$ 1.6 Billion Healthcare Customer Data Platform Market Size by 2028: Grand View Research, Inc.
SAN FRANCISCO, November 8, 2021 / PRNewswire / – Global Healthcare Customer Data Platforms Market Size is Expected to reach $ 1.6 billion by 2028, based on a new report from Grand View Research, Inc. The market is expected increase at a CAGR of 27.2% from 2021 to 2028. Due to the ongoing COVID-19 pandemic, patient needs and customer behaviors have changed and this trend is expected to continue until the pandemic is completely contained. Businesses or brands need a structured approach to deal with changing industry trends.
Main lessons and findings:
- On the basis of components, the software segment held the majority of the market share in terms of revenue in 2020 and is also expected to experience the fastest CAGR during the forecast period 2021 to 2028.
- Based on Deployment Mode, Cloud Based Deployment Mode dominated the market in terms of revenue share in 2020 and is expected to grow at the fastest CAGR during the forecast period due to rapid access , greater flexibility, easier data backup and reduced handling costs
- Based on the size of the organization, the large enterprise segment held the majority of the market share in 2020 due to the growing demand for data platforms by large organizations.
- On an application basis, the predictive analytics segment dominated the market in terms of revenue share in 2020 as CDPs can turn large volumes of information into usable insights to guide business marketing decisions through predictive analytics.
- In 2020, North America held the majority of the market share in terms of revenue due to the increased adoption of technology and the growing development of IT infrastructure. Asia Pacific is expected to experience the fastest CAGR during the forecast period in terms of increasing adoption of advanced healthcare IT solutions
- Since the number of suppliers in the market is high, suppliers are likely to undertake mergers and acquisitions as strategic initiatives to remain viable in the market
Read the 80-page market research report, “Healthcare Customer Data Platform Market Size, Share and Trend Analysis report by Component (Software, Services), Deployment Mode (On-Premises, Cloud-Based), By organization size, by application, by region and segment forecast, 2021-2028“, by Grand View Research
Customer Data Platform (CDP) systems have the potential to offer support in healthcare operations. Understanding patient preferences through predictive analytics is crucial for healthcare organizations. CDPs are now offering COVID-19 impact strategies to understand information related to patient preferences.
CDPs can improve compliance with information privacy regulations such as the General Data Protection Regulation (EU) (GDPR) and the California Consumer Privacy Act (CCPA). These regulatory laws require companies to provide customers with the right to access their information. Meeting these regulatory requirements can be difficult for healthcare providers if patient data resides in different systems. CDPs create a unified view of each patient by capturing information from multiple channels, linking data from those channels related to the same patient.
Traditional data management systems collect only summary information. However, CDPs have the ability to create completely related customer information that is easily accessible to businesses. Correct use of CDP provides a basis for marketing activities by connecting multiple sources of information.
Grand View Research has segmented the global healthcare customer data platform market on the basis of component, mode of deployment, organization size, application, and region:
- Healthcare Customer Data Platform Component Outlook (Revenue, USD Million, 2016 – 2028)
- Healthcare Customer Data Platform Deployment Outlook (Revenue, USD Million, 2016 – 2028)
- Healthcare Client Data Platform Organization Size Outlook (Revenue, USD Million, 2016 – 2028)
- Large companies
- Small and medium enterprises
- Healthcare Customer Data Platform Application Outlook (Revenue, USD Million, 2016 – 2028)
- Personalized recommendations
- Predictive analytics
- Marketing data segmentation
- Customer loyalty and engagement
- Security management
- Healthcare Customer Data Platform Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Major Players in Healthcare Customer Data Platforms Market
- Mercury Health, Inc.
- Tealium, Inc.
- Innovaccer Inc.
- Data Treasure, Inc.
- Skypoint Cloud Inc.
- Solix Technologies, Inc.
- Salesforce.com, Inc.
Check out other studies related to healthcare and patient data from Grand View Research:
- Electronic Health Records Market – The global electronic health records market size has been estimated to be $ 26.8 billion in 2020 and it is expected to experience a compound annual growth rate (CAGR) of 3.7% from 2021 to 2028. Government initiatives to encourage the use of information technology in health are the main driver of this market.
- Personal Health Record Software Market – The global personal health record software market size has been estimated to be $ 7.07 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.9% during the forecast period. Factors such as the growing demand for centralization and streamlining of healthcare information, the growing demand for cloud-based software to process individual data, and the growing initiatives to promote patient-centered care will drive the market.
Browse Grand View Research’s coverage of the Global healthcare IT industry
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About Grand View Research
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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