The global healthcare data monetization market is projected to reach USD 0.9 billion by 2028 from USD 0.4 billion in 2023, at a CAGR of 18.5% during the forecast period. Growth in this market is predominantly driven by the exponentially increasing data volume, generation of large and complex healthcare datasets, and rising use of external data sources. However, security concerns is expected to hamper the growth of this market during the forecast period to a certain extent.
Prominent market players in the healthcare data monetization market include Oracle Corporation (US), Microsoft Corporation (US), Google (US), Salesforce, Inc. (US), SAS Institute Inc. (US), SAP SE (Germany), TIBCO Software Inc. (US), Sisense Inc. (US), Snowflake Inc. (US), QlikTech International AB (US), HealthVerity, Inc. (US), Accenture (Ireland), Availity, LLC (US), Domo, Inc. (US), Komodo Health, Inc. (US), ThoughtSpot Inc. (US), Datavant (US), Verato (US), Infor, Inc. (US), Virtusa (US), Infosys (India), Particle Health, Inc. (US), Innovaccer, Inc. (US), H1 (US), and Medoble Inc. (US). These companies adopted strategies such as product launches and enhancements, and partnerships, acquisitions, investments, sales contracts, agreements, collaborations, alliances, and expansions to strengthen their market presence in the healthcare data monetization market. To remain competitive, major market players are focusing on expanding into fast-growing emerging markets and acquiring smaller companies with favorable technological capabilities or geographic presence.
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Oracle Corporation (US)
Oracle Corporation is engaged in developing, marketing, and maintaining various database software technologies, cloud-based engineering systems, enterprise & middleware software products, and applications software. It is also involved in manufacturing and marketing hardware solutions for various industrial segments (such as industrial and computer technologies). The company offers services for industry verticals, such as automotive, construction and engineering, consumer goods, education and research, financial services, healthcare, hospitality, and retail. The company prevails in growing technologies, such as the Internet of Things (IoT), blockchain, ML, and AI. The company operates through four business segments: Cloud services and license support, Cloud license and on-premise license, Hardware, and Services. The company's Oracle Cloud Services offerings, which include Oracle SaaS and OCI offerings, provide comprehensive and integrated applications and infrastructure services delivered via cloud-based deployment models. Oracle Corporation has a strong presence in 175 countries worldwide, with deployments across North America, Europe, Asia Pacific, Middle East, Africa, and South America. The company easily expands its reach worldwide through its partner network and aggressive expansion strategy. For instance, in May 2023, Oracle Corporation opened a cloud region in Southeast Europe, called Oracle Cloud Jovanovac Region, located in Kragujevac, Serbia. This move aims to support the growing cloud computing demands of both private and public sector organizations in Serbia and facilitate business innovation in the region.
Microsoft Corporation (US)
Microsoft Corporation offers software products and diverse licensing suites. The company operates through three reportable segments—Productivity & Business Processes, Intelligent Cloud, and More Personal Computing. The company offers its Azure platform through the Intelligent Cloud segment. The company’s AI and cloud-based Microsoft Azure platform offers computing, networking, storage, database, and management services to enterprises. The platform assists pharmaceutical and life science companies in accelerating precession medicine through secure and reliable global data storage and computation services. The platform also supports pharmaceutical companies to accelerate innovation and improve operational outcomes. Microsoft has invested heavily in managed services for hybrid cloud, IoT, and edge computing platforms. The company operates in more than 190 countries across the Americas, Europe, the Middle East and Africa, and Asia Pacific. Microsoft focuses on both organic and inorganic business growth strategies to strengthen its position in the market. As part of its organic growth strategies, the organization focuses on product innovations to gain an advantage over its competitors. For instance, in October 2022, Microsoft Corporation announced advancements in cloud technologies for healthcare and life sciences, including the general availability of Azure Health Data Services and updates to Microsoft Cloud for Healthcare.
Healthcare Data Monetization Market by Type (Direct, Indirect), Deployment (On-premise, Cloud), End User (Pharmaceutical & Biotechnology Companies, Healthcare Payers, Healthcare Providers, Medical Technology Companies), Region - Global Forecast to 2028
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