Global Life Sciences Analytics Software Market Expected to Garner Revenue of $13,375.8 Million by 2028 at a CAGR of 12.4% in 2021-2028 Timeframe - Exclusive Report [267 pages] by Research Dive
Global life sciences analytics software market is predicted to witness tremendous growth in the coming years. The North America region is expected to dominate the market. Key players are working on strategies to help the market grow further.
NEW YORK, July 14, 2021 /PRNewswire/ -- The latest report published by Research Dive states that the Global Life Sciences Analytics Software Market is predicted to garner revenue of $13,375.8 million by 2028, rising from $5,331.9 million in 2020, at a stable CAGR of 12.4% in 2021-2028 timeframe.
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Life Sciences Analytics Software Market: Regional Analysis
The North American region is expected to experience a significant rise in revenue from $2,692.6 million in 2020 to over $6, 634.4 million by 2028 in the analysis period. The region is known for its multiple life science analytics companies which are adding to the growth of the market. Moreover, a majority of the population belongs to the geriatric category due to which the region has been developing its quality of healthcare infrastructure. These factors are expected to contribute to the growth of the global life sciences analytics software market.
Key Market Segments
- By product, the descriptive analytics sub-segment is predicted to garner revenue of $5,354.7 million by 2028. This growth is due to the significant role played by descriptive analysis in gathering critical information and organizing it systematically in the database.
- By application, the sales and marketing support sub-segment is expected to witness a rise in revenue from $1,784.0 million in 2020 to over $4,408.9 million by 2028 at a steady CAGR from 2021 to 2028. Multiple renowned life science organizations have been implementing advanced analytics tools for better functioning of their sales and marketing sectors. This is expected to boost the growth of the market in the forecast period.
- By delivery model, the cloud sub-segment is expected to dominate the market and garner a revenue of $6,708.0 million by 2028. This growth is due to the constant rise in demand for cloud-based life science analytics software as it is extremely economical and also available for use in both small and large scale healthcare companies.
- By end user, the pharmaceutical and biotechnology companies sub-segment is expected to gain the highest revenue of $6,457.5 million by 2028. The need to use analytical tools for a variety of applications such as drug utilization, resource management, and more is set to propel the growth of the segment.
Market Dynamics
Artificial Intelligence or AI is one of the most prominent forms of advanced technology that is being used in multiple sectors today including the life sciences analytics software. It holds significance due to its extensive use in the process of drug development process along with reducing the cost of healthcare. All these factors are contributing to the growth of the life sciences analytics software market.
The lack of skilled professionals along with the exorbitant pricing of the life science analytics software have been limiting the growth of the market. To add further, the presence of IT infrastructure is scarce in the low-income countries which is further expected to restrain the growth of the global life sciences analytics software market.
On the other hand, the utilization of AI for drug development purposes and for enhancing the productivity of pharmaceuticals is expected to help in propelling the life sciences analytics software markets growth rate. Additionally, by using AI, companies are able to reduce the workload on humans and also minimize any chances of human errors in the process, thus providing an opportunity of growth for the market.
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Top 10 Key Players in Life Science Analytics Software Market and their New Developments, and Strategies
The report also provides a detailed list of recognized market players whose contributions have helped the industry grow further. The key players are as listed below:
- SAS Institute, Inc
- International Business Machines Corporation
- Oracle Corporation
- Accenture
- American Chemical Society
- TIBCO Software, Inc
- IQVIA Holdings, Inc
- Microsoft
- Veeva Systems Inc
- Aris Global
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. - Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
For instance, in January 2020, Accenture, a pioneer in consulting and services, entered into a multiyear partnership with Google Cloud to contribute to the life sciences industry platform known as INTIENT. This form of technology can be used by bio-pharma companies to gain information while also being able to collaborate with each other. The use of artificial intelligence has made the instant transfer of information about a patient's status simpler and easier using this platform.
COVID-19 Impact on the Global Life Sciences Analytics Software Market
The effect of the pandemic was felt all over the world as it led to closure of many countries due to lockdown guidelines. However, the life sciences analytics software market gained momentum in the pandemic period. The technology was introduced and used by governments, healthcare organizations, retail sector, and others to initiate research that can help find the quickest solution against the coronavirus.
More about Life Sciences Analytics Software:
Life Sciences Data Analytics Software – A Key to Ensure Exceptional Health and Treatments
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