Market growth influenced due to following factors-
- Big data in the life science industry.
- Growing adoption of analytics solutions in clinical trials.
- Increasing adoption of analytics for sales and marketing applications.
Global market size-
According to the new market research report Life Science Analytics Software Market is expected to reach 42.0 billion by 2025, at a CAGR of 13.7%.
The prominent players operating in the Life Science Analytics Software Market are Oracle Corporation (US), Accenture (Ireland), SAS Institute Inc. (US), IBM Corporation (US), Wipro (India), Cognizant (US), SCIO Health Analytics (US), Allscripts Healthcare Solutions (US), Cerner Corporation (US), IQVIA (US), Microsoft (US), Infosys Limited (US), MaxisIT (US), Optum (US), and Cotiviti (US).
Top Market Segments-
Based on type, the market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The descriptive analytics segment accounted for the largest share of the Life Science Analytics Software Market in 2019.
Based on the delivery mode, the Life Science Analytics Software Market is segmented into the on-demand model and the on-premise model. The on-demand model segment is expected to grow at the highest CAGR during the forecast period, owing to advantages such as increasing demand for self-driven analytics, lack of upfront capital investments for hardware, extreme capacity flexibility, and pay-as-you-go pricing of this model.
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Geographic Overview -
In 2019, North America accounted for the largest market share, followed by Europe. The large share of this market can primarily be attributed to the strong economies in the US and Canada, which have allowed for significant investments in technology in this region. Growth in the North American market is supported by the growing adoption of IT in the life science industry, rising pressure to reduce healthcare costs, stringent regulations for the pharma-biotech and medical device industries, and the greater product and service availability in this region.