Data mining, which is intensively and extensively being utilized by several organizations, is gaining high popularity in the life sciences sector, albeit the degree of essentiality is moderate.
Data mining applications have significantly benefitted industries, for example – insurers can detect abuse and fraud, lifesciences companies can make better decisions apropos to customer relationship management, physicians can identify best practices and effective treatment options, and patients are enabled to receive affordable and improved healthcare services.
With huge amount of complex data generated by the transactions related to life sciences companies, processing and analyzing this data becomes voluminous by traditional methods.
With the help of data mining’s methodology and technology, the process of transforming the complex data into useful information is facilitated.
As the lifesciences industry continues to evolve, optimizing effectiveness of capital investment decisions is gaining paramount importance among life sciences industries.
Decisions concerning facility function and location are indispensable, as proximity to services plays an imperative role in growth of the industry.
Lifescience data visualization is therefore gaining huge momentum with its provision of application-specific data along with infographics.
As lifescience data visualization facilitates understanding of the complex data’s graphical representation, companies are leveraging the technology for making improvements in facilities.
One of the latest trend observed in the market is increasing importance of sharing life science data visualization in a bid to enable discerning of results in a format that is easy to understand.
According to a new research report published by Fact.MR, the global lifesciences data mining & visualization market is set to register a splendid growth at a double-digit CAGR between the period 2017 and 2026.
Revenues from the market are likely to close in roughly US$ 6,400 Mn by 2026-end.
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North America to Account for Largest Revenues in the Market
Revenues from the market for lifesciences data mining and visualization in North America will remain significantly larger than those obtained from the market in all the other regional segments combined.
Apart from North America, Europe will also prevail as a lucrative market for lifesciences data mining and visualization market.
On the basis of customer segment, pharmaceuticals will witness the fastest expansion in the market during 2017 to 2026.
In addition, revenues from academia and diagnostics & screening will increase at an approximately equal CAGR through 2026. Sales & marketing will endure as the most lucrative among solution type segments, trailed by operations and supply chain.
Both (on premise and on demand) delivery model and on premise delivery model of lifesciences data mining and visualization will remain preferred among companies in the market.
Based on licensing structure, server-based and user-based early license are set to account for roughly similar revenue shares of the market by 2026-end.
An Adaptive Approach to Modern-day Research Needs
Fact.MR’s report imparts forecast and analysis on the global lifesciences data mining and visualization market, tracking the occupancy of major market players through an intensity map. Key companies profiled by the report include
- MicroStrategy Inc.
- InetSoft Technology Corporation
- Pentaho Corporation
- Dundas Data Visualization Inc.
- Information Builders
- IBM Corporation
- TIBCO Software Inc.
- Oracle Corporation
- Microsoft Corporation
- SAS Institute Inc.
- SAP SE
- Tableau Software.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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