Data content management will drive the growing global data and analytics market in the pharmaceutical sector, which will reach a valuation of $2.1bn by 2028, according to a report.
The 2024 edition of GlobalData’s Data Analytics report forecasts that the global data and analytics market will see a compound annual growth rate (CAGR) of 9.5% between 2022 and 2028, translating to an increase in value from $101bn to $190bn over the period.
It also identifies the three primary technology segments across the data and analytics market as big data platforms; business intelligence and data discovery tools; and – the primary driver of the three – data and content management.
GlobalData is Pharmaceutical Technology’s parent company.
In its report, it states that “the data and content management category is the largest market segment, but revenue from business intelligence and data discovery tools will grow faster between 2023 and 2028 (a CAGR of 13.1% between 2023 and 2028, compared to 9.7% for data and content management).
“That said, it is important to understand that the sale of big data platforms drives a significant proportion of business intelligence and data discovery revenues”.
In its analysis, GlobalData also identified the largest markets for data and analytics in the pharmaceutical sector. It found that China was the biggest market, representing around 20.2% of global sales in 2022 – forecast to increase to 25.9% in 2028.
Between July and September 2024, GlobalData surveyed 313 individuals to assess the confidence of respondents in the ability of big data to transform the pharmaceutical industry. Of those, 68% were either ‘very’ or ‘quite’ confident. In comparison, 20.5% were ‘very’ or ‘quite’ unconfident.
Considering the findings, strategic intelligence analyst Gaffar Aga commented: “As the pharmaceutical industry becomes more digitised with an increasing quantity of complex and vast dataset sources produced, big data becomes increasingly crucial for growth and innovation within the pharmaceutical industry.”
