reach to the customers.
The global digital transformation market has been segmented based on component, organization size, technology, bussiness fuction,end-user and region. By component, the market has been segmented into hardware, software, and services. By organization size, the market has been segmented into large enterprises and SMEs. By technology, the market has been segmented into artificial intelligence (AI), cloud computing, big data & analytics, and internet of things (IoT).
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