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The global big data analytics in healthcare market is set for lucrative growth in the coming years, as per the forecast of P&S Intelligence, a market research firm based in India. The growing requirement for financial analytics in the healthcare domain, the increasing adoption of unstructured and structured dataset analysis, and the increasing implementation of several government initiatives aimed at promoting the usage of electronic health records (EHR) are the prominent factors fueling the expansion of the market.  

The requirement for financial analytics is surging sharply in the healthcare domain, on account of the fact that these solutions provide healthcare companies greater visibility into various factors that can reduce their operational costs and augment their revenue. Additionally, the usage of complex software solutions such as specialized billing knowledge and process by big data analytics for keeping track of all the claims processed and the revenue generated from various operations causes a sharp reduction in the incidence of frauds.

Moreover, big data analytics assist in the proper and effective utilization of the resources provided by the healthcare service providing organizations. Apart from these, the increasing implementation of initiatives by the governments of several countries for promoting the usage of electronic health records in private and public healthcare centers is also propelling the progress of the big data analytics in healthcare market. Several governments have also set up regulatory organizations for developing standards and rules for the adoption of EHR.

Depending on component, the big data analytics in healthcare market is divided into software and hardware. Between the two, the software category is predicted to demonstrate faster growth in the market in the forthcoming years. This will be because of the growing requirement for electronic medical records (EMR). When deployment type is taken into consideration, the market is classified into on-demand and on-premise. Of these, the on-demand category will exhibit faster growth in the market in the future years.

This will be due to the rising popularity of the on-demand deployment method, on account of its various advantages such as easier replicability, faster deployment, and easier scalability over the on-premises deployment mode. Globally, the big data analytics in healthcare market is predicted to register huge expansion in the European and North American regions in the upcoming years. This will be due to the rapid technological advancements, the increasing digitalization, and existence of big healthcare companies in these regions. 

Additionally, the soaring information technology (IT) spending in the healthcare sector is fueling the market advancement in these regions. On the other hand, the market is predicted to record the fastest growth in the Asia-Pacific (APAC) region in the coming years. This is attributed to the growing requirement for better healthcare services and solutions in the emerging economies and the surging investments being made in healthcare IT infrastructure in the region.

Hence, it is safe to say that the market will register huge growth all over the world in the coming years, primarily because of the rising requirement for financial analytics solutions in the healthcare sector and the mushrooming usage of electronic health records in healthcare facilities, on account of the implementation of favorable government initiatives.