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Significant growth of cloud-based analytics expected in years ahead

Experts say leading analytics companies are likely to intensify the competition in the market due to the technological advancements resulting from intensive investment in research and development.

Jeff Rowe | Oct 23, 2017 12:00 am

Cloud-based analytics offers on-demand delivery of analytical tools and techniques specifically designed to help customers in extracting meaningful information from large amounts of data, and the market for that service is heading for rapid growth over the next five years.

That’s according to a new report, “Global Healthcare Cloud Based Analytics Market Growth, Trends & Forecast To (2017 – 2022),” which finds the cloud-based analytics market is gaining pace as healthcare organizations have started understanding the benefits of analytics in today’s highly dynamic business environment. 

The key benefit of cloud-based analytics, says a summary of the report, is that it’s moving healthcare providers out of the business of “tracking and stacking” data and enabling them to focus again on treating patients. “Some of the other benefits of cloud-based analytics are the rapid exchange of information, clarity, and transparency of information, time and cost efficiency, timely emergency/preventive care, and ease of handling a big volume of data.”

The market has gone through several important developments in the last couple of years, analysts say, with given increasing volumes of business data and the shift from traditional data analysis platforms to self-service business analytics.  Moreover, high initial investment costs and a lack of skilled professionals have kept many healthcare organizations from incorporating analytics into in-house operations. 

The report also notes the traditional reluctance of healthcare organizations to share data due to privacy concerns, but it points to emerging opportunities with the rise of so-called precision medicine techniques and an increase in analytics-driven personalized healthcare.