Predictive analytics is a technology used in the field of business intelligence that produces predictive information for customers or organizations. Predictive analytics uses machine information, data mining, and business intelligence tools in order to make predictions. Also, it involves statistics and different modeling techniques to derive some information. Presence of a large volume of structured and unstructured data and wide technology distribution are major factors driving the predictive analytics market.
Developing countries worldwide are confronting issues caused by sudden increase in drug prices. Governments of these countries are taking steps to provide good-quality affordable health care services. These factors are projected to drive the health care predictive analytics market during the forecast period. Additionally, rising attention toward personalized patient care, growing awareness in the market, and advancements in health care technologies led by increased health care spending are fueling the market. However, factors such as data insecurity, privacy issues, and lack of experienced professionals in the field of predictive analytics are hindering the health care predictive analytics market.
Rising adoption of electronic health records among patients and health care providers to better manage the details has reduced the overall expenses associated with manual work. This has boosted the demand for predictive analytics in the health care industry.
The global health care predictive analytics market can be segmented based on application and end-user. Based on application, the health care predictive analytics market can be segmented into financial, operations management, population health, and clinical. Based on end-user, the market can be segmented into payers, providers, and others. Among applications, the financial segment holds the leading market share. The predictive analysis in healthcare helped in fraud detection and prevention and also in the revenue cycle management. Based on end-user, the payers segment is projected to hold the leading market share during the forecast period.
Geographically, the global health care predictive analytics market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Although industrially developed countries in Europe and North America account for a leading share of the global health care predictive analytics market owing to more systematic health care systems and policies, high growth is witnessed in emerging health care predictive analytics markets in Asia Pacific. High demand for health care predictive analytics in Asia Pacific is attributable to rising population, increasing awareness, and surging investments in health care infrastructure, and rising need for managing large volumes of data in the region. Large market players are focusing on Asia Pacific to accelerate their business in upcoming economic markets. Competitiveness in the health care predictive analytics market is increasing, with more number of players seeking to leverage benefits of boom in the IT industry and its outsourcing in developing regions.
Key players operating in the global health care predictive analytics market are Verisk Analytics, Inc., IBM, Optum, Inc., Allscripts, Cerner Corporation, SAS, MedeAnalytics, Inc., McKesson Corporation, and Oracle. The key strategy to the growth of the health care predictive analytics market includes rising number of strategic collaborations between health care and IT companies and also increasing focus on product development by the health care industry.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.