However, the need for effective data integration will support the market’s immense growth potential even as it attracts more entrants in the future.
As various kinds of data lend themselves to a variety of depictions and end usages, there has been a steadily growing need for effective tools to store and view the same. Moreover, the need for continuous access to the latest business intelligence information is spurring the first phase in the march towards achieving effective data utilisation.
“The industry has a unique feature wherein solution providers provide customised solutions to adopters,” notes Frost & Sullivan (healthcareandlifesciencesIT.frost.com) Research Analyst Vinod S.M. “The process of customisation enables end users to choose according to their requirements, allowing the solution to match the needs of the diverse sectors within the life sciences market.”
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Although most companies specialise in data integration, a few participants provide both data quality and integration. There are also a few firms providing both hardware and software solutions.
“The requirement for data integration is certain and this ‘need’ phenomenon will characterise not just a few but the entire bulk of life sciences and pharmaceutical/ biotechnology/ medical device firms,” concludes Mr. Vinod. “Hence, the activity currently witnessed in the area is a minuscule subset of the potential application sectors that data integration can serve.
Life sciences organisations are positively anticipating the adoption of data integration. Its wide range of prospective applications includes customer relationship management, product data management, supply chain management and enterprise resource planning.
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