What is Lifesciences Data Mining and Visualization Market?
Data mining, which is used intensively and extensively by several organizations, is becoming increasingly popular in the field of lifesciences, even if the degree of materiality is moderate. Data mining applications, for example, have brought significant benefits to industry: insurers can identify abuse and fraud, life science companies can make better customer relationship management decisions, doctors can identify best practices and effective treatment options, and patients can get affordable and improved health care services. With a large amount of complex data generated through transactions with life science companies, the processing and analysis of this data using traditional methods become extensive. Data mining methodology and technology makes it easy to convert complex data into useful information. As the life science industry evolves, optimizing the effectiveness of investment decisions in the life science industry is becoming increasingly important. Decisions on the function and location of the facility are essential as proximity to services plays an important role in the growth of the industry. The visualization of life science data is, therefore, becoming increasingly important due to the provision of application-specific data together with infographics. Because visualizing life science data makes it easier to understand how complex data is represented graphically, companies use the technology to make improvements to facilities.
The market study is being classified by Type (On Premise, On Demand and Both), by Application (Academia, Biotech, Government, Pharmaceuticals, Contract Research Organization (CRO) and Others) and major geographies with country level break-up.
Tableau Software (United States), SAP SE (Germany), IBM (United States), SAS Institute (United States), Microsoft (United States), Oracle (United States), TIBCO Software (United States), Information Builders (United States), Dundas Data Visualization (Canada) and Pentaho (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are InetSoft Technology (United States) and MicroStrategy (United States).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Lifesciences Data Mining and Visualization market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Lifesciences Data Mining and Visualization market by Type, Application and Region.
On the basis of geography, the market of Lifesciences Data Mining and Visualization has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- A Rise In The Amount Of Complex Data Generated
- Increasing The Need To Organize And Analyze Data With Ease In Small And Medium Businesses
- Rising Big Data or Predictive Analysis Technologies and Their Potential Benefits
Market Trend
- Increasing Importance of Sharing Life Science Data Visualization in a Bid to Enable Discerning Of Results in a Format That Is Easy To Understand
- Growing Need to Manage Data Influx Effectively
Restraints
- Lack of Awareness of More Advanced Features and Benefits
- Lack of Skilled and Technical Expertise
Opportunities
- Growing Use of Lifesciences Data Mining and Visualization Application in Various Areas
Challenges
- Protection of Privacy and Information Security in Data Mining
Key Target Audience
Providers of Lifesciences Data Mining and Visualization, End-Users, Potential Investors, Market Research Firms and Others