Increasing Use Of Cloud Solutions In Life Science Industries To Offer Revenue Growth Worth $41.1 Billion By 2024

Summary

• What the market looks like?
• What are the market growth drivers?

The growth of this market is majorly driven by the growing demand for data storage and management solutions due to extensive amount of data generated through large number of research activities.

The software and workbenches segment accounted for majority of the market share in 2018 and is anticipated to grow at a CAGR of 16.1% during the forecast period. This growth can be attributed to the requirement of high focus on analysis in the extensive amount of ongoing research in life sciences industry.

The data analysis, storage & management market in life sciences is projected to reach USD 41.1 billion by 2024 from USD 18.7 billion in 2019, at a CAGR of 17.1%.

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HPC, Data Analysis, Storage & Management Market

The Next Generation Sequencing segment is anticipated to drive growth in the market at a CAGR of 18.3% over the forecast period. This growth can be attributed to the increasing adoption of NGS due to reducing cost of sequencing.

US to Dominate The Global Market:

The HPC and data analysis, storage and management markets in life scinces are geographically segmented into US, Germany, France, and UK. With the presnce of large number of pharmaceutical and biotechnology companies focusing on drug development and generating huge amount of data, the US dominated the HPC and data analysis, storage and management markets in 2018. Increasing adoption of Cloud Based Solutions will be fueling the growth of the market across the geograhpies.

Get In-Depth Analysis of How COVID-19 is Impacting The Global Data analysis, Storage and Management Market:

1. Covid Impact on HPC ,Data analysis, Storage and Management, growth/decline in product type/use cases of biosimulation due to cascaded impact of Covid on Extended Ecosystem.

2. How top 50 companies in market are making rapid shifts in their strategies.

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HPC, Data Analysis, Storage & Management Market

Key Players:

Some of the prominent players in global HPC, data analysis, storage & management industry include Dell Technologies Inc. (US), Advanced Micro Devices, Inc. (US), Cray, Inc. (US), Cisco Systems, Inc. (US), IBM Corporation (US), Intel Corporation (US), Lenovo Group Limited (CHINA), Hewlett Packard Enterprise Company (US).

Dell Technologies Inc. is one of the leading player in the HPC, data analysis, storage and management market. The company offers a range of products and services used in this segment. The company‘s significant presence in this market can be attributed to its extensive product portfolio and strong sales & distribution network. Dell Technologies witnessed a growth of 28% in revenues for the fical year 2018. The merger with EMC has offered immense opportunities to Dell Technologies in storage, data analysis and cloud computing space.

IBM Corporation is another leading player in the HPC, data analysis, storage and managment market. The company offers a wide range of products and solutions for life sciences segment. The company focuses on launching new products in the market. Enhanced scalability of platform, faster results at low total cost of ownership (TOC), and integration with independent software vendor (ISV) are key strnghths of the company.

Recent Developments:

1. In 2018, AMD launched AMD Radeon Instinct MI60 and MI50 accelerators, the world’s first 7nm datacentre GPUs for next-generation deep learning, HPC, cloud computing and rendering applications to enhance computing performance.

2. In 2017, Advanced Micro Devices, Inc. (AMD) collaborated with Microsoft (U.S.) for incorporating cloud features of AMD's next-generation ‘Naples’ processor with Microsoft's Project Olympus (Microsoft's next-generation hyper scale cloud hardware design).