Data Analysis, Storage, and Management Market Size, Share & Trends Analysis Report By Product and Service Type (Data Analysis Software and Workbenches, Storage, Management, Cloud Computing Solution, Data Analysis Services), By Applications (Next Generation Sequencing, Microscopy, Chromatography, Flow Cytometry, Spectroscopy), By End-User (Pharmaceutical and Biotechnology Companies, Research Centers, Academic and Government Institutions, Hospitals and Clinics) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global data analysis, storage, and management market size was valued at USD 19,863.76 million in 2022. It is expected to reach USD 69,778.75 million by 2031, growing at a CAGR of 12.1% during the forecast period (2023–2031).

Monitoring software and hardware resources, such as storage arrays, physical servers, and cloud storage services, are components of data storage management. In order to enhance the end-user experience, data storage management may entail resolving performance issues, such as potential bottlenecks, and analyzing real-time storage capacity. Administrators can reallocate storage resources to meet company storage needs using this information. Effective data management is referred to as data storage management. It necessitates a thorough knowledge of storage systems and the accessibility of diverse data types. Protocols, documents, user preferences, address books, and other types of information can all be found in digital form.

Highlights

• Data analysis software and workbenches dominate the product and service type segment
• Next-generation sequencing dominates the application segment
• North America is the most significant shareholder in the global market

Market Dynamics

Global data analysis, storage, and management market drivers:

Growing demand due to the vast amount of data generated in the life sciences sector

As technology develops, there will be more data that needs to be analyzed. For instance, Next-generation Sequencing (NGS) equipment in the field of genomic research can produce 1 TB of data per hour. The enormous amount of data produced can be used to develop personalized medicine, increase R&D productivity, and evaluate the effectiveness and risks of clinical trials. Additionally, it helps with forecasting profits, budgeting research, and price control. Data can be sent directly from a patient's location to a hospital or healthcare service provider using wearable, implantable, and remote health monitoring devices.

The demand for data analysis and storage in the life sciences is expected to rise as the number of implants and wearable devices rises. A new virus can be found with the aid of DNA sequencing. Scientists use this to determine the nucleic acid's sequence. It needs to be put through testing and compared to extensive databases. New technologies like telemedicine, virtual clinical trials, and AI may be widely adopted, opening access to medical research and increasing diversity. The price and time required to produce value from information initiatives are significantly falling thanks to NoSQL databases, Hadoop, and cloud-based platforms.

Large-scale data storage and retrieval

The amount of information doctors have about their patients has increased due to the widespread adoption of electronic health records (EHR). A large portion, if not the entirety, of the patient's medical history is covered in this patient data portfolio, enabling doctors to provide individualized treatment plans and make accurate diagnoses. Health IT departments must provide a more reliable infrastructure to digitize and store tissue sample slides due to the rapid growth in diagnostic information. In addition, pathologists can store, analyze, and share data in real-time by converting these slides into digital files, which enhances collaboration and speeds up clinical decision-making.

Applications of genomic data in research, drug development, and precision medicine are growing. Massive amounts of data are produced by next-generation sequencing, which requires effective analysis and storage. As a result, managing the entire lifecycle of genomic data requires storage solutions to be more adept. Further, the value of data is constantly increasing. The processes and tools needed to mine, process, and analyze the data gleaned from these sources must be in place.

Global data analysis, storage, and management market restraints:

High installation cost and data security

By gaining access to millions of deep, broad, and loosely connected patient-years of data from various sources (EHR, Digital Data, Imaging, and Genomics), pharmaceutical and life sciences companies are attempting to provide personalized healthcare. The petabyte and zettabyte scales are required to process and analyze data in the pharmaceutical and life sciences industries. However, on-site data centers would be prohibitively expensive because they would need to be built to capacity, requiring a significant upfront investment. In addition, the cost simply does not outweigh the benefit when considering the time required to construct such large-capacity data centers. A potential solution is to move data to the public cloud, which must be done after it has been made secure, breach-proof, and compliant with continuous monitoring capabilities. It is predicted that this will restrain the market growth during the forecast period.

Global data analysis, storage, and management market opportunities:

Data-driven strategic decisions

Companies can change procedures and acquire a competitive edge by fusing medical and scientific expertise. It can help design new compounds, accelerate drug development, improve supply chain intelligence and responsiveness, and launch and market products. It can identify and validate genetic drug targets. Deloitte (UK) surveyed global life sciences leaders about their investments, results, and challenges. 60% of life sciences companies invested over USD 20 million in AI in 2019, and 50% expect to invest more in 2020. Improve current products (28%), develop new goods and services (27%), and streamline procedures (22%). 43% of cases improved process efficiency.

Furthermore, data issues (28%), integrating AI into the organization (28%), and identifying high-value business cases (30%) are top AI issues. The explosion in healthcare data and advances in cognitive computing and machine learning are expected to increase the use of data analytics along the entire biopharma value chain, from molecule to market. Recent initiatives by GSK (UK), 23&Me (US), Sanofi (France), and Google aim to improve treatment outcomes by better understanding patient populations and diseases genetically.

Regional Analysis

North America Dominates the Global Market

The global data analysis, storage, and management market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

North America is the most significant shareholder in the global data analysis, storage, and management market and is expected to advance at a CAGR of 12.4% during the forecast period. The rising prevalence of chronic diseases and other cardiovascular disorders in North America and the growth of big data in healthcare are responsible for the region's 32.0% market share. Reduced time spent managing data by hospital or healthcare staff is highly desired. Additionally, the region's abundance of pharmaceutical and biotechnology firms concentrating on drug development and producing vast data contributes to market expansion.

Europe is expected to grow at a CAGR of 11.5% during the forecast period. Due to the highly developed technology, high healthcare spending, presence of key players, and rising adoption of big data analysis and cloud-based solutions, it is expected to grow significantly over the forecast period. The European Union and the Big Data Value Association also signed a contract in 2014 regarding establishing a Public-Private Partnership (PPP) in the data field (BDVA). BigMedilytics, which seeks to use big data to transform the healthcare industry, is one of the PPP-funded projects.

Furthermore, the project comprises 12 pilots and covers the complete healthcare continuum from prevention to diagnosis, therapy, and home care. The three themes that impact the industry most are population health and chronic disease management, oncology, and the industrialization of healthcare services. In addition, initiatives like MyHealthMyData (MHMD) are being worked on to protect patient data, lower the risk of identity theft and privacy violations, and develop new ways to share private data while empowering the data's primary owners, the patients.

Asia-Pacific is expected to grow significantly over the forecast period. Due to the rapidly evolving healthcare industry and the vast opportunities for market growth, it is the life sciences industry with the fastest-growing data analysis, storage, and management market. The Australian Institute of Health and Welfare estimates that Australia spent USD 185 billion on healthcare in 2018. In China, spending on healthcare is anticipated to increase at an annual rate of 8.8% from 2015 to 2018. Additionally, expanding healthcare organizations and industries and advanced technology are expected to propel market expansion.

The Middle East and Africa and Latin America comprise the three main geographic segments of the rest of the world's life sciences data analysis, storage, and management market. The market for data analysis, storage, and management in the life sciences is developing throughout the rest of the world due to the region's greatly enhanced healthcare infrastructure and the growing presence of key companies for EMS goods. In addition, the International Monetary Fund (IMF) reported that Sub-Saharan Africa's economic performance improved in 2019, with positive economic growth and high demand for healthcare resources. The growth of the data analysis, storage, and management market in the Middle East and Africa has been fueled by advancing technology and the rising demand for better management software.

Segmental Analysis

The global data analysis, storage, and management market is segmented by product and service type, application, and end-user.

Based on product and service type, the global data analysis, storage and management market is bifurcated into data analysis software and workbenches, storage, management, and cloud computing solution, and data analysis services.

The data analysis software and workbenches segment is the highest contributor to the market and is expected to grow at a CAGR of 12% during the forecast period. Businesses can analyze a huge amount of data using software tools for data analytics to gain a significant competitive advantage. The software can mine data that monitors various business activities and processes depending on the needs. In addition, technologies for laboratories are developing quickly. The most up-to-date tools for life science research allow researchers to assemble genomes and visualize highly detailed 3D models of protein molecules more quickly. Large amounts of data are also being produced by new laboratory equipment. To process and analyze the data produced by new instruments and techniques, life science teams frequently need significant high-performance computing (HPC) resources. Further, the major players are expected to adopt increasingly cutting-edge data analytics software tools and workbenches to meet the new data storage and analysis needs.

Programs specifically for managing storage options, such as storage networks, include storage management software. It offers essential services like traffic analysis, virtualization, disaster recovery, mirroring, replication, compression, and security. As technology develops, there will be more data that needs to be analyzed. For instance, next-generation sequencing (NGS) equipment in the field of genomic research can produce 1 TB of data per hour. The enormous amount of data produced can be used to develop personalized medicine, increase R&D productivity, and evaluate the effectiveness and risks of clinical trials.

Additionally, it helps with forecasting profits, budgeting research, and price control. Data can be sent directly from a patient's location to a hospital or healthcare service provider using wearable, implantable, and remote health monitoring devices. The demand for data analysis and storage in the life sciences is expected to rise as the number of implants and wearable devices rises.

Based on application, the global data analysis, storage, and management market is bifurcated into next-generation sequencing, microscopy, chromatography, flow cytometry, and spectroscopy.

The next-generation sequencing segment owns the highest market share and is expected to grow at a CAGR of 13% during the forecast period. The next-generation sequencing segment is anticipated to grow the fastest during the forecast period. Its expansion can be attributed to the growing use of NGS to lower sequencing costs. NGS data can be used to diagnose diseases early, especially cancer, which was previously impossible with traditional sequencing technologies like Sanger sequencing. All those mutations that conventional sequencing methods cannot detect can be found using NGS. In addition, the primary benefit of next-generation sequencing is its ability to identify anomalies throughout the entire genome, including gene and exon copy number changes, chromosome inversions, copy number substitutions, deletions, insertions, and duplications.

For researchers to analyze the samples, microscopy density maps of macromolecular complexes and subcellular structures are crucial. In order to comprehend normal and pathological processes at the cellular, subcellular, and molecular levels, more and more microscopy data is being used. This understanding frequently aims at identifying biomarkers crucial for the patient's prognosis or the effectiveness of treatment in clinical settings. For instance, the rate of cell proliferation, which is directly correlated with the biological aggressiveness of the tumor, is a prognostic biomarker in tumor diseases.

Based on end-user, the global data analysis, storage, and management market is bifurcated into pharmaceutical and biotechnology companies, research centers, academic and government institutions, and hospitals and clinics.

The pharmaceutical and biotechnology companies segment is the highest contributor to the market and is expected to grow at a CAGR of 12.9% during the forecast period. The fastest-growing end-user segment is anticipated to be the pharmaceutical and biotechnology sector. The segment had the largest market share in 2022 and is expected to grow the fastest during the forecast period. In addition, many pharmaceutical and biotechnology firms are concentrating on drug development and producing enormous amounts of data, which is the cause of the high growth rate.

Recent Developments

• November 2022- To assist customers in protecting their data on-site, in public clouds, and at the edge, Dell Technologies extended its leadership position in the industry for data protection appliances and software.
• December 2022- As part of Japan's efforts to take the lead globally in semiconductor manufacturing, research, and development, IBM and Rapidus announced a joint development partnership to advance logic scaling technology.