Global Digital Transformation Market in Healthcare is Anticipated to Grow at a CAGR of 13.7% through 2025

Future Market Insights (FMI) delivers key insights on the Global Digital Transformation Market in Healthcare in its latest report titled “Digital Transformation Market in Healthcare: Global Industry Analysis and Opportunity Assessment 2015 – 2025”. The global digital transformation market in healthcare is projected to register a healthy double-digit CAGR of 13.7% during the forecast period due to various factors, regarding which FMI offers vital insights in detail in its report.

On the basis of type, the market has been segmented into solutions and services. The solutions segment accounted for over 55% share of the global digital transformation market in healthcare in 2014, and is expected to register double-digit CAGR similar to that projected for the global digital transformation market in healthcare over the forecast period. The solutions segment is sub-segmented into connected electronic health record (EHR), connected billing, connected healthcare information system, CRM, ERP, collaboration tools and remote patient monitoring. Revenue contribution by connected healthcare information system sub-segment was 15.6% in 2014, and is projected to grow to 22.5% by the end of 2025, witnessing gain of 692 Basis Point Share and registering a double-digit CAGR of 16.1%.

The services segment is sub-segmented into customer service, business process outsourcing (BPO), consulting and integration service. Business process outsourcing sub-segment is anticipated to witness highest CAGR of 16.6% during the forecast period. In contrast, integration services sub-segment is projected to dominate the services segment with 39.7% market share by the end of 2025.

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Growth of the global digital transformation market in healthcare is mainly driven by increasing demand for cloud-based services, increasing per capita healthcare spending, growing ageing population and introduction of e-Health initiatives such as incentive programs by government. Additionally, healthcare organizations are focused towards providing customized healthcare apps for wearable fitness devices, which in turn is increasing demand for customer application services. These applications enable patients to access healthcare information through mobile and wearable devices. In early 2015 for example, Stanford Health Care launched Myhealth mobile app for patients. This app allows patients to access their respective records on EHR.

This report covers trends driving each segment and respective sub-segments and offers analysis and insights of the potential of the digital transformation market in healthcare in specific regions. By region, North America dominated the digital transformation market in healthcare with over 50% market share in 2014 and is anticipated to remain dominant by the end of 2025. This is attributed to advancements in digital technology and supportive government regulations and policies regarding digital transformation across the healthcare sector in the region. Healthcare organizations in major countries of North America such as the U.S. and Canada are focused towards adopting remote patient monitoring solutions, CRM solutions, healthcare information systems and other cloud-based solutions to enhance healthcare services. Western Europe and Asia Pacific Excluding Japan (APEJ) collectively accounted for over 34.6% of the overall digital transformation market in healthcare share in 2014. Among all the regions, APEJ is anticipated to register highest CAGR between 2015 and 2025, followed by Middle East & Africa, owing to proliferation of wearable and mobile devices and growing adoption of EHR within these region.

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Key players in the global digital transformation market in healthcare include IBM Corporation, Accenture PLC, AT&T Inc., CGI Group Inc., Syntel Inc. and Deloitte Consulting LLP. Strategic partnerships, collaborations and joint ventures are some of the major strategies followed by key players operating in the digital health market to outperform competitors.

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Digital Transformation Market Analysis and Opportunity Assessment 2014 – 2020 : Future Market Insights

The MENA IT market is anticipated to grow at a single-digit CAGR during the forecast period. In contrast, the MENA digital transformation market is expected to expand at a double-digit CAGR from 2014 to 2020. The contribution of the MENA digital transformation market to the overall MENA IT market is likely to increase from 10% to 16% by 2020, witnessing an increase of 600 BPS.

Growth of the MENA digital transformation market is mainly driven by increasing need for enhanced customer experience at all levels of customer interaction points and improvised process transparency in enterprises across the countries in this region. Moreover, countries such as the UAE, Saudi Arabia and Lebanon are increasingly introducing eGovernment and smart city initiatives, with the objective to transform themselves into digitally-enabled countries. This is further supporting growth of the MENA digital transformation market.

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Summing up drivers behind growth of the market, FMI analyst Vineet Kumar sheds light on why digital transformation will become mainstream technology in MENA in the near future. “Digital transformation across all verticals has become increasingly relevant due to increasing emphasis on enterprise mobility and smart technology enablement. Furthermore, digital transformation technologies are transforming organization’s business models, value chains, ecosystem as well as revolutionizing interactions with customer through online platforms, social media and mobile devices”, he said.

This report covers two types of digital transformation offering, namely digital services and digital software. Digital services accounted for over half of the MENA digital transformation market share in 2014; however, this is expected to decrease by 70 BPS by 2020.

“Growing Internet penetration and social media usage in the Middle East and North Africa is expected to drive the demand for digitalization of software and services at a double digit CAGR between 2014 and 2020”, Vineet Kumar said while commenting on the increasing deployment of advanced technologies in small/medium sized businesses across MENA region.

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This report also covers the 10 types of end-user verticals in the MENA digital transformation market. Among the end-user verticals, banking, financial services and insurance (BFSI) and public sectors dominated with over 40% share of the MENA digital transformation market in 2013. Service, retail, energy and utility sectors are the other major sub-segments among the end-user verticals. However, the media & entertainment sector is anticipated to exhibit the fastest CAGR during the forecast period, followed by the retail sector. This growth is attributed to the shift from print to digital media, increasing penetration of smartphones and changing consumer buying habits.

Ongoing infrastructural modernisation across major GCC and North African countries in MENA region in terms of digitisation is increasing the acceptance of digital software and digital services; not only by large- and medium-, but also by small-sized enterprises. Currently, Saudi Arabia is dominating the market with over one-third share of the overall MENA digital transformation market, followed by the UAE and Algeria, which account for over 10% share each. However, among all the GCC countries, the digital transformation market in Qatar is expected to grow at a significant double-digital CAGR over the forecast period.

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Key players in the MENA digital transformation market continue to innovate by including advanced features into digital technology solutions. Additionally, major participants such as IBM, Accenture and Deloitte have been focusing on mergers and acquisitions at a global level in order to expand their geographical presence and enhance customer base.

Advanced technology adoption, changing consumer buying pattern and product innovation are some of the trends in MENA region. Presence of cloud computing, big data analytics and enterprise mobility is gradually gaining traction in MENA region.

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