Cloud analytics is the term used to denote the service model in which several analytical and technological tools are provided through a private or public cloud. A utility or subscription-based pricing model is used for offering such services. Information from large amount of data can be extracted using these services- but the prerequisites of preparing the data, and storage, computation and other jobs are done external to the organization.
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In the healthcare industry, applications include blood glucose trackers for diabetics, and other activity and chronic disease monitors. Due to the humongous amount of data generated in such activities, and theincreasing use of Internet of Things (IoT) make the need for storing and analyzing data even more apparent.
The technology used by healthcare cloud analytics providers includes many steps. Data management is done. Data mining and predictive analysis is done to find patterns in the health of patients and detect anomalies. Machine learning is done to feed the data to the analytics tools and enable them to learn the various health parameters of patients and identify trends. Data visualization and reporting is done at the end so that the healthcare specialists get a more clear idea about the results and take appropriate measures.
Data is a major art of the healthcare analytics technology. It is used for quantitative as well as qualitative data mining, or the extraction of interesting patterns from large amounts of data. Various advantages can be attributed to the same. It has a greater importance given to the quality of healthcare, due to accuracy incorporated by the use of machine learning algorithms. It is also quicker to deploy, and scale to various departments.
The growth, however, is limited due to other factors. Most of these can be attributed to the lag caused by the training of IT professionals required, lack of proper data available to the cloud vendors due to policies protecting the patient's health information, or business related reasons, etc.
The market segmentation can be done on the following bases:
Administrative data analytics
Clinical data analytics
Financial data analytics
Research data analytics
Expected market revenue from North America is the highest. Some of the factors include increasing per capita healthcare cost, growing incidents of payment anomalies, and the cost-cutting needs. Europe and Asia Pacific stand next- due to the government initiatives to encourage medical improvements and use of analytics in the healthcare domain.
The key players of the Global Healthcare Cloud Based Analytics Market are as follows:
Allscripts Healthcare Solutions, Inc.
Report ContentsRegional AnalysisReport Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market - Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
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